Economy ———-
Economic overview: The Faroese economy is experiencing a moderate upturn after several years of decline brought on by over-fishing and declining fish prices, large budget deficits by the Faroese Home Rule Government (FHRG), plummeting property values, and a bail-out merger of the two largest Faroese banks. Near-term forecasts suggest continued economic recovery, and oil finds close to the Faroese area may lay the basis for an eventual economic rebound. Aided by a substantial annual subsidy from Denmark, the Faroese have enjoyed a standard of living comparable to the Danes and other Scandinavians.
GDP: purchasing power parity - $733 million (1995 est.)
GDP real growth rate: NA%
GDP per capita: $15,000 (1995 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 6.8% (1993 est.)
Labor force: 17,585
by occupation: largely engaged in fishing, manufacturing,
transportation, and commerce
Unemployment rate: 23% (1993)
Budget:
revenues: $407.2 million
expenditures: $482.7 million, including capital expenditures of $NA
(1993 est.)