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 Match 80   DB Rec# - 7,532  Dataset-WOFACT

Title         :Faroe Islands 
Text          : 
                                  Faroe Islands 
 
                                     Header 
 
Affiliation: 
    (part of the Danish realm) 
 
                                    Geography 
 
Location: 
    Northern Europe, island group between the Norwegian Sea and the north 
    Atlantic Ocean, about one-half of the way from Iceland to Norway 
Map references: 
    Europe 
Area: 
  total area: 
    1,400 sq km 
  land area: 
    1,400 sq km 
  comparative area: 
    slightly less than eight times the size of Washington, DC 
Land boundaries: 
    0 km 
Coastline: 
    764 km 
Maritime claims: 
  exclusive fishing zone: 
    200 nm 
  territorial sea: 
    3 nm 
International disputes: 
    none 


Climate: 
    mild winters, cool summers; usually overcast; foggy, windy 
Terrain: 
    rugged, rocky, some low peaks; cliffs along most of coast 
Natural resources: 
    fish 
Land use: 
  arable land: 
    2% 
  permanent crops: 
    0% 
  meadows and pastures: 
    0% 
  forest and woodland: 
    0% 
  other: 
    98% 
Irrigated land: 
    NA sq km 
Environment: 
  current issues: 
    NA 
  natural hazards: 
    NA 
  international agreements: 
    NA 
Note: 
    archipelago of 18 inhabited islands and a few uninhabited islets; 
    strategically located along important sea lanes in northeastern Atlantic; 
    precipitous terrain limits habitation to small coastal lowlands 
 
                                     People 
 
Population: 
    48,871 (July 1995 est.) 
Age structure: 
  0-14 years: 
    24% (female 5,673; male 6,119) 
  15-64 years: 
    63% (female 14,164; male 16,835) 
  65 years and over: 
    13% (female 3,335; male 2,745) (July 1995 est.) 
Population growth rate: 
    0.99% (1995 est.) 
Birth rate: 
    17.54 births/1,000 population (1995 est.) 
Death rate: 
    7.59 deaths/1,000 population (1995 est.) 
Net migration rate: 
    0 migrant(s)/1,000 population (1995 est.) 
Infant mortality rate: 
    7.9 deaths/1,000 live births (1995 est.) 
Life expectancy at birth: 
  total population: 
    78.29 years 
  male: 
    74.91 years 
  female: 
    81.8 years (1995 est.) 
Total fertility rate: 


    2.42 children born/woman (1995 est.) 
Nationality: 
  noun: 
    Faroese (singular and plural) 
  adjective: 
    Faroese 
Ethnic divisions: 
    Scandinavian 
Religions: 
    Evangelical Lutheran 
Languages: 
    Faroese (derived from Old Norse), Danish 
Literacy: 
    NA% 
Labor force: 
    17,585 
  by occupation: 
    largely engaged in fishing, manufacturing, transportation, and commerce 
 
                                   Government 
 
Names: 
  conventional long form: 
    none 
  conventional short form: 
    Faroe Islands 
  local long form: 
    none 
  local short form: 
    Foroyar 
Digraph: 
    FO 
Type: 
    part of the Danish realm; self-governing overseas administrative division of
 
    Denmark 
Capital: 
    Torshavn 
Administrative divisions: 
    none (self-governing overseas administrative division of Denmark) 
Independence: 
    none (part of the Danish realm; self-governing overseas administrative 
    division of Denmark) 
National holiday: 
    Birthday of the Queen, 16 April (1940) 
Constitution: 
    5 June 1953 (Danish constitution) 
Legal system: 
    Danish 
Suffrage: 
    20 years of age; universal 
Executive branch: 
  chief of state: 
    Queen MARGRETHE II (since 14 January 1972), represented by High Commissioner
 
    Bent KLINTE (since NA) 
  head of government: 
    Prime Minister Edmund JOENSEN (since 15 September 1994) 
  cabinet: 
    Landsstyri; elected by the local legislature 


Legislative branch: 
    unicameral 
  Faroese Parliament (Logting): 
    elections last held 8 July 1994 (next to be held by July 1998); results - 
    percent of vote by party NA; seats - (32 total) Liberal Party 8, People's 
    Party 6, Social Democrats 5, Republicans 4, Workers' Party 3, Christian 
    Democrats 2, Center Party 2, Home Rule Party 2 
  Danish Parliament: 
    elections last held on 21 September 1994 (next to be held by September 
    1998); results - percent of vote by party NA; seats - (2 total) Liberals 2 
Judicial branch: 
    none 
Political parties and leaders: 
    Social Democratic Party, Marita PETERSEN; Workers Front, Oli JACOBSEN; Home 
    Rule Party, Helena Dam A NEYSTABOE; The 'Coalition Party', Edmund JOENSEN; 
    Republican Party, Finnbogir ESAKSON; Centrist Party, Tordur NICLASEN; 
    Christian People's Party, Niels Pauli DANIELSEN; People's Party, Arnfinn 
    KALLSBERG; Liberal Party; Christian Democratic Party 
Member of: 
    none 
Diplomatic representation in US: 
    none (self-governing overseas administrative division of Denmark) 
 
