Economy of Faroe Islands - Faroese Economy statistics

FACTOID # 8: United we stand? The United Kingdom and United States are both in the top ten for Gross Domestic Product - and for child poverty.

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Europe > Faroe Islands > Economy

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Central bank	Landsbanki Foroya
Currency	Danish krone
DEFINITION: The national medium of exchange and its basic sub-unit.		View time series
SOURCE: CoinsManiaPortal Thanks to John Baibakis
Current account balance > BoP, current US$	-6,560,000 BoP $		[62nd of 156]
DEFINITION: Current account balance is the sum of net exports of goods, services, net income, and net current transfers. Data are in current U.S. dollars.		View time series
SOURCE: All CIA World Factbooks 18 December 2003 to 18 December 2008
Current transfers, receipts > BoP, current US$	128,210,000 BoP $		[122nd of 155]
DEFINITION: Current transfers (receipts) are recorded in the balance of payments whenever an economy receives goods, services, income, or financial items without a quid pro quo. All transfers not considered to be capital are current. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Economic aid > Recipient	$105,000,000.00		[84th of 134]
DEFINITION: This entry, which is subject to major problems of definition and statistical coverage, refers to the net inflow of Official Development Finance (ODF) to recipient countries. The figure includes assistance from the World Bank, the IMF, and other international organizations and from individual nation donors. Formal commitments of aid are included in the data. Omitted from the data are grants by private organizations. Aid comes in various forms including outright grants and loans. The entry thus is the difference between new inflows and repayments.		View time series
SOURCE: World Development Indicators database
Exports of goods and services > BoP, current US$	671,270,000 BoP $		[133rd of 156]
DEFINITION: Exports of goods and services comprise all transactions between residents of a country and the rest of the world involving a change of ownership from residents to nonresidents of general merchandise, goods sent for processing and repairs, nonmonetary gold, and services. Data are in current U.S. dollars.		View time series
SOURCE: All CIA World Factbooks 18 December 2003 to 18 December 2008
Exports of goods, services and income > BoP, current US$	777,570,000 BoP $		[129th of 156]
DEFINITION: Exports of goods, services and income is the sum of goods (merchandise) exports, exports of (nonfactor) services and income (factor) receipts. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Exports to US	$3,600,000.00		[150th of 224]
DEFINITION: in US dollars. Jan 2003 - March 2003
SOURCE: World Development Indicators database
Fiscal year	calendar year
DEFINITION: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).		View time series
SOURCE: US Census Bureau
GDP > CIA Factbook	$1,000,000,000.00		[7th of 192]
SOURCE: All CIA World Factbooks 18 December 2003 to 18 December 2008		View time series
Goods imports > BoP, current US$	683,540,000 BoP $		[133rd of 156]
DEFINITION: Goods imports refer to all movable goods (including nonmonetary gold) involved in a change of ownership from nonresidents to residents. The category includes goods previously included in services: goods received or sent for processing and their subsequent export or import in the form of processed goods, repairs on goods, and goods procured in ports by carriers. Data are in current U.S. dollars.		View time series
SOURCE: All CIA World Factbooks 18 December 2003 to 18 December 2008
Imports from US	$4,100,000.00		[172nd of 224]
DEFINITION: In US dollars. Jan 2003 - March 2003
SOURCE: World Development Indicators database
Imports of goods and services > BoP, current US$	830,440,000 BoP $		[135th of 156]
DEFINITION: Imports of goods and services comprise all transactions between residents of a country and the rest of the world involving a change of ownership from nonresidents to residents of general merchandise, goods sent for processing and repairs, nonmonetary gold, and services. Data are in current U.S. dollars.		View time series
SOURCE: US Census Bureau
Imports of goods, services and income > BoP, current US$	906,720,000 BoP $		[135th of 156]
DEFINITION: Imports of goods, services and income is the sum of goods (merchandise) imports, imports of (nonfactor) services and income (factor) payments. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Income receipts > BoP, current US$	106,300,000 BoP $		[94th of 154]
DEFINITION: Income receipts refer to employee compensation paid to resident workers working abroad and investment income (receipts on direct investment, portfolio investment, other investments, and receipts on reserve assets). Income derived from the use of intangible assets is excluded from income and recorded under business services. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Net income > BoP, current US$	30,020,000 BoP $		[24th of 156]
DEFINITION: Net income refers to receipts and payments of employee compensation paid to nonresident workers and investment income (receipts and payments on direct investment, portfolio investment, other investments, and receipts on reserve assets). Income derived from the use of intangible assets is recorded under business services. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Royalty and license fees, payments > BoP, current US$	3,150,000 BoP $		[89th of 121]
DEFINITION: Royalty and license fees are payments and receipts between residents and nonresidents for the authorized use of intangible, nonproduced, nonfinancial assets and proprietary rights (such as patents, copyrights, trademarks, industrial processes, and franchises) and for the use, through licensing agreements, of produced originals of prototypes (such as films and manuscripts). Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Service exports > BoP, current US$	77,530,000 BoP $		[145th of 156]
DEFINITION: Services (previously nonfactor services) refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. International transactions in services are defined by the IMF's Balance of Payments Manual (1993), but definitions may nevertheless vary among reporting economies. Data are in current U.S. dollars.		View time series
SOURCE: World Development Indicators database
Trade balance with US	$500,000.00		[90th of 224]
DEFINITION: In US dollars. Jan 2003 - March 2003
SOURCE: World Development Indicators database
Trade with US > US exports of furniture, household goods, etc	10		[168th of 202]
DEFINITION: US exports of furniture, household goods, etc., USD Thousands, 2004
SOURCE: US Census Bureau