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.

GDP (purchasing power parity):
$1 billion (2001 est.)

GDP - real growth rate:
10% (2001 est.)

GDP - per capita:
purchasing power parity - $22,000 (2001 est.)

GDP - composition by sector:
agriculture: 27%
industry: 11%
services: 62% (1999)

Labor force:
24,250 (October 2000)

Labor force - by occupation:
fishing, fish processing, and manufacturing 33%, construction and
private services 33%, public services 34%

Unemployment rate:
1% (October 2000)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
5.1% (1999)

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

Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish

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

Industrial production growth rate:
8% (1999 est.)

Electricity - production:
220 million kWh (2002)

Electricity - production by source:
fossil fuel: 62.4%
hydro: 37.6%
nuclear: 0%
other: 0% (2001)

Electricity - consumption:
204.6 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
4,500 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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)

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)

Debt - external:
$64 million (1999)

Economic aid - recipient:
$135 million (annual subsidy from Denmark) (1998)

Currency (code):
Danish krone (DKK)

Currency code:
DKK

Exchange rates