                                   Government 
US diplomatic representation: 
    none (self-governing overseas administrative division of Denmark) 
Flag: 
    white with a red cross outlined in blue that extends to the edges of the 
    flag; the vertical part of the cross is shifted to the hoist side in the 
    style of the DANNEBROG (Danish flag) 
 
                                     Economy 
 
Overview: 
    The Faroese, who have long enjoyed the affluent living standards of the 
    Danes and other Scandinavians, now must cope with the decline of the 
    all-important fishing industry and one of the world's heaviest per capita 
    external debts of about $25,000. When the nations of the world extended 
    their fishing zones to 200 nautical miles in the early 1970s, the Faroese no
 
    longer could continue their traditional long-distance fishing and 
    subsequently depleted their own nearby fishing areas. The government's tight
 
    controls on fish stocks and its austerity measures have caused a recession, 
    and subsidy cuts will force nationalization in the fishing industry, which 
    has already been plagued with bankruptcies. Copenhagen has threatened to 
    withhold its annual subsidy of $130 million - roughly one-third of the 
    islands' budget revenues - unless the Faroese make significant efforts to 
    balance their budget. To this extent the Faroe government is expected to 
    continue its tough policies, including introducing a 20% value-added tax 
    (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 parity - $662 million (1989 est.) 
National product real growth rate: 
    -10.8% (1993 est.) 
National product per capita: 
    $14,000 (1989 est.) 


Inflation rate (consumer prices): 
    6.8% (1993 est.) 
Unemployment rate: 
    23% (1993) 
Budget: 
  revenues: 
    $407.2 million 
  expenditures: 
    $482.7 million, including capital expenditures of $NA (1993 est.) 
Exports: 
    $345.3 million (f.o.b., 1993 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: 
    $234.4 million (c.i.f., 1993 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: 
    $1.2 billion (1993 est.) 
Industrial production: 
    growth rate NA% 
Electricity: 
  capacity: 
    90,000 kW 
  production: 
    200 million kWh 
  consumption per capita: 
    3,953 kWh (1992) 
 
                                     Economy 
Industries: 
    fishing, shipbuilding, handicrafts 
Agriculture: 
    accounts for 27% of GDP; principal crops - potatoes and vegetables; 
    livestock - sheep; annual fish catch about 360,000 metric tons 
Economic aid: 
  recipient: 
    receives an annual subsidy from Denmark of about $130 million 
Currency: 
    1 Danish krone (DKr) = 100 oere 
Exchange rates: 
    Danish kroner (DKr) per US$1 - 6.034 (January 1995), 6.361 (1994), 6.484 
    (1993), 6.036 (1992), 6.396 (1991), 6.189 (1990) 
Fiscal year: 
    1 April - 31 March 
 
                                 Transportation 
 
Railroads: 
    0 km 
Highways: 
  total: 
    200 km 
  paved: 


    NA 
  unpaved: 
    NA 
Ports: 
    Klaksvick, Torshavn, Tvoroyri 
Merchant marine: 
  total: 
    7 ships (1,000 GRT or over) totaling 19,879 GRT/18,444 DWT 
  ships by type: 
    cargo 5, roll-on/roll-off cargo 1, short-sea passenger 1 
Airports: 
  total: 
    1 
  with paved runways 914 to 1,523 m: 
    1 
 
                                 Communications 
 
Telephone system: 
    27,900 telephones; good international communications; fair domestic 
    facilities 
  local: 
    NA 
  intercity: 
    NA 
  international: 
    3 coaxial submarine cables 
Radio: 
  broadcast stations: 
    AM 1, FM 3 repeaters 10, shortwave 0 
  radios: 
    NA 
Television: 
  broadcast stations: 
    3 (repeaters 29) 
  televisions: 
    NA 
 
                                 Defense Forces 
 
Branches: 
    no organized native military forces; only a small Police Force and Coast 
    Guard are maintained 
Defense expenditures: 
    $NA, NA% of GDP 
Note: 
    defense is the responsibility of Denmark 

This publication is also available online from the CIA (http://www.odci.gov/cia) as 1995 World Factbook (http://www.odci.gov/cia/publications/95fact/index.html).

The printed version of this item can be found under the title:
The World Factbook 1995,
SuDoc No: PREX 3.15:995

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Updated: March 12, 1996