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The population of the Faroe Islands is largely descended from Viking settlers who arrived in the 9th century. The islands have been connected politically to Denmark since the 14th century. A high degree of self-government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defense, and foreign affairs. The Faroe Islands are not part of the European Union.


Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about halfway between Iceland and Norway

Natural Resources

fish, whales, hydropower, possible oil and gas

Population - distribution

the island of Streymoy is by far the most populous with over 40% of the population; it has approximately twice as many inhabitants as Eysturoy, the second most populous island; seven of the inhabited islands have fewer than 100 people

Faroese 93.8% (derived from Old Norse), Danish 3.2%, other 3% (2011 est.)
TORSHAVN (capital) 21,000 (2014)
Conventional long form
Conventional short form
Faroe Islands
Local long form
Local short form
parliamentary democracy (Faroese Parliament); part of the Kingdom of Denmark
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 has experienced a period of significant growth since 2011, due to higher fish prices and increased salmon farming and catches in the pelagic fisheries. Nominal GDP, measured in current prices, grew 8.0% in 2015 and 7.8% in 2016. The fisheries sector accounts for about 97% of exports and half of GDP. Dependence on fishing makes the economy vulnerable to price fluctuations. Unemployment is low, estimated at 2.5% in early 2017. Aided by an annual subsidy from Denmark, which amounts to about 4% of Faroese GDP, Faroese have a standard of living equal to that of Denmark.
Total tax rate (% of commercial profits)
Real Interest Rate
Manufacturing, value added (% of GDP)
Current Account Balance
Labor Force, Total
Employment in Agriculture
Employment in Industry
Employment in Services
Unemployment Rate
Imports of goods and services
Exports of goods and services
Total Merchandise Trade
FDI, net inflows
Commercial Service Exports
milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish
fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
fish and fish products (97%) (2017 est.)
Russia 25.9%, US 8.8%, UK 8.6%, Denmark 7.5%, Germany 5.3%, China 5.2%, Nigeria 5%, Norway 5%, Netherlands 4% (2015)
goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars
Denmark 27.7%, Norway 15.3%, Germany 10%, Netherlands 6.2%, China 6%, Sweden 4.7%, Turkey 4% (2015)
Country Risk Rating
Business Climate Rating

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