Edition 2005 — Faroe Islands

Administrative divisions

none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark); there are no first-order administrative divisions as defined by the US Government, but there are 49 municipalities

Age structure

0-14 years: 21.3% (male 4,997/female 4,999) 15-64 years: 64.9% (male 16,120/female 14,360) 65 years and over: 13.8% (male 2,923/female 3,563) (2005 est.)

Agriculture - products

milk, potatoes, vegetables; sheep; salmon, other fish

Airports

1 (2004 est.)

Airports - with paved runways

total: 1 914 to 1,523 m: 1 (2004 est.) Military Faroe Islands

Area

land: 1,399 sq km
total: 1,399 sq km
water: 0 sq km (some lakes and streams)

Area - comparative

eight times the size of Washington, DC

Background

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 attained in 1948. Geography Faroe Islands

Birth rate

13.97 births/1,000 population (2005 est.)

Budget

expenditures: $484 million, including capital expenditures of $21 million (1999)
revenues: $488 million

Capital

Torshavn

Climate

mild winters, cool summers; usually overcast; foggy, windy

Coastline

1,117 km

Constitution

5 June 1953 (Danish constitution)

Country name

conventional long form: none
conventional short form: Faroe Islands
local long form: none
local short form: Foroyar

Currency (code)

Danish krone (DKK)

Currency code

DKK

Death rate

8.69 deaths/1,000 population (2005 est.)

Debt - external

$64 million (1999)

Dependency status

part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark since 1948

Diplomatic representation from the US

none (self-governing overseas administrative division of Denmark)

Diplomatic representation in the US

none (self-governing overseas administrative division of Denmark)

Disputes - international

because anticipated offshore hydrocarbon resources have not been realized, earlier Faroese proposals for full independence have been deferred; Iceland disputes the Faroe Islands' fisheries median line boundary; Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm This page was last updated on 20 October, 2005 ======================================================================

Economic aid - recipient

$135 million (annual subsidy from Denmark) (1998)

Economy - overview

The Faroese economy has had a strong performance since 1994, mostly as a result of increasing fish landings and high and stable export prices. Unemployment is minimal and there are signs of labor shortages in several sectors. The positive economic development has helped the Faroese Home Rule Government produce increasing budget surpluses, which in turn has helped to reduce the large public debt, most of it owed to Denmark. However, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the present fishing efforts appear in excess of what is a sustainable level of fishing in the long term. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may eventually lay the basis for a more diversified economy and thus lessen dependence on Danish economic assistance. Aided by a substantial annual subsidy (15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.

Electricity - consumption

204.6 million kWh (2002)

Electricity - exports

0 kWh (2002)

Electricity - imports

0 kWh (2002)

Electricity - production

220 million kWh (2002)

Electricity - production by source

fossil fuel: 62.4%
hydro: 37.6%
nuclear: 0%
other: 0% (2001)

Elevation extremes

highest point: Slaettaratindur 882 m
lowest point: Atlantic Ocean 0 m

Environment - current issues

NA

Ethnic groups

Scandinavian

Exchange rates

Danish kroner per US dollar - 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000)

Executive branch

cabinet: Landsstyri appointed by the prime minister
chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Birgit KLEIS, chief administrative officer (since 1 November 2001)
election results: Joannes EIDESGAARD elected prime minister; percent of parliamentary vote - NA% note: coalition of Social Democrats, Union Party, and People's Party
elections: the monarch is hereditary; high commissioner appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually elected prime minister by the Faroese Parliament; election last held 20 January 2004 (next to be held no later than January 2008)
head of government: Prime Minister Joannes EIDESGAARD (since 3 February 2004)

Exports

$408 million f.o.b. (2002)

Exports - commodities

fish and fish products 94%, stamps, ships (1999)

Exports - partners

Denmark 33.5%, UK 29.7%, Norway 8.4%, Nigeria 7.2% (2004)

Fiscal year

calendar year Communications Faroe Islands

Flag description

white with a red cross outlined in blue extending to the edges of the flag; the vertical part of the cross is shifted toward the hoist side in the style of the Dannebrog (Danish flag) Economy Faroe Islands

GDP - composition by sector

agriculture: 27%
industry: 11%
services: 62% (1999)

GDP - per capita

purchasing power parity - $22,000 (2001 est.)

GDP - real growth rate

10% (2001 est.)

GDP (purchasing power parity)

$1 billion (2001 est.)

