Economy of the Faroe Islands
The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum. GDP increased from DKK 8 billion in 1999, to 21 billion in 2019. The vast majority of Faroese exports, around 90%, consists of fishery products.
Tórshavn is the capital and largest town of the Faroe Islands | |
| Currency | Faroese króna (pegged with Danish krone, (DKK)) |
|---|---|
| calendar year | |
Trade organisations | none |
| Statistics | |
| GDP | US$2.83 billion (2017) |
| GDP rank | 166th (nominal) / 179th (PPP) |
GDP growth | 7.5% (2013 est.) |
GDP per capita | $54,833 (2017) |
GDP by sector | agriculture: 16%, industry: 29%, services: 55% (2007) |
| 1.3% (2019) 0.1% | |
Population below poverty line | 10.1% (2018) 0.4% |
Labour force | 31,667 (2019) |
Labour force by occupation | agriculture: 10.7%, industry: 18.9%, services: 70.3% (2010) |
| Unemployment | 1.7% in 2019 0.4% |
Main industries | fishing, fish processing, fish farming, small ship repair and refurbishment, handicrafts |
| External | |
| Exports | DKK 9.77 billion (2019-20) 14% |
Export goods | fish and fish products 90%, stamps, ships |
Main export partners | Russia 23.8% United States 11.2% United Kingdom 10.6% Denmark 7.7% China 7.1% Germany 6.5% Norway 5.7% (2016) |
| Imports | DKK 8.4 billion (2019-20) 9% |
Import goods | consumer goods 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, fish, salt |
Main import partners | Denmark 37.4% Germany 13.3% Norway 9.3% China 5.6% Sweden 4.3% Iceland 3.8% (2016) |
| Public finances | |
| $104.1 million (2018) | |
| Revenues | $1.54 billion (2018) |
| Expenses | $1.43 billion (2018) |
| Economic aid | Block grant from the Danish state: 641.8 million kr./year (2016–2022) (c. US$96 million) |
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.