(part of the Danish realm)
Economy
Economic overview:
The Faroese economy is experiencing a moderate upturn after several years of decline brought on by over-fishing and declining fish prices, large budget deficits by the Faroese Home Rule Government (FHRG), plummeting property values, and a bail-out merger of the two largest Faroese banks. Near-term forecasts suggest continued economic recovery, and oil finds close to the Faroese area may lay the basis for an eventual economic rebound. Aided by a substantial annual subsidy from Denmark, the Faroese have enjoyed a standard of living comparable to the Danes and other Scandinavians.
GDP:
purchasing power parity - $733 million (1995 est.)
GDP real growth rate:
NA%
GDP per capita:
$15,000 (1995 est.)
GDP composition by sector:
agriculture:
NA%
industry:
NA%
services:
NA%
Inflation rate (consumer prices):
6.8% (1993 est.)
Labor force:
17,585
by occupation:
largely engaged in fishing, manufacturing, transportation, and commerce
Unemployment rate:
23% (1993)
Budget:
revenues:
$407.2 million
expenditures:
$482.7 million, including capital expenditures of $NA (1993 est.)
Industries:
fishing, shipbuilding, handicrafts
Industrial production growth rate:
NA%
Electricity:
capacity:
90,000 kW
production:
200 million kWh
consumption per capita:
3,953 kWh (1992)
Agriculture:
potatoes, vegetables; sheep; annual fish catch about 360,000 metric tons
Exports:
$345.3 million (f.o.b., 1993 est.)
commodities:
fish and fish products 88%, animal feedstuffs, transport equipment (ships) (1989)
partners:
Denmark 20%, Germany 18.3%, UK 14.2%, France 11.2%, Spain 7.9%, US 4.5%
Imports:
$234.4 million (c.i.f., 1993 est.)
commodities:
machinery and transport equipment 24.4%, manufactures 24%, food and livestock 19%, fuels 12%, chemicals 6.5%
partners:
Denmark 43.8%, Norway 19.8%, Sweden 4.9%, Germany 4.2%, US 1.3%
External debt:
$1.2 billion (1993 est.)
Economic aid:
recipient:
ODA, $NA
note:
receives an annual subsidy from Denmark of about $130 million
Currency:
1 Danish krone (DKr) = 100 oere
Exchange rates:
Danish kroner (DKr) per US$1 - 5.652 (January 1996), 5.602 (1995), 6.361 (1994), 6.484 (1993), 6.036 (1992), 6.396 (1991)
Fiscal year:
1 April - 31 March
