Population: 46,962
(July 2005 est.)
Capital: Torshavn
Languages: Faroese (derived from Old Norse), Danish
Religions: Evangelical Lutheran
Government: NA
Climate: mild winters, cool summers; usually overcast; foggy, windy
Terrain: rugged, rocky, some low peaks; cliffs along most of coast
Geography: archipelago of 17 inhabited islands and one uninhabited island, and a few uninhabited islets; strategically located
along important sea lanes in northeastern Atlantