Faroe Islands (continued)
Nationality: noun—Faroese (sing., pl.); adjective—Faroese
Ethnic divisions: homogeneous Scandinavian population
Religion: Evangelical Lutheran
Language: Faroese (derived from Old Norse), Danish
Literacy: 99%
Labor force: 17,585; largely engaged in fishing, manufacturing, transportation, and commerce
Organized labor: NA
Government
Long-form name: none
Type: part of the Danish realm; self-governing overseas administrative division of Denmark
Capital: Tórshavn
Administrative divisions: none (self-governing overseas administrative division of Denmark)
Independence: part of the Danish realm; self-governing overseas administrative division of Denmark
Constitution: Danish
Legal system: Danish
National holiday: Birthday of the Queen, 16 April (1940)
Executive branch: Danish monarch, high commissioner, prime minister, deputy prime minister, Cabinet (Landsstýri)
Legislative branch: unicameral Parliament (Løgting)
Judicial branch: none
Leaders: Chief of State—Queen MARGRETHE II (since 14 January 1972), represented by High Commissioner Bent KLINTE (since NA);
Head of Government—Prime Minister Jógvan SUNDSTEIN (since 17 January 1989)
Political parties and leaders: four-party ruling coalition—People's Party, Jógvan Sundstein; Republican Party, Signer Hansen; Progressive and Fishing Industry Party combined with the Christian People's Party (CPP-PFIP); Home Rule Party, Hilmar Kass; opposition—Social Democratic Party, Atli P. Dam; Cooperation Coalition Party, Pauli Ellefsen; Progress Party
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
Budget: revenues $176 million; expenditures $176 million, including capital expenditures of NA (FY86)
Exports: $267 million (f.o.b., 1986); commodities—fish and fish products 86%, animal feedstuff's, transport equipment; partners—Denmark 18%, US 14%, FRG, France, UK, Canada
Imports: $363 million (c.i.f., 1986);
commodities—machinery and transport equipment
38%, food and livestock 11%, fuels
10%, manufactures 10%, chemicals 5%;
partners:—Denmark 46%, FRG, Norway,
Japan, UK
External debt: $NA
Industrial production: growth rate NA%
Electricity: 80,000 kW capacity; 280 million kWh produced, 5,910 kWh per capita (1989)
Industries: fishing, shipbuilding, handicrafts
Agriculture: accounts for 27% of GDP and employs 27% of labor force; principal crops potatoes and vegetables; livestock sheep; annual fish catch about 360,000 metric tons
Aid: none
Currency: Danish krone (plural kroner); 1 Danish krone (DKr) = 100 øre
Exchange rates: Danish kroner (DKr) per US$1—6.560 (January 1990), 7.310 (1989), 6.732 (1988), 6.840 (1987), 8.091 (1986), 10.596 (1985)
Fiscal year: 1 April-31 March
Communications
Highways: 200 km
Ports: Torshavn, Tvoroyri; 8 minor
Merchant marine: 7 ships (1,000 GRT or over) totaling 17,249 GRT/11,887 DWT; includes 1 short-sea passenger, 2 cargo, 2 roll-on/roll-off cargo, 2 refrigerated cargo; note—a subset of the Danish register
Airports: 1 with permanent-surface runway 1,220-2,439 m
Telecommunications: good international communications; fair domestic facilities; 27,900 telephones; stations—1 AM, 3 (10 repeaters) FM, 3 (29 repeaters) TV; 3 coaxial submarine cables
Defense Forces
Note: defense is the responsibility of
Denmark
