![]() Tórshavn is the capital and largest town of the Faroe Islands | |
Currency | Faroese króna (pegged with Danish krone, (DKK)) |
---|---|
calendar year | |
Trade organisations | none |
Statistics | |
GDP | US$2.83 billion (2017)[1] |
GDP rank | 166th (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) ![]() | |
Population below poverty line | 10.1% (2018) ![]() |
Labour force | 31,667 (2019)[4] |
Labour force by occupation | agriculture: 10.7%, industry: 18.9%, services: 70.3% (2010) |
Unemployment | 1.7% in 2019 ![]() |
Main industries | fishing, fish processing, fish farming, small ship repair and refurbishment, handicrafts |
External | |
Exports | DKK 9.77 billion (2019-20)![]() |
Export goods | fish and fish products 90%, stamps, ships |
Main export partners | ![]() ![]() ![]() ![]() ![]() ![]() ![]() |
Imports | DKK 8.4 billion (2019-20)![]() |
Import goods | consumer goods 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, fish, salt |
Main import partners | ![]() ![]() ![]() ![]() ![]() ![]() |
Public finances | |
$104.1 million (2018)[9] | |
Revenues | $1.54 billion (2018)[9] |
Expenses | $1.43 billion (2018)[9] |
Economic aid | Block 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]
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