Geographic coordinates

62 00 N, 7 00 W

Geography - note

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 People Faroe Islands

Government type

NA

Highways

paved: 454 km
total: 463 km
unpaved: 9 km (1999)

HIV/AIDS - adult prevalence rate

NA%

HIV/AIDS - deaths

NA

HIV/AIDS - people living with HIV/AIDS

NA

Household income or consumption by percentage share

lowest 10%: NA% highest 10%: NA%

Imports

$466 million c.i.f. (2002)

Imports - commodities

machinery and transport equipment 29%, consumer goods 36%, raw materials and semi-manufactures 32%, fuels, fish and salt (1999)

Imports - partners

Denmark 52.8%, Norway 18.3%, Iceland 4.4%, Sweden 4.2% (2004)

Independence

none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark)

Industrial production growth rate

8% (1999 est.)

Industries

fishing, fish processing, small ship repair and refurbishment, handicrafts

Infant mortality rate

female: 4.93 deaths/1,000 live births (2005 est.)
male: 7.54 deaths/1,000 live births
total: 6.24 deaths/1,000 live births

Inflation rate (consumer prices)

5.1% (1999)

International organization participation

IMO (associate), NC, NIB, UPU

Internet country code

.fo

Internet Service Providers (ISPs)

2 (2000)

Internet users

25,000 (2002) Transportation Faroe Islands

Irrigated land

0 sq km (1998 est.)

Judicial branch

none

Labor force

24,250 (October 2000)

Labor force - by occupation

fishing, fish processing, and manufacturing 33%, construction and private services 33%, public services 34%

Land boundaries

0 km

Land use

arable land: 2.14%
other: 97.86% (2001)
permanent crops: 0%

Languages

Faroese (derived from Old Norse), Danish

Legal system

Danish

Legislative branch

unicameral Faroese Parliament or Logting (32 seats; members are elected by popular vote on a proportional basis from the seven constituencies to serve four-year terms)
election results: percent of vote by party - Union Party 23.7%, Social Democrats 21.8%, Republican Party 21.7%, People's Party 20.6%, Center Party 5.2%, Independence Party 4.6%; seats by party - Union Party 7, Social Democrats 7, Republican Party 8, People's Party 7, Center Party 2, Independence Party 1 note: election of 2 seats to the Danish Parliament was last held on 8 February 2005 (next to be held February 2009); results - percent of vote by party - NA; seats by party - Republican Party 1, People's Party 1
elections: last held 20 January 2004 (next to be held no later than January 2008)

Life expectancy at birth

female: 82.67 years (2005 est.)
male: 75.77 years
total population: 79.21 years

Literacy

definition: NA
female: NA% note: probably the same as Denmark proper Government Faroe Islands
male: NA%
total population: NA%

Location

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

Europe

Maritime claims

continental shelf: 200 nm or agreed boundaries or median line
exclusive fishing zone: 200 nm or agreed boundaries or median line
territorial sea: 3 nm

Median age

female: 35.68 years (2005 est.)
male: 34.64 years
total: 35.11 years

Merchant marine

by type: cargo 6, container 1, passenger/cargo 5, petroleum tanker 2
foreign-owned: 8 (Denmark 2, Germany 1, Iceland 2, Norway 2, United Kingdom 1) (2005)
total: 14 ships (1,000 GRT or over) 24,051 GRT/11,998 DWT

Military - note

defense is the responsibility of Denmark Transnational Issues Faroe Islands

Military branches

no regular military forces

Military expenditures - dollar figure

$NA

Military expenditures - percent of GDP

NA

National holiday

Olaifest (Olavasoka), 29 July

Nationality

adjective: Faroese
noun: Faroese (singular and plural)

Natural hazards

NA

Natural resources

fish, whales, hydropower, possible oil and gas

Net migration rate

0.94 migrant(s)/1,000 population (2005 est.)

Oil - consumption

4,500 bbl/day (2001 est.)

Oil - exports

NA

Oil - imports

NA

Oil - production

0 bbl/day (2001 est.)

Political parties and leaders

Center Party [Jenis A. RANA]; Independence Party [Kari P. HOJGAARD]; People's Party [Anfinn KALLSBERG]; Republican Party [Hogni HOYDAL]; Social Democratic Party [Joannes EIDESGAARD]; Union Party [Kaj Oeo JOHANNESEN]

Political pressure groups and leaders

NA

Population

46,962 (July 2005 est.)

Population below poverty line

NA%

Population growth rate

0.62% (2005 est.)

Ports and harbors