oalition Party," Edmund JOENSEN; Republican Party,
Finnbogi ISAKSON; Centrist Party, Tordur NICLASEN; Christian
People's Party, Niels Pauli DANIELSEN; People's Party, Arnfinn
KALLSBERG; Liberal Party, Jorgen ESTRUP; Christian Democratic Party

International organization participation: none

Diplomatic representation in US: none (self-governing overseas
administrative division of Denmark)

US diplomatic representation: none (self-governing overseas
administrative division of Denmark)

Flag: white with a red cross outlined in blue that extends to the
edges of the flag; the vertical part of the cross is shifted to the
hoist side in the style of the Dannebrog (Danish flag)

Economy
-------

Economic overview: The Faroese economy is experiencing a moderate
upturn after several years of decline brought on by over-fishing and
declining fish prices, large budget deficits by the Faroese Home
Rule Government (FHRG), plummeting property values, and a bail-out
merger of the two largest Faroese banks. Near-term forecasts suggest
continued economic recovery, and oil finds close to the Faroese area
may lay the basis for an eventual economic rebound. Aided by a
substantial annual subsidy from Denmark, the Faroese have enjoyed a
standard of living comparable to the Danes and other Scandinavians.

GDP: purchasing power parity - $733 million (1995 est.)

GDP real growth rate: NA%

GDP per capita: $15,000 (1995 est.)

GDP composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate (consumer prices): 6.8% (1993 est.)

Labor force: 17,585
by occupation: largely engaged in fishing, manufacturing,
transportation, and commerce

Unemployment rate: 23% (1993)

Budget:
revenues: $407.2 million
expenditures: $482.7 million, including capital expenditures of $NA
(1993 est.)

Industries: fishing, shipbuilding, handicrafts

Industrial production growth rate: NA%

Electricity:
capacity: 90,000 kW
production: 200 million kWh
consumption per capita: 3,953 kWh (1992)

Agriculture: potatoes, vegetables; sheep; annual fish catch about
360,000 metric tons

Exports: $345.3 million (f.o.b., 1993 est.)
commodities: fish and fish products 88%, animal feedstuffs,
transport equipment (ships) (1989)
partners: Denmark 20%, Germany 18.3%, UK 14.2%, France 11.2%, Spain
7.9%, US 4.5%

Imports: $234.4 million (c.i.f., 1993 est.)
commodities: