Faroe Islands Economy
Is Faroe Islands a wealthy country?
The Faroe Islands are a small, remote archipelago located between Scotland and Iceland in the North Atlantic Ocean. Despite its small size and population, the Faroe Islands have a robust and diversified economy. Here is an economic overview of the Faroe Islands:
Fishing Industry: The fishing industry is the backbone of the Faroe Islands' economy, accounting for approximately 90% of the country's exports. The Faroe Islands are home to a thriving fishing industry that exports fish and fish products to countries around the world. This industry has been modernized with advanced technology and techniques.
Aquaculture: The Faroe Islands also have a growing aquaculture industry, primarily focused on salmon farming. This industry has expanded in recent years due to an increasing demand for salmon products globally.
Tourism: Tourism is a growing industry in the Faroe Islands, with an increasing number of visitors attracted to the archipelago's natural beauty, cultural traditions, and unique way of life. The tourism sector is still relatively small, but it has significant potential for further development.
Trade: The Faroe Islands trade with other countries for a variety of goods and services, including machinery, equipment, vehicles, and various consumer goods. The main trading partners of the Faroe Islands are Denmark, Iceland, Norway, and the United Kingdom.
Renewable Energy: The Faroe Islands have also made significant strides in developing renewable energy sources, particularly wind, and hydropower. The Faroe Islands have set a target of achieving 100% renewable energy by 2030.
Services: Services such as banking, insurance, and shipping also contribute to the Faroe Islands' economy.
Overall, the Faroe Islands have a diverse and robust economy, with a strong emphasis on the fishing industry, developing aquaculture, and expanding tourism. The country is also committed to developing sustainable energy sources and investing in technological innovation.
Faroe Islands Economy Data
What is the GDP of Faroe Islands?
| Currency Name and Code | Danish kroner (DKK) |
| GDP - Gross Domestic Product (PPP) | $2,001,000,000 (USD) |
| GDP - official exchange rate | $2,765,000,000 (USD) |
| GDP - real growth rate | 5.9% |
| GDP Per Capita | $40,000.00 (USD) |
| GDP by Sector- agriculture | 18% |
| GDP by Sector- Industry | 39% |
| GDP by Sector- services | 43% |
| GDP - composition, by end use |
household consumption: 52% government consumption: 29.6% investment in fixed capital: 18.4% |
| Population Below Poverty Line | 10% |
| Inflation Rate | -0.3% |
| Labor Force | 27,540 |
| Labor Force By Occupation- agriculture | 15% |
| Labor Force By Occupation- industry | 15% |
| Labor Force By Occupation- services | 70% |
| Unemployment Rate | 2.2% |
| Fiscal Year | calendar year |
| Annual Budget | $835,600,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -1.7% |
| Public Debt (% of GDP) | 35% |
| Taxes and other revenues - percent of GDP | 30.2% |
| Major Industries | fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts |
| Industrial Growth Rate | 3.4% |
| Agriculture Products | milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish |
| Exchange Rate per US Dollar | 6.586 |