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NAVIGATION
Faroe Islands
Foroyar
GOVERNMENT
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Country name:
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conventional long form: none
conventional short form: Faroe Islands local short form: Foroyar local long form: none |
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Dependency status:
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part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark since 1948 |
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Government type:
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NA |
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Capital:
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Torshavn |
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Administrative divisions:
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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 |
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Independence:
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none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark) |
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National holiday:
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Olaifest, 29 July |
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Constitution:
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5 June 1953 (Danish constitution) |
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Legal system:
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Danish |
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Suffrage:
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18 years of age; universal |
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Executive branch:
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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: Anfinn KALLSBERG elected prime minister; percent of parliamentary vote - 52.8% note: coalition of People's Party, Republican Party, and Home Rule 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 30 April 1998 (next to be held no later than April 2002) head of government: Prime Minister Anfinn KALLSBERG (since 15 May 1998) cabinet: Landsstyri appointed by the prime minister |
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Legislative branch:
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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 26%, Republican Party 23.7%, Social Democrats 20.9%, People's Party 20.8% Independence Party 4.4%, Center Party 4.2%; seats by party - Union Party 8, Republican Party 8, Social Democrats 7, People's Party 7, Independence Party 1, Center Party 1 note: election of 2 seats to the Danish Parliament was last held on 20 November 2001 (next to be held no later than November 2005); results - percent of vote by party - NA; seats by party - Republican Party 1, Union Party 1 elections: last held 30 April 2002 (next to be held no later than April 2006) |
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Judicial branch:
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none |
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Political parties and leaders:
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Center Party [Tordur NICALSEN]; Home Rule Party [Helena Dam a NEYSTABO]; Independence Party [leader NA]; People's Party [Oli BRECKMANN]; Republican Party [Finnabogi ISAKSON]; Social Democratic Party [Joannes EIDESGAARD]; Union Party [Edmund JOENSEN] |
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Political pressure groups and leaders:
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NA |
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International organization participation:
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NC, NIB |
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Diplomatic representation in the US:
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none (self-governing overseas administrative division of Denmark) |
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Diplomatic representation from the US:
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none (self-governing overseas administrative division of Denmark) |
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Flag description:
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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
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Economy - overview:
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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 falling 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 help 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 Denmark and 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. |
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GDP:
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purchasing power parity - $910 million (2000 est.) |
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GDP - real growth rate:
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5% (2000 est.) |
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GDP - per capita:
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purchasing power parity - $20,000 (2000 est.) |
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GDP - composition by sector:
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agriculture: 27%
industry: 11% services: 62% (1999) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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5.1% (1999) |
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Labor force:
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24,250 (October 2000 ) |
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Labor force - by occupation:
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fishing, fish processing, and manufacturing 33%, construction and private services 33%, public services 34% |
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Unemployment rate:
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1% (October 2000 ) |
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Budget:
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revenues: $488 million
expenditures: $484 million, including capital expenditures of $21 million (1999) |
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Industries:
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fishing, fish processing, shipbuilding, construction, handicrafts |
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Industrial production growth rate:
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8% (1999 est.) |
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Electricity - production:
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165 million kWh (2000) |
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Electricity - production by source:
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fossil fuel: 61%
hydro: 39% other: 0% (2000) nuclear: 0% |
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Electricity - consumption:
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153.45 million kWh (2000) |
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Electricity - exports:
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0 kWh (2000) |
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Electricity - imports:
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0 kWh (2000) |
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Agriculture - products:
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milk, potatoes, vegetables; sheep; salmon, other fish |
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Exports:
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$471 million f.o.b. (1999) |
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Exports - commodities:
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fish and fish products 94%, stamps, ships (1999) |
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Exports - partners:
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Denmark 32%, UK 21%, France 9%, Germany 7%, Iceland 5%, US 5% (1996) |
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Imports:
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$469 million c.i.f. (1999) |
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Imports - commodities:
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machinery and transport equipment 29%, consumer goods 36%, raw materials and semi-manufactures 32%, fuels, fish and salt (1999) |
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Imports - partners:
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Denmark 28%, Norway 26%, Germany 7%, UK 6% Sweden 5%, Iceland 4%, US (1999) |
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Debt - external:
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$64 million (1999) |
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Economic aid - recipient:
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$135 million (annual subsidy from Denmark) (1999) |
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Currency:
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Danish krone (DKK) |
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Currency code:
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DKK |
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Exchange rates:
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Danish kroner per US dollar - 8.418 (January 2002), 8.323 (2001), 8.083 (2000), 6.976 (1999), 6.701 (1998), 6.604 (1997) |
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Fiscal year:
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calendar year |