48228
Faroese 93.8% (derived from Old Norse), Danish 3.2%, other 3% (2011 est.)
TORSHAVN (capital) 21,000 (2014)
- Conventional long form
- none
- Conventional short form
- Faroe Islands
- Local long form
- none
- Local short form
- Foroyar
parliamentary democracy (Faroese Parliament); part of the Kingdom of Denmark
- 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 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.
- Inflation
- None%
- Total tax rate (% of commercial profits)
- None%
- Real Interest Rate
- None%
- Manufacturing, value added (% of GDP)
- None%
- Current Account Balance
- US$
- Labor Force, Total
- Employment in Agriculture
- %
- Employment in Industry
- %
- Employment in Services
- %
- Unemployment Rate
- %
- Imports of goods and services
- US$
- Exports of goods and services
- US$
- Total Merchandise Trade
- %
- FDI, net inflows
- US$
- Commercial Service Exports
- US$
milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish
fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
- Commodities
- fish and fish products (97%) (2017 est.)
- Partners
- 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)
- Commodities
- goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars
- Partners
- Denmark 27.7%, Norway 15.3%, Germany 10%, Netherlands 6.2%, China 6%, Sweden 4.7%, Turkey 4% (2015)