Economy - overview:
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price fluctuations. The sector normally accounts for about 95% of exports and nearly half of GDP. 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 3% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland.
GDP (purchasing power parity):
$1.471 billion (2010 est.)
$1.389 billion (2008 est.)
country comparison to the world: 198
[see also: GDP country ranks ]
GDP (official exchange rate):
$2.32 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.9% (2010 est.)
0.5% (2008 est.)
country comparison to the world: 106
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$30,500 (2008 est.)
country comparison to the world: 59
[see also: GDP - per capita country ranks ]
GDP - composition, by sector of origin:
agriculture: 16%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 55% (2007 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Industries:
fishing, fish processing, small ship repair and refurbishment, handicrafts
Industrial production growth rate:
3.4% (2009 est.)
country comparison to the world: 73
[see also: Industrial production growth rate country ranks ]
Labor force:
25,000 (November 2010)
country comparison to the world: 209
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 10.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.3% (November 2010)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
2.2% (2012)
3.1% (2011)
country comparison to the world: 15
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
Budget:
revenues: $1.025 billion
[see also: Budget revenues country ranks ]
expenditures: $1.301 billion
[see also: Budget expenditures country ranks ]
note: Denmark supplies the Faroe Islands with almost one-third of their public funds (2010 est.)
Taxes and other revenues:
44.2% of GDP (2010 est.)
country comparison to the world: 28
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-11.9% of GDP (2010 est.)
country comparison to the world: 206
[see also: Budget surplus (+) or deficit (-) country ranks ]
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.3% (2011)
0.4% (2010)
country comparison to the world: 123
[see also: Inflation rate (consumer prices) country ranks ]
Exports:
$824 million (2010)
$767 million (2009)
country comparison to the world: 165
[see also: Exports country ranks ]
Exports - commodities:
fish and fish products 94%, stamps, ships (2009 est.)
Exports - partners:
UK 21.8%, Denmark 18.8%, Russia 11.9%, Nigeria 10.9%, US 9.5%, China 7.2%, Netherlands 6% (2014)
Imports:
$776 million (2010)
$786 million (2009)
country comparison to the world: 186
[see also: Imports country ranks ]
Imports - commodities:
goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, salt
Imports - partners:
Denmark 45.5%, Norway 27.7%, Germany 5%, Iceland 4.4%, Sweden 4.1% (2014)
Debt - external:
$888.8 million (2010)
$68.1 million (2006)
country comparison to the world: 168
[see also: Debt - external country ranks ]
Exchange rates:
Danish kroner (DKK) per US dollar -
6.59 (2011)
5.37 (2011)
5.37 (2011)
5.79 (2012 est.)
5.37 (2011 est.)