Country Summary: Faroe Islands
Country Name: Faroe Islands
Capital: Torshavn
Government Type: parliamentary democracy (Faroese Parliament); part of the Kingdom of Denmark
Background: The Faroe Islands were already populated by ca. A.D. 500, but whether the settlers were Celtic or early Norse (or someone else) has yet to be determined. The islands served as an important stepping stone for Medieval Viking exploration of the North Atlantic and Viking settlers arrived on the islands in the 9th century. The islands have been connected politically to Denmark since the 14th century and today the Faroe Islands are a self-governing dependency of Denmark. The Home Rule Act of 1948 granted a high degree of self-government to the Faroese, who have autonomy over most internal affairs and external trade, while Denmark is responsible for justice, defense, and some foreign affairs. The Faroe Islands are not part of the European Union.
Region: Northern Europe, an island group located between the Norwegian Sea and the North Atlantic Ocean
Population: 52,600 (2023 est.)
Ethnic Groups: Faroese 85.3% (Scandinavian and Anglo-Saxon descent), Danish 8.3%, other Nordic 1.4%, other 4.5% (includes Filipino, Poland, Romanian) (2022 est.)
Languages: Faroese 93.8% (derived from Old Norse), Danish 3.2%, other 3% (2011 est.)
Religions: Christian 89.3% (predominantly Evangelical Lutheran), other 1%, none 3.8%, unspecified 6% (2011 est.)
Economic Overview: high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries
Currency: Faroese Krona
Real GDP (Purchasing Power Parity): $2.001 billion (2014 est.)
Real GDP Growth Rate: 5.4% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $40,000 (2014 est.)
Exports:
$1.184 billion (2016 est.)
Comparison Ranking: 176
Export Commodities: fish and fish products (2021)
Export Partners: Russia 26.4%, UK 14.1%, Germany 8.4%, China 7.9%, Spain 6.8%, Denmark 6.2%, US 4.7%, Poland 4.4%, Norway 4.1% (2017)
Imports:
$978.4 million (2016 est.)
Comparison Ranking: 190
Import Commodities: goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars
Import Partners: Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)
Natural Resources: fish, whales, hydropower, possible oil and gas
Agricultural Products: potatoes, mutton, sheep skins, sheep offals, beef, sheep fat, cattle offals, cattle hides, cattle fat
Industries: fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
Industrial Production Growth Rate:
4.3% (2014 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 87
Labor Force: 27,540 (2017 est.)
Unemployment Rate: 2.2% (2017 est.)
Natural Hazards: strong winds and heavy rains can occur throughout the year
Geography:
Total: 1,393 sq km
Land: 1,393 sq km
Water: 0 sq km (some lakes and streams)
(Country Summary, The World Factbook, CIA.gov)
LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements.
