The 2004 CIA World Factbook. United States. Central Intelligence Agency
cabinet: Landsstyri appointed by the prime minister
Legislative branch:
unicameral Faroese Parliament or Logting (32 seats; members are
elected by popular vote on a proportional basis from the seven
constituencies to serve four-year terms)
election results: percent of vote by party - Union Party 23.7%,
Social Democrats 21.8%, Republican Party 21.7%, People's Party
20.6%, Center Party 5.2%, Independence Party 4.6%; seats by party -
Union Party 7, Social Democrats 7, Republican Party 8, People's
Party 7, Center Party 2, Independence Party 1
note: election of 2 seats to the Danish Parliament was last held on
20 November 2001 (next to be held 8 February 2005); results -
percent of vote by party - NA; seats by party - Republican Party 1,
Union Party 1
elections: last held 20 January 2004 (next to be held no later than
January 2008)
Judicial branch:
none
Political parties and leaders:
Center Party [Jenis A. RANA]; Independence Party [Helena Dam a
NEYSTABO]; People's Party [Anfinn KALLSBERG]; Republican Party
[Hogni HOYDAL]; Social Democratic Party [Joannes EIDESGAARD]; Union
Party [Lisbeth PETERSEN]
Political pressure groups and leaders:
NA
International organization participation:
IMO (associate), NC, NIB, 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)
Economy Faroe Islands
Economy - overview:
The Faroese economy has had a strong performance since 1994, mostly
as a result of increasing fish landings and high and stable export
prices. Unemployment is falling and there are signs of labor
shortages in several sectors. The positive economic development has
helped the Faroese Home Rule Government produce increasing budget
surpluses, which in turn help to reduce the large public debt, most
of it owed to Denmark. However, the total dependence on fishing
makes the Faroese economy extremely vulnerable, and the present
fishing efforts appear in excess of what is a sustainable level of
fishing in the 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)
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Industries:
fishing, fish processing, shipbuilding, construction, handicrafts
Industrial production growth rate:
8% (1999 est.)
Electricity - production:
160.4 million kWh (2001)
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)
Exports:
$408 million f.o.b. (2002)
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 36.7%, UK 32.1%, Netherlands 6.1%, Nigeria 5.6%, Norway
5.4% (2003)
Imports:
$466 million c.i.f. (2002)
Imports - commodities:
machinery and transport equipment 29%, consumer goods 36%, raw
materials and semi-manufactures 32%, fuels, fish and salt (1999)
Imports - partners:
Denmark 52.7%, Norway 22.5%, Iceland 4.7%, Germany 4.2%, UK 4%
(2003)
Debt - external:
$64 million (1999)
Economic aid - recipient:
$135 million (annual subsidy from Denmark) (1998)
Currency:
Danish krone (DKK)
Currency code:
DKK
Exchange rates:
Danish