Chief
of State: Queen MARGRETHE II of Denmark (since
14 January 1972), represented by High Commissioner Birgit
KLEIS, chief administrative officer (since 1 November
2001) Head of Government: Prime Minister
Joannes EIDESGAARD (since 3 February 2004) Government Type: NA
Population Demographics
Population:
47,246 (July 2006 est.) Languages: Faroese (derived from
Old Norse), Danish Religion: Evangelical Lutheran
Life Expectancy: 79.35
Economic Information
Currency:
Danish krone (DKK) GDP(per capita): $22,000 (2001
est.) Overview: The Faroese economy
has had a strong performance since 1994, mostly as a
result of increasing fish landings and high and stable
export prices. Unemployment is minimal and there are
signs of labor shortages in several sectors. The positive
economic development has helped the Faroese Home Rule
Government produce increasing budget surpluses, which
in turn have helped reduce the large public debt, most
of it owed to Denmark. However, the total dependence
on fishing makes the Faroese economy extremely vulnerable,
and the present fishing efforts appear in excess of
what is a sustainable level of fishing in the long term.
Oil finds close to the Faroese area give hope for deposits
in the immediate Faroese 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 (about 15% of GDP) from
Denmark, the Faroese have a standard of living not far
below the Danes and other Scandinavians.
Exports: fish and fish products
94%, stamps, ships (1999) Import: consumer goods 36%,
raw materials and semi-manufactures 32%, machinery and
transport equipment 29%, fuels, fish, salt (1999)
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Geography
Information
Location:
Northern Europe, island group between the Norwegian Sea
and the North Atlantic Ocean, about one-half of the way
from Iceland to Norway Area: total: 1,399 sq km
land: 1,399 sq km
water: 0 sq km (some lakes and streams)
Background:
The population of the Faroe Islands is largely descended
from Viking settlers who arrived in the 9th century.
The islands have been connected politically to Denmark
since the 14th century. A high degree of self government
was attained in 1948.
Independence Day: none (part
of the Kingdom of Denmark; self-governing overseas administrative
division of Denmark)
Capital City: Torshavn Administrative divisions: none
(part of the Kingdom of Denmark; self-governing overseas
administrative division of Denmark); there are no first-order
administrative divisions as defined by the US Government,
but there are 49 municipalities
