Faroe Islands - Country Code 298
IDD Code: 00
Country Code: 298
ISO: FO
ISO3: FRO
Helpful Information About Faroe Islands
Time
Thursday, November 21, 2024
Capital: Tórshavn
Time Zone
UTC+0:00
Time Difference
Tórshavn, Faroe Islands is ()
Daylight Savings Time
Faroe Islands does not follow DST
Weather
Country Map
Country Flag
About Faroe Islands Country NameFaroe Islands
ContinentEurope
Lat/Long61.89263500, -6.91180600
BackgroundThe population of the Faroe Islands is largely descended from Viking settlers who arrived in the 9th century. The islands have been connected politically to Denmark since the 14th century. A high degree of self-government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defense, and foreign affairs. The Faroe Islands are not part of the European Union.
Population50,456 (July 2016 est.)
LanguagesFaroese 93.8% (derived from Old Norse), Danish 3.2%, other 3% (2011 est.)
ReligionsChristian 89.3% (predominantly Evangelical Lutheran), other 0.7%, more than one religion 0.2%, none 3.8%, unspecified 6% (2011 est.)
Ethnic GroupsFaroese 89.2% (Scandinavian and Anglo-Saxon descent), Danish 7.1%, other 3.7% (includes Icelander, Norwegian, Greenlander, Filipino, Thai, British)
Economy
EconomyThe Faroese economy has experienced a period of significant growth since 2011, due to higher fish prices and increased salmon farming and catches in the pelagic fisheries. Nominal GDP, measured in current prices, grew 8.0% in 2015 and 7.8% in 2016. The fisheries sector accounts for about 97% of exports and half of GDP. Dependence on fishing makes the economy vulnerable to price fluctuations. Unemployment is low, estimated at 2.5% in early 2017. Aided by an annual subsidy from Denmark, which amounts to about 4% of Faroese GDP, Faroese have a standard of living equal to that of Denmark.
For the first time in 8 years the Faroe Islands managed to generate a public budget surplus in 2016, a trend which is continuing in 2017. The local government intends to use this to reduce public debt, which reached 38% of GDP in 2015. Increasing public infrastructure investments are likely to lead to continued growth in the short term, but could contribute to an overheating of the economy. Signs of overheating led the Danish Central Bank in fall of 2016 to advise the Faroese local government to initiate measures to cool the economy, including postponing spending on infrastructure spending. The local government is planning to allocate part of the expected public surplus to a business cycle-equalization fund.
For the first time in 8 years the Faroe Islands managed to generate a public budget surplus in 2016, a trend which is continuing in 2017. The local government intends to use this to reduce public debt, which reached 38% of GDP in 2015. Increasing public infrastructure investments are likely to lead to continued growth in the short term, but could contribute to an overheating of the economy. Signs of overheating led the Danish Central Bank in fall of 2016 to advise the Faroese local government to initiate measures to cool the economy, including postponing spending on infrastructure spending. The local government is planning to allocate part of the expected public surplus to a business cycle-equalization fund.
GDP$2.765 billion (2010 est.)
CurrencyKrone
Communications
Internet TLD.fo
Internet Users47,000
Land Lines17,000
Mobile Phones63,000
Broadcast Media1 publicly owned TV station; the Faroese telecommunications company distributes local and international channels through its digital terrestrial network; publicly owned radio station supplemented by 3 privately owned stations broadcasting over multiple frequencies (2015)