After the severe economic troubles of the early
1990s, brought on by a drop in the vital fish catch, the Faroe Islands
have come back in the last few years, with unemployment down to 5% in
mid-1998. Nevertheless, the almost total dependence on fishing means
the economy remains extremely vulnerable. The Faroese hope to broaden
their economic base by building new fish-processing plants. Oil finds
close to the Faroese area give hope for deposits in the immediate
area, which may lay the basis to sustained economic prosperity. The
Faroese are supported by a substantial annual subsidy from Denmark.

purchasing power parity - $700 million (1996 est.)

6% (1996 est.)

purchasing power parity - $16,000 (1996 est.)

agriculture: 20%
industry: 16%
services: 64% (1996 est.)

NA%

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

2.8% (1996 est.)

20,500 (1996 est.)

largely engaged in fishing,
manufacturing, transportation, commerce

5% (1998 est.)

revenues: $467 million
expenditures: $468 million, including capital expenditures of $11
million (1996 est.)

fishing, shipbuilding, construction, handicrafts

NA%

186 million kWh (1998)

fossil fuel: 53.76%
hydro: 45.7%
nuclear: 0%
other: 0.54% (1998)

173 million kWh (1998)

0 kWh (1998)

0 kWh (1998)

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

$362 million (f.o.b., 1995)

fish and fish products 92%, animal feedstuffs,
transport equipment (ships)

Denmark 31%, UK 25%, Germany 9%, France 7%, Spain
6%, US 2% (1996)

$315.6 million (c.i.f., 1995)

machinery and transport equipment 17.0%,
consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels
11.4%, fish and salt 6.7%

Denmark 33%, Norway 18%, UK 8% Germany 9%, Sweden
5%, US 2% (1996)

$767 million (1995 est.)

$150 million (annual subsidy from Denmark)
(1995)

1 Danish krone (DKr) = 100 oere

Danish kroner (DKr) per US$1 - 7.336 (January 2000),
6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1966), 5.602 (1995)

calendar year