Faroe Islands Economic Statistics and Indicators

26, Jul 2021, EDT. 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: 2015 › Change year
Number of Indicators Listed:
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 49,947 (July 2014 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 00 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

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. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in June 2008 at 1.1% but gradually increased to about 5.5% in 2012. The Faroese Home Rule Government produced increasing budget surpluses in that period, which helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy vulnerable to fluctuations in world demand. 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. The Faroese Government ran relatively large deficits from 2008 to 2010 and budget deficits are forecast for several years ahead. At year-end 2010 gross external debt had reached approximately US$900 million.

Economic Indicators for Faroe Islands 2015

Not Available
* Source: IMF
Aggregate Indicators for Faroe Islands
  Geography (Location, geographic coordinates, map references, area, terrain, elevation extremes, borders, coastline and maritime claims) for Faroe Islands
  Climate and Environment (climate, environmental issues, environmental agreements, natural hazards) for Faroe Islands
  Natural Resources, Agricultural Products, Land Use and Water Use for Faroe Islands
  Nationality, Ethnic Groups, Languages and Religions for Faroe Islands
  Telephone Statistics: Number of Fixed Lines, Mobile Phone Penetration Rate for Faroe Islands
  Age Structure, Median Age, Gender and Urbanization for Faroe Islands
  Population Growth Rate, Birth Rate, Death Rate, Net Migration Rate for Faroe Islands
  Life Expectancy Rate, Infant Mortality Rate and Total Fertility Rate for Faroe Islands
  HIV, AIDS and Other Major Infectious Disease Rates for Faroe Islands
  Literacy Rate, Educational Expenditure and School Life Expectancy for Faroe Islands
  Gross Domestic Product (PPP, Official Exchange Rate, Real Growth Rate and Per Capita) for Faroe Islands
  Industries and Industrial Growth Production Rate for Faroe Islands
  Labor Force by Occupation for Faroe Islands
  Poverty Line, Gini Index, Household Income and Consumption for Faroe Islands
  National Budget and Public Debt for Faroe Islands
  Bank Rates (Commercial Bank Prime Lending Rate, Central Bank Discount Rate) for Faroe Islands
  Stock of Money, Stock of Quasi Money, Stock of Domestic Credit for Faroe Islands
  Stock Market Capitalization: Market Value of Publicly Traded Shares for Faroe Islands
  Trade Statistics, Export Statistics, Export Partners and Products, Import Statistics, Import Partners and Products for Faroe Islands
  Foreign Exchange Reserves and Gold Reserves for Faroe Islands
  FDI Statistics (Foreign Direct Investment at Home/ Inbound FDI, Foreign Direct Investment Abroad/ Outbound FDI) for Faroe Islands
  Exchange Rate Statistics for Faroe Islands
  Electricity Production, Electricity Consumption, Electricity Exports and Electricity Imports for Faroe Islands
  Oil Production, Proven Oil Reserves, Oil Consumption, Oil Exports and Oil Imports for Faroe Islands
  Natural Gas Production, Proven Natural Gas Reserves, Natural Gas Consumption, Natural Gas Exports and Natural Gas Imports for Faroe Islands
  Television and Radio Statistics (TV Stats, Radio Stats) for Faroe Islands
  Internet Statistics (Internet Users, Internet Hosts, Country TLD) for Faroe Islands
  Airport Statistics (Paved Runway Airports, Unpaved Runway Airports, Heliports) for Faroe Islands
  Transport Statistics (Railways, Roadways, Waterways, Ports and Terminals, Airports, Merchant Marine) for Faroe Islands
  Military Statistics (Military Expenditure, Military Branches, Service Age and Obligation, Manpower Available and Fit for Military Service) for Faroe Islands
  Disputes, Refugees, Human Trafficking and Illicit Drug Production for Faroe Islands
* Source: CIA
Internet Indicators for Faroe Islands
  Number of Internet Users for Faroe Islands
  Internet Penetration Rate for Faroe Islands
  Number of Facebook Accounts for Faroe Islands
  Facebook Penetration Rate for Faroe Islands
* Source: IWS