The 2003 CIA World Factbook. United States. Central Intelligence Agency
long term. Oil finds close to the Faroese area give
hope for deposits in the immediate Faroese area, which may
eventually lay the basis for a more diversified economy and thus
lessen dependence on Danish economic assistance. Aided by a
substantial annual subsidy (15% of GDP) from Denmark, the Faroese
have a standard of living not far below the Danes and other
Scandinavians.
GDP:
purchasing power parity - $1 billion (2001 est.)
GDP - real growth rate:
10% (2001 est.)
GDP - per capita:
purchasing power parity - $22,000 (2001 est.)
GDP - composition by sector: agriculture: 27% industry: 11% services: 62% (1999)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
5.1% (1999)
Labor force:
24,250 (October 2000)
Labor force - by occupation: fishing, fish processing, and manufacturing 33%, construction and private services 33%, public services 34%
Unemployment rate:
1% (October 2000)
Budget:
revenues: $488 million
expenditures: $484 million, including capital expenditures of $21
million (1999)
Industries:
fishing, fish processing, shipbuilding, construction, handicrafts
Industrial production growth rate:
8% (1999 est.)
Electricity - production:
160.4 million kWh (2001)
Electricity - production by source: fossil fuel: 62.4% hydro: 37.6% other: 0% (2001) nuclear: 0%
Electricity - consumption:
149.1 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Exports:
$418 million f.o.b. (2001)
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 39.9%, UK 32.1%, Norway 7.4%, Netherlands 6.1% (2002)
Imports:
$469 million c.i.f. (1999)
Imports - commodities:
machinery and transport equipment 29%, consumer goods 36%, raw
materials and semi-manufactures 32%, fuels, fish and salt (1999)
Imports - partners:
Denmark 53.8%, Norway 24.2%, Iceland 5.7% (2002)
Debt - external:
$64 million (1999)
Economic aid - recipient:
$55 million (annual subsidy from Denmark)
Currency:
Danish krone (DKK)
Currency code:
DKK
Exchange rates:
Danish kroner per US dollar - 7.89 (2002), 8.32 (2001), 8.08
(2000), 6.98 (1999), 6.7 (1998)
Fiscal year:
calendar year
Communications Faroe Islands
Telephones - main lines in use:
24,851 (1999)
Telephones - mobile cellular:
10,761 (1999)
Telephone system:
general assessment: good international communications; good
domestic facilities
domestic: digitalization was completed in 1998; both NMT (analog)
and GSM (digital) mobile telephone systems are installed
international: satellite earth stations - 1 Orion; 1 fiber-optic
submarine cable to the Shetland Islands, linking the Faroe Islands
with Denmark and Iceland; fiber-optic submarine cable connection to
Canada-Europe cable
Radio broadcast stations:
AM 1, FM 13, shortwave 0 (1998)
Radios:
26,000 (1997)
Television broadcast stations:
3 (plus 43 low-power repeaters) (September 1995)
Televisions:
15,000 (1997)
Internet country code:
.fo
Internet Service Providers (ISPs):
2 (2000)
Internet users:
3,000 (2000)
Transportation Faroe Islands
Railways: 0 km
Highways: total: 463 km paved: 454 km unpaved: 9 km (1999)
Waterways:
none
Ports and harbors:
Torshavn, Klaksvik, Tvoroyri, Runavik, Fuglafjordhur
Merchant marine:
total: 7 ships (1,000 GRT or over) 100,951 GRT/139,396 DWT
note: includes some foreign-owned ships registered here as a flag of
convenience: Denmark 3, Norway 1, United Kingdom 1 (2002 est.)
ships by type: cargo 2, petroleum tanker 2, refrigerated cargo 1,
roll on/roll off 1, short-sea passenger 1
Airports:
1 (2002)
Airports - with paved runways: total: 1 914 to 1,523 m: 1 (2002)
Military Faroe Islands
Military branches:
no regular indigenous military forces; small Police Force and Coast
Guard are maintained
Military expenditures - dollar figure:
$NA
Military expenditures - percent of GDP:
NA%
Military - note: