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macrohistory & world report

Faroe Islands

Faore Islands located in the North Atlantic Oceaon between Britain and Iceland

Faroe Islands

World Factbook as of November 2014: "The Faroese economy is dependent on fishing, which makes the economy vulnerable to price fluctuations. The sector normally accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in June 2008 at 1.1% but gradually increased to about 5.5% in 2012. The Faroese Home Rule Government produced increasing budget surpluses in that period, which helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy vulnerable to fluctuations in world demand. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 3% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland. The Faroese Government ran relatively large deficits from 2008 to 2010 and budget deficits are forecast for several years ahead. At year-end 2010 gross external debt had reached approximately US$900 million."

Estimated per capita GDP
2008: 32,900

Infant mortality (deaths before the age of one year per 1,000 live births)
2011: 6.06 deaths.
2008: 6.46

Average life expectancy at birth
2011: 79.72 years
2008: 79.29

People

Population
July 2011: 49,267

Living in an urban area
2010: 40%

Density for 2005: 33 per square kilometer.

Ethnicity
World Factbook: Scandinavian

Religion
2006 census: Evangelical Lutheran 83.8%, other and unspecified 16.2%

Languages
Faroese (derived from Old Norse), Danish

Geography

Halfway between Iceland and Norway. Equivalent to 37.5 by 37.5 kilometers or 23.4 by 23.4 miles. Usually overcast, foggy and windy. Rocky.

Government

The Faroe (FAR-oh) Islands is a self-governing part of the Kingdom of Denmark. Its parliament is unicameral with 37 members popularly elected to four-year terms.

Capital: Torshavn

Recent History

The Faroe Islands have been associated politically with the Kingdom of Denmark since the 1300s. Autonomy was acquired in 1948, with Denmark responsible for foreign affairs and self-defense. 

SOURCES:
The World Factbook

Copyright © 2009-2013 by Frank E. Smitha. All rights reserved.