Economy of the Faroe Islands

Economy of Faroe Islands

Tórshavn is the capital and largest town of the Faroe Islands
Currency	Faroese króna (pegged with Danish krone, (DKK))
Fiscal year	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)
Inflation (CPI)	1.3% (2019) 0.1%[2]
Population below poverty line	10.1% (2018) 0.4%[3]
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 0.4%[4]
Main industries	fishing, fish processing, fish farming, small ship repair and refurbishment, handicrafts
External
Exports	DKK 9.77 billion (2019-20) 14%[5]
Export goods	fish and fish products 90%, stamps, ships
Main export partners	Russia 23.8%  United States 11.2%  United Kingdom 10.6%  Denmark 7.7%  China 7.1%  Germany 6.5%  Norway 5.7% (2016)[6]
Imports	DKK 8.4 billion (2019-20) 9%[7]
Import goods	consumer goods 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, fish, salt
Main import partners	Denmark 37.4%  Germany 13.3%  Norway 9.3%  China 5.6%  Sweden 4.3%  Iceland 3.8% (2016)[8]
Public finances
Budget balance	$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]