policies, including introducing a 20% VAT in 1993, and
has agreed to an IMF economic-political stabilization plan. In addition to
its annual subsidy, the Danish government has bailed out the second largest
Faroe bank to the tune of $140 million since October 1992.
National product:
GDP - purchasing power equivalent - $662 million (1989 est.)
National product real growth rate:
3% (1989 est.)
National product per capita:
$14,000 (1989 est.)
Inflation rate (consumer prices):
2% (1988)
Unemployment rate:
5%-6% (1991 est.)
Budget:
revenues $425 million; expenditures $480 million, including capital
expenditures of $NA (1991 est.)
Exports:
$386 million (f.o.b., 1990 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:
$322 million (c.i.f., 1990 est.)
commodities:
machinery and transport equipment 24.4%, manufactures 24%, food and
livestock 19%, fuels 12%, chemicals 6.5%
partners:
Denmark 43.8%, Norway 19.8%, Sweden 4.9%, Germany 4.2%, US 1.3%
External debt:
$1.3 billion (1991)
Industrial production:
growth rate NA%
Electricity:
80,000 kW capacity; 280 million kWh produced, 5,760 kWh per capita (1992)
Industries:
fishing, shipbuilding, handicrafts
Agriculture:
accounts for 27% of GDP and employs 27% of labor force; principal crops -
potatoes and vegetables; livestock - sheep; annual fish catch about 360,000
metric tons
Economic aid:
receives an annual subsidy from Denmark of about $130 million

*Faroe Islands, Economy

Currency:
1 Danish krone (DKr) = 100 ore
Exchange rates:
Danish kroner (DKr) per US$1 - 6.236 (January 1993), 6.036 (1992), 6.396
(1991), 6.189 (1990), 7.310 (1989), 6.732 (1988)
Fiscal year:
1 April - 31 March

*Faroe Islands, Communications

Highways:
200 km
Ports:
Torshavn, Tvoroyri
Merchant marine:
10 ships (1,000 GRT or over) totaling 22,015 GRT/24,007 DWT; includes 1
short-sea passenger, 5 cargo, 2 roll-on/roll-off, 2 refrigerated cargo; note
- a subset of the Danish register
Airports:
total:
1
useable:
1
with permanent-surface runways:
1 with runways over 3659 m:
0
with runways 2440-3659 m:
0
with runways 1220-2439 m:
1
Telecommunications:
good international communications; fair domestic facilities; 27,900
telephones; broadcast stati