International organization participation: NC, NIB
Diplomatic representation in the US: none (self-governing
overseas administrative division of Denmark)
Diplomatic representation from the US: none (self-governing
overseas administrative division of Denmark)
Flag description: 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
Economy—overview: After the severe economic troubles of the early 1990s, brought on by a drop in the vital fish catch, the Faroe Islands have come back in the last few years, with unemployment down to 5% in mid-1998. Nevertheless the total dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may lay the basis for sustained economic prosperity. The Faroese are supported by a substantial annual subsidy from Denmark.
GDP: purchasing power parity—$700 million (1996 est.)
GDP—real growth rate: 6% (1996 est.)
GDP—per capita: purchasing power parity?$16,000 (1996 est.)
GDP—composition by sector: agriculture: 20% industry: 16% services: 64% (1996 est.)