Economy of Faeroe Islands

Imports

Imports commoditiesgoods for household consumption 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, salt

Import partnersDenmark 42%, Norway 32%, Germany 8.7%, Iceland 5.3% (2012)

Exports

Exports commoditiesfish and fish products 94%, stamps, ships

Export partnersDenmark 23.4%, UK 21%, Nigeria 13.4%, US 8.9%, Netherlands 8.4%, Russia 7%, China 4.4% (2012)

Economy sectors

Agriculture productsmilk, potatoes, vegetables; sheep; salmon, other fish

Industrial productsfishing, fish processing, small ship repair and refurbishment, handicrafts

Economy

GDP - Official Exchange Rate2.32 Billion $ (2010)2.20 Billion $ (2009)2.45 Billion $ (2008)

GDP - Official Exchange Rate of Faeroe Islands

GDP growth rate2.90 % (2010)0.50 % (2008)2.40 % (2005)

GDP per Capita (PPP)30,500 $ (2008)31,000 $ (2001)

GDP - Purchasing Power Parity1.47 Billion $ (2010)1.39 Billion $ (2008)1,000 Million $ (2001)

GDP - Purchasing Power Parity of Faeroe Islands

GDP PPP per land area1.06 Million $ per square kilometer (2010)997 Thousand $ per square kilometer (2008)718 Thousand $ per square kilometer (2001)

Electricity

Electricity - installed generating capacity100 Thousand kW

GDP decomposition by sector

Agriculture % of GDP16.0 % (2007)

Industry % of GDP29.0 % (2007)

Services % of GDP55.0 % (2007)

Debt, Current Account Balance and Budget Deficit

Budget surplus (+) or deficit (-)-11.90 % of GDP

Current Account Balance (Percentage of GDP)-1.12 % of GDP (2009)-1.27 % of GDP (2008)-3.54 % of GDP (2007)

Current Account Balance (Percentage of GDP) of Faeroe Islands

Current Account Balance (Total)194 Million $ (2011)144 Million $ (2010)-24.64 Million $ (2009)

Current Account Balance (Total) of Faeroe Islands

External Debt (Total)889 Million $ (2010)68.1 Million $ (2006)64.0 Million $ (1999)

External Debt (Percentage of GDP)38.3 % of GDP (2010)3.46 % of GDP (2006)5.69 % of GDP (1999)

External Debt (Percentage of GDP) of Faeroe Islands

External Debt per Capita17,926 $ (2010)1,378 $ (2006)1,398 $ (1999)

External Debt per Capita of Faeroe Islands