Economy of the Faroe Islands

Economy of Faroe Islands
Tórshavn is the capital and largest town of the Faroe Islands
CurrencyFaroese króna (pegged with Danish krone, (DKK))
calendar year
Trade organisations
none
Statistics
GDPUS$2.83 billion (2017)[1]
GDP rank166th (nominal) / 179th (PPP)
GDP growth
7.5% (2013 est.)
GDP per capita
$54,833 (2017)[1]
GDP by sector
agriculture: 16%, industry: 29%, services: 55% (2007)
1.3% (2019) Increase 0.1%[2]
Population below poverty line
10.1% (2018) Decrease 0.4%[3]
Labour force
31,667 (2019)[4]
Labour force by occupation
agriculture: 10.7%, industry: 18.9%, services: 70.3% (2010)
Unemployment1.7% in 2019 Decrease 0.4%[4]
Main industries
fishing, fish processing, fish farming, small ship repair and refurbishment, handicrafts
External
ExportsDKK 9.77 billion (2019-20)
Increase 14%[5]
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)[6]
ImportsDKK 8.4 billion (2019-20)
Increase 9%[7]
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)[8]
Public finances
$104.1 million (2018)[9]
Revenues$1.54 billion (2018)[9]
Expenses$1.43 billion (2018)[9]
Economic aidBlock grant from the Danish state:
641.8 million kr./year (2016–2022)[10][11]
(c. US$96 million)


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.[12] GDP increased from DKK 8 billion in 1999, to 21 billion in 2019.[13] The vast majority of Faroese exports, around 90%, consists of fishery products.[14]

  1. ^ a b "Main figures - Gross domestic product". Statistics Faroe Islands. 26 April 2019. Archived from the original on 12 November 2019. Retrieved 21 May 2020.
  2. ^ "Changes in CPI, average annual inflation rate". Statistics Faroe Islands. Retrieved 21 May 2020.
  3. ^ "Risk of poverty". Statistics Faroe Islands. Retrieved 21 May 2020.
  4. ^ a b "Labour force". Statistics Faroe Islands. Retrieved 21 May 2020.
  5. ^ "Exports exceed DKK 9 billion". Statistics Faroe Islands. 17 April 2020. Retrieved 21 May 2020.
  6. ^ Cite error: The named reference exports was invoked but never defined (see the help page).
  7. ^ "Total imports at DKK 8.4 billion". Statistics Faroe Islands. 17 April 2020. Retrieved 21 May 2020.
  8. ^ Cite error: The named reference imports was invoked but never defined (see the help page).
  9. ^ a b c "General government". Statistics Faroe Islands. 1 November 2019. Archived from the original on 12 November 2019. Retrieved 21 May 2020.
  10. ^ "Forslag til finanslov for finansåret 2022" (PDF). Finansministeriet. 30 August 2021. p. 100. Retrieved 22 December 2022.
  11. ^ "Finanslov for finansåret 2022" (PDF). Finansministeriet. 7 February 2022. p. 92. Retrieved 22 December 2022.
  12. ^ "Gross domestic product 2014" (PDF). World Bank. 18 September 2015. Retrieved 12 October 2015.
  13. ^ "GDP more than doubled from 1999 to 2019". Kringvarp Føroya (in Faroese). 23 February 2021.
  14. ^ Cite error: The named reference fi-economy was invoked but never defined (see the help page).