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Faroe Islands Economy 2016
https://allcountries.org/world_fact_book_2016/faroe_islands/faroe_islands_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Faroe Islands Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

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.)


NOTE: The information regarding Faroe Islands on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Faroe Islands Economy 2016 information contained here. All suggestions for corrections of any errors about Faroe Islands Economy 2016 should be addressed to the CIA.




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This page was last modified 27-Apr-16
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