27, May 2012, CEST. Welcome to the Faroe Islands economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Faroe Islands › Change country
National or Regional Currency: Danish Krone, DKK
Year of data: 2010 › Change year
Number of Indicators Listed:
Full Dataset: From Year 1980 to 2016
Date of Last Update: 1st August 2011
Population: 49,267 (July 2011 est.)
Area: total: 1,393 sq km land: 1,393 sq km water: 0 sq km (some lakes and streams)
Natural Resources: fish, whales, hydropower, possible oil and gas
Capital: name: Torshavn geographic coordinates: 62 01 N, 6 46 W time difference: UTC 0 (5 hours ahead of Washington, DC during Standard Time) daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International

The Faroe Islands economy is dependent on fishing, which makes its economy vulnerable to price swings. The sector accounts for 95 per cent of exports and nearly half of GDP. Oil and gas discovered close to the Islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and lessen dependence on Danish economic aid. Aided by a substantial annual subsidy from Denmark, the Faroese have a standard of living, not far under the Danes and other Scandinavians.