Country Fast Facts: Faroe Islands

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.

The archipelago was politically detached from Norway in 1814.

A high degree of self government was attained in 1948.

The Faroes have close traditional ties to Iceland, Shetland, Orkney, the Outer Hebrides and Greenland.

The Faroes are represented in the Nordic Council as a part of the Danish delegation.

Source: CIA World Fact Book

Population:
47,511 (July 2007 est.)

---

Age structure:
0-14 years: 20.6% (male 4,882/female 4,904)
15-64 years: 65.3% (male 16,353/female 14,668)
65 years and over: 14.1% (male 3,041/female 3,663) (2007 est.)

---

Median age:
total: 35 years
male: 34.8 years
female: 35.3 years (2007 est.)

---

Population growth rate:
0.543% (2007 est.)

---

Birth rate:
14.12 births/1,000 population (2007 est.)

---

Death rate:
8.69 deaths/1,000 population (2007 est.)

---

Net migration rate:
0 migrant(s)/1,000 population (2007 est.)

---

Sex ratio:
at birth: 1 male(s)/female
under 15 years: 0.996 male(s)/female
15-64 years: 1.115 male(s)/female
65 years and over: 0.83 male(s)/female
total population: 1.045 male(s)/female (2007 est.)

---

Infant mortality rate:
total: 6.01 deaths/1,000 live births
male: 7.25 deaths/1,000 live births
female: 4.76 deaths/1,000 live births (2007 est.)

---

Life expectancy at birth:
total population: 79.49 years
male: 76.06 years
female: 82.93 years (2007 est.)

---

Total fertility rate:
2.15 children born/woman (2007 est.)

---

HIV/AIDS - adult prevalence rate:
NA

---

HIV/AIDS - people living with HIV/AIDS:
NA

---

HIV/AIDS - deaths:
NA

---

Nationality:
noun: Faroese (singular and plural)
adjective: Faroese

---

Ethnic groups:
Scandinavian

---

Religions:
Evangelical Lutheran

---

Languages:
Faroese (derived from Old Norse), Danish

---

Literacy:
definition: NA
total population: NA%
male: NA%
female: NA%
note: probably 100%, the same as Denmark proper

The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. Since 2003 the Faroese economy has picked up as a result of higher prices for fish and for housing. Unemployment is minimal and government finances are relatively sound. Oil finds close to the Islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and 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.
GDP (purchasing power parity):
$1 billion (2001 est.)

---

GDP (official exchange rate):
$1.7 billion (2005 est.)

---

GDP - real growth rate:
2.4% (2005 est.)

---

GDP - per capita (PPP):
$31,000 (2001 est.)

---

GDP - composition by sector:
agriculture: 27%
industry: 11%
services: 62% (1999)

---

Labor force:
24,250 (October 2000)

---

Labor force - by occupation:
agriculture: 33%
industry: 33%
services: 34%

---

Unemployment rate:
2.1% (2006)

---

Population below poverty line:
NA%

---

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

---

Inflation rate (consumer prices):
1.8% (2005)

---

Budget:
revenues: $588 million
expenditures: $623 million; including capital expenditures of $34 million (2005)

---

Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish

---

Industries:
fishing, fish processing, small ship repair and refurbishment, handicrafts

---

Industrial production growth rate:
8% (1999 est.)

---

Electricity - production:
292.6 million kWh (2004)

---

Electricity - consumption:
272.1 million kWh (2004)

---

Electricity - exports:
0 kWh (2004)

---

Electricity - imports:
0 kWh (2004)

---

Oil - production:
0 bbl/day (2004 est.)
Oil - consumption:
4,550 bbl/day (2004 est.)

---

Oil - exports:
NA bbl/day

---

Oil - imports:
NA bbl/day

---

Oil - proved reserves:
0 bbl

---

Natural gas - production:
0 cu m (2004 est.)

---

Natural gas - consumption:
0 cu m (2004 est.)

---

Exports:
$598 million f.o.b. (2005 est.)

---

Exports - commodities:
fish and fish products 94%, stamps, ships (1999)

---

Exports - partners:
Denmark 31.6%, UK 26.8%, Norway 10.1%, Nigeria 9.2%, Netherlands 5.4% (2006)

---

Imports:
$639 million c.i.f. (2004 est.)

---

Imports - commodities:
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)

---

Imports - partners:
Denmark 52.4%, Norway 20.4%, Iceland 5.9%, Sweden 4.2% (2006)

---

Debt - external:
$64 million (1999)

---

Economic aid - recipient:
$105 million; note - annual subsidy from Denmark (2005)

---

Currency (code):
Danish krone (DKK)

---

Exchange rates:
Danish kroner per US dollar - 5.9468 (2006), 5.9969 (2005), 5.9911 (2004), 6.5877 (2003), 7.8947 (2002)

---

Fiscal year:
calendar year