ARCHIVE // FO // 1998

Faroe Islands

1998 Edition — territory

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Economy
Agricultural products (Agriculture-products) [time series]
milk, potatoes, vegetables; sheep; salmon farming; fish
Budget [time series]
revenues: $467 million expenditures: $468 million, including capital expenditures of $11 million (1996 est.)
Exchange rates (Currency) [time series]
1 Danish krone (DKr) = 100 oere
Debt - external (Debt-external) [time series]
$767 million (1995 est.)
Economic aid [time series]
receives an annual subsidy from Denmark of about $150 million (1995)
Economic overview (Economy-overview) [time series]
The Faroese economy in 1995 and 1996 saw a noticeable upturn after several years of decline brought on by a drop in fish catches and declining prices and by over-spending by the Faroese Home Rule Government (FHRG). In the early 1990s, property values plummeted, and the FHRG had to bail out and merge the two largest Faroese banks. Fishing is now improving; wage costs are increasing; the FHRG's budget is almost in balance; and the large foreign debt has come down significantly. Nevertheless, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the reduction in the foreign debt is at the cost of low investment. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may lay the basis for an eventual economic rebound. The Faroese are supported by a substantial annual subsidy from Denmark.
Electricity - capacity (Electricity-capacity) [time series]
91,000 kW (1995)
Electricity - consumption per capita (Electricity-consumption per capita) [time series]
4,092 kWh (1995)
Electricity - production (Electricity-production) [time series]
200 million kWh (1995)
Exchange rates [time series]
Danish kroner (DKr) per US$1-6.916 (January 1998), 6.604 (1997), 5.799 (1966), 5.602 (1995), 6.361 (1994), 6.484 (1993)
Exports [time series]
total value: $362 million (f.o.b., 1995) commodities: fish and fish products 92%, animal feedstuffs, transport equipment (ships) partners: Denmark 22.2%, UK 25.8%, Germany 9.7%, France 8.3%, Norway 6.2%, US 2.0%
Fiscal year [time series]
calendar year Communications
Real GDP (purchasing power parity) (GDP) [time series]
purchasing power parity-$800 million (1996 est.)
GDP - composition, by sector of origin (GDP-composition by sector) [time series]
agriculture: 20% industry: 16% services: 64% (1996 est.)
Real GDP per capita (GDP-per capita) [time series]
purchasing power parity-$16,300 (1996 est.)
Real GDP growth rate (GDP-real growth rate) [time series]
6% (1996 est.)
Imports [time series]
total value: $315.6 (c.i.f., 1995) commodities: machinery and transport equipment 17.0%, consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels 11.4%, fish and salt 6.7% partners: Denmark 34.5%, Norway 15.9%, UK 8.4% Germany 7.8%, Sweden 5.8%, US 1.5%
Industrial production growth rate [time series]
NA%
Industries [time series]
fishing, shipbuilding, construction, handicrafts
Inflation rate (consumer prices) (Inflation rate-consumer price index) [time series]
2.8% (1996 est.)
Labor force [time series]
total: 20,345 (1995 est.) by occupation: largely engaged in fishing, manufacturing, transportation, and commerce
Broadcast media (Radio broadcast stations) [time series]
AM 1, FM 1 (repeaters 13), shortwave 0
Radios [time series]
11,800 (1996 est.)
Telecommunication systems (Telephone system) [time series]
good international communications; good domestic facilities domestic: digitalization to be completed in 1998 international: satellite earth stations-1 Orion; 1 optical fiber submarine cable linking the Faroe Islands with Denmark and Iceland
Telephones - fixed lines (Telephones) [time series]
26,000 of which about 3,500 are mobile telephones (1996)
Broadcast media (Television broadcast stations) [time series]
1 (repeaters 45)
Televisions [time series]
11,600 (1996 est.)
Unemployment rate [time series]
11% (1996 est.)
Geography
Area [time series]
total: 1,399 sq km land: 1,399 sq km water: 0 sq km (some lakes and streams)
Area - comparative (Area-comparative) [time series]
eight times the size of Washington, DC
Climate [time series]
mild winters, cool summers; usually overcast; foggy, windy
Coastline [time series]
1,117 km
Elevation (Elevation extremes) [time series]
lowest point: Atlantic Ocean 0 m highest point: Slaettaratindur 882 m
Environment - current issues (Environment-current issues) [time series]
NA
International environmental agreements (Environment-international agreements) [time series]
party to: NA signed, but not ratified: NA
Geographic coordinates [time series]
62 00 N, 7 00 W
Geography - note (Geography-note) [time series]
archipelago of 17 inhabited islands and one uninhabited island, and a few uninhabited islets; strategically located along important sea lanes in northeastern Atlantic; precipitous terrain limits habitation to small coastal lowlands
Irrigated land [time series]
0 sq km
Land boundaries [time series]
0 km
Land use [time series]
arable land: 6% permanent crops: 0% permanent pastures: 0% forests and woodland: 0% other: 94% (1996)
Location [time series]
Northern Europe, island group between the Norwegian Sea and the north Atlantic Ocean, about one-half of the way from Iceland to Norway
Map references [time series]
Europe
Maritime claims [time series]
exclusive fishing zone: 200 nm territorial sea: 3 nm
Natural hazards [time series]
NA
Natural resources [time series]
fish, whales
Terrain [time series]
rugged, rocky, some low peaks; cliffs along most of coast
Government
Administrative divisions [time series]
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark)
Constitution [time series]
5 June 1953 (Danish constitution)
Country name [time series]
conventional long form: none conventional short form: Faroe Islands local long form: none local short form: Foroyar
Data code [time series]
FO
Dependency status [time series]
part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark since 1948
Diplomatic representation from the US [time series]
none (self-governing overseas administrative division of Denmark)
Diplomatic representation in the US [time series]
none (self-governing overseas administrative division of Denmark)
Executive branch [time series]
chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Bente KLINTE, chief administrative officer (since NA) head of government: Prime Minister Anfinn KALLSBERG (since NA May 1998) cabinet: Landsstyri elected by the Faroese Parliament elections: the queen is a constitutional monarch; high commissioner appointed by the queen; following legislative elections, the leader of the party that wins the most seats is usually elected prime minister by the Faroese Parliament; election last held NA 1994 (next to be held NA 1998) election results: Edmund JOENSEN elected prime minister; percent of parliamentary vote - 23.4%
Flag (Flag description) [time series]
white with a red cross outlined in blue that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
Government type [time series]
NA
Independence [time series]
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark)
International organization participation [time series]
none
Judicial branch [time series]
none
Legal system [time series]
Danish
Legislative branch [time series]
unicameral Faroese Parliament or Logting (32 seats; members are elected on a proportional basis from the seven constituencies to serve four-year terms) elections: last held 30 April 1998 (next to be held by NA July 2002) election results: percent of vote by party-Republicans 23.8%, People's Party 21.3%, Social Democrats 21.9%, Coalition Party (Union Party, Labor Front, Home Rule Party) 15%; seats by party-Republicans 8, People's Party 8, Social Democrats 7, Coalition Party 6, other parties 3 note: election of 2 seats to the Danish Parliament was last held on 21 September 1994 (next to be held by September 1998); results-percent of vote by party - Unionist Party 22.5%, People's Party 21.7%; seats by party-Unionist Party 1, People's Party 1
Capital (National capital) [time series]
Torshavn
National holiday [time series]
Birthday of the Queen, 16 April (1940)
Political parties (Political parties and leaders) [time series]
Social Democratic Party [Joannes EIDESGAARD]; Workers' Party [Alis JACOBSEN]; Home Rule Party [Helena Dam A NEYSTABO]; Unionist Party [Edmund JOENSEN]; Republican Party [Heini O. HEINESEN]; Center Party [Tordur NICLASEN]; Christian People's Party [Niels Pauli DANIELSEN]; People's Party [Arnfinn KALLSBERG]
Suffrage [time series]
18 years of age; universal
Military
Military and security forces (Military branches) [time series]
no organized native military forces; only a small Police Force and Coast Guard are maintained
Military expenditures - dollar figure (Military expenditures-dollar figure) [time series]
$NA
Military expenditures (Military expenditures-percent of GDP) [time series]
NA%
Military - note (Military-note) [time series]
defense is the responsibility of Denmark
People
Age structure [time series]
0-14 years: 23% (male 4,971; female 4,777) 15-64 years: 62% (male 13,896; female 12,034) 65 years and over: 15% (male 2,759; female 3,397) (July 1998 est.)
Birth rate [time series]
13.08 births/1,000 population (1998 est.)
Death rate [time series]
8.84 deaths/1,000 population (1998 est.)
Ethnic groups [time series]
Scandinavian
Infant mortality rate [time series]
10.5 deaths/1,000 live births (1998 est.)
Languages [time series]
Faroese (derived from Old Norse), Danish
Life expectancy at birth [time series]
total population: 78.43 years male: 75.53 years female: 81.45 years (1998 est.)
Literacy [time series]
NA note: similar to Denmark proper
Nationality [time series]
noun: Faroese (singular and plural) adjective: Faroese
Net migration rate [time series]
-21.42 migrant(s)/1,000 population (1998 est.)
Population [time series]
41,834 (July 1998 est.)
Population growth rate [time series]
-1.72% (1998 est.)
Religions [time series]
Evangelical Lutheran
Sex ratio [time series]
at birth: 1.05 male(s)/female under 15 years: 1.04 male(s)/female 15-64 years: 1.15 male(s)/female 65 years and over: 0.81 male(s)/female (1998 est.)
Total fertility rate [time series]
2.36 children born/woman (1998 est.)
Transnational Issues
Disputes - international (Disputes-international) [time series]
none FIJI
Transportation
Airports [time series]
1 (1997 est.)
Airports - with paved runways (Airports-with paved runways) [time series]
total: 1 914 to 1,523 m: 1 (1997 est.)
Roadways (Highways) [time series]
total: 458 km paved: 450 km unpaved: 8 km (1995 est.)
Merchant marine [time series]
total: 6 ships (1,000 GRT or over) totaling 22,853 GRT/13,481 DWT ships by type: cargo 2, oil tanker 1, refrigerated cargo 1, roll-on/roll-off cargo 1, short-sea passenger 1 (1997 est.)
Ports (Ports and harbors) [time series]
Torshavn, Klaksvik, Tvoroyri, Runavik, Fuglafjorour
Railways [time series]
0 km