The 2010 CIA World Factbook. United States. Central Intelligence Agency
Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark); there are no first-order administrative divisions as defined by the US Government, but there are 34 municipalities
Independence:
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark)
National holiday:
Olaifest (Olavsoka ), 29 July
Constitution:
5 June 1953 (Danish constitution)
Legal system:
the laws of Denmark where applicable apply
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Dan Michael KNUDSEN, chief administrative officer (since 2008)
head of government: Prime Minister Kaj Leo JOHANNESSEN (since 26 September 2008)
cabinet: Landsstyri appointed by the prime minister (For more information visit the World Leaders website ) elections: the monarchy is hereditary; high commissioner appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually elected prime minister by the Faroese Parliament; election last held on 19 January 2008 (next to be held no later than January 2012)
election results: Joannes EIDESGAARD elected prime minister in 2008; governing coalition collapses in September 2008, Kaj Leo JOHANNESSEN becomes prime minister
Legislative branch:
unicameral Faroese Parliament or Logting (33 seats; members elected by popular vote on a proportional basis from the seven constituencies to serve four-year terms)
elections: last held on 19 January 2008 (next to be held no later than January 2012)
election results: percent of vote by party - Union Party 21%, Social Democratic Party 19.3%, Republican Party 23.3%, People's Party 20.1%, Center Party 8.4%, Independence Party 7.2%, other 0.7%; seats by party - Republican Party 8, Union Party 7, Social Democratic Party 6, People's Party 7, Center Party 3, Independence Party 2
note: election of two seats to the Danish Parliament was last held on 13 November 2007 (next to be held no later than November 2011); results - percent of vote by party - NA; seats by party - Republican Party 1, Union Party 1
Judicial branch:
none
Political parties and leaders:
Center Party [Jenis av RANA]; Independence Party [Kari P. HOJGAARD];
People's Party [Jorgen NICLASEN]; Republican Party [Hogni HOYDAL];
Social Democratic Party [Joannes EIDESGAARD]; Union Party [Kaj Leo
JOHANNESEN]
Political pressure groups and leaders:
conservationists
International organization participation:
Arctic Council, IMO (associate), NC, NIB, UNESCO (associate), UPU
Diplomatic representation in the US:
none (self-governing overseas administrative division of Denmark)
Diplomatic representation from the US:
none (self-governing overseas administrative division of Denmark)
Flag description:
white with a red cross outlined in blue extending to the edges of the flag; the vertical part of the cross is shifted toward the hoist side in the style of the Dannebrog (Danish flag); referred to as Merkid, meaning "the banner" or "the mark," the flag resembles those of neighboring Iceland and Norway, and uses the same three colors - but in a different sequence; white represents the clear Faroese sky as well as the foam of the waves; red and blue are traditional Faroese colors
National anthem:
name: "Mitt alfagra land" (My Fairest Land)
lyrics/music: Simun av SKAROI/Peter ALBERG
note: adopted 1948; the anthem is also known as "Tu alfagra land mitt" (Thou Fairest Land of Mine); as an autonomous overseas division of Denmark, the Faroe Islands are permitted their own national anthem
Economy ::Faroe Islands
Economy - overview:
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices that continue to trouble the economy. Though oil prices have come down, reduced catches, especially of cod and haddock, have continued to strain the Faroese economy. GDP grew 0.5% in 2008–09. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in the first half of 2008, but increased to 3.9% in 2009 and is rising. The Faroese Home Rule Government produced increasing budget surpluses that helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy very vulnerable to fluctuations in world demand. In addition, budget surpluses turned to deficits in 2008–09, and the economy at both the country and local level is running large deficits. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 6% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland.
GDP (purchasing power parity):
$1.642 billion (2008 est.) country comparison to the world: 192
GDP (official exchange rate):
$2.45 billion (2008 est.)
GDP - real growth rate:
0.5% (2008 est.) country comparison to the world: 186
GDP - per capita (PPP):
$34,000 (2008 est.) country comparison to the world: 39
GDP - composition by sector:
agriculture: 16%
industry: 29%
services: 55% (2007 est.)
Labor force:
34,680 (November 2008) country comparison to the world: 201
Labor force - by occupation:
agriculture: 10.2%
industry: 20.5%
services: 69.2% (2008)
Unemployment rate:
3.9% (2009) country comparison to the world: 34 1.2% (2008)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
−1.1% (2009) country comparison to the world: 6 6.4% (2008)
Agriculture - products:
milk,