Economy Of Faroe Islands
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Economy overview
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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.
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GDP
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purchasing power parity - $1 billion (2001 est.)
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GDP - real growth rate
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10% (2001 est.)
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GDP - per capita
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purchasing power parity - $22,000 (2001 est.)
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GDP - composition by sector
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agriculture: 27%
industry: 11%
services: 62% (1999)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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5.1% (1999)
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Labor force
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24,250 (October 2000)
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Labor force by occupation
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fishing, fish processing, and manufacturing 33%, construction and private services 33%, public services 34%
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Unemployment rate
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1% (October 2000)
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Budget
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revenues: $488 million
expenditures: $484 million, including capital expenditures of $21 million (1999)
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Public debt
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Agriculture products
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milk, potatoes, vegetables; sheep; salmon, other fish
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Industries
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fishing, fish processing, shipbuilding, construction, handicrafts
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Industrial production growth rate
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8% (1999 est.)
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Electricity production
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160.4 million kWh (2001)
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Electricity production by source
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fossil fuel: 62.4%
hydro: 37.6%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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149.1 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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4,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$408 million f.o.b. (2002)
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Exports commodities
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fish and fish products 94%, stamps, ships (1999)
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Exports partners
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Denmark 36.7%, UK 32.1%, Netherlands 6.1%, Nigeria 5.6%, Norway 5.4% (2003)
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Imports
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$466 million c.i.f. (2002)
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Imports commodities
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machinery and transport equipment 29%, consumer goods 36%, raw materials and semi-manufactures 32%, fuels, fish and salt (1999)
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Imports partners
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Denmark 52.7%, Norway 22.5%, Iceland 4.7%, Germany 4.2%, UK 4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$64 million (1999)
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Economic aid recipient
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$135 million (annual subsidy from Denmark) (1998)
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Currency
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Danish krone (DKK)
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Currency code
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DKK
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Exchange rates
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Danish kroner per US dollar - 6.5877 (2003), 7.89 (2002), 8.323 (2001), 8.083 (2000), 6.976 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Faroese Translation , English to Danish Translation .
This information was reproduced in part from the CIA World Fact book.
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