Suffrage: universal at age 20
Elections: Parliament—last held 8 November 1988 (next to be held November 1992); results—percent of vote by party NA; seats—(32 total) three-party coalition 21 (People's Party 8, Cooperation Coalition Party 7, Republican Party 6); Social Democrat 7, CPP-PFIP 2, Home Rule 2
Communists: insignificant number
Member of: Nordic Council
Diplomatic representation: none (self-governing overseas administrative division of Denmark)
Flag: white with a red cross outlined in blue that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
- Economy Overview: The Faroese enjoy the high standard of living characteristic of the Danish and other Scandinavian economies. Fishing is the dominant economic activity. It employs over 25% of the labor force, accounts for about 25% of GDP, and contributes over 80% to export revenues. A handicraft industry employs about 20% of the labor force. Because of cool summers agricultural activities are limited to raising sheep and to potato and vegetable cultivation. There is a labor shortage, and immigrant workers accounted for 5% of the work force in 1989. Denmark annually subsidizes the economy, perhaps on the order of 15% of GDP.
GDP: $662 million, per capita $14,000; real growth rate 3% (1989 est.)
Inflation rate (consumer prices): 2.0% (1988)
Unemployment rate: labor shortage