Europe > Faroe Islands > Economy

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Agriculture > products milk, potatoes, vegetables; sheep; salmon, other fish
Budget > Expenditures	$623,000,000.00		[140th of 165]
Budget > Revenues	$588,000,000.00		[139th of 166]
Current transfers, receipts > BoP, current US$	128,210,000 BoP $		[122nd of 155]
Debt > External	$64,000,000.00		[8th of 136]
Economic aid > Recipient	$105,000,000.00		[84th of 134]
Economy > Overview The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. Since 2003 the Faroese economy has picked up as a result of higher prices for fish and for housing. Unemployment is minimal and government finances are relatively sound. Oil finds close to the Islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and lessen dependence on Danish economic assistance. Aided by a substantial annual subsidy (about 15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.
Exchange rates Danish kroner per US dollar - 5.9911 (2004), 6.5877 (2003), 7.8947 (2002), 8.3228 (2001), 8.0831 (2000)
Exports	$634,000,000.00		[149th of 189]
Exports to US	$3,600,000.00		[150th of 224]
GDP	$1,000,000,000.00		[160th of 203]
GDP (purchasing power parity)	$1,000,000,000.00		[3rd of 187]
GDP > Composition by sector > Agriculture	27%		[4th of 146]
GDP > Composition by sector > Industry	11%		[11th of 146]
GDP > Real growth rate	2.4%		[154th of 198]
Imports	$751,000,000.00		[162nd of 185]
Imports of goods and services > BoP, current US$	830,440,000 BoP $		[135th of 156]
Imports of goods, services and income > BoP, current US$	906,720,000 BoP $		[135th of 156]
Inflation rate (consumer prices)	1.8%		[159th of 192]
Trade balance with US	$500,000.00		[90th of 224]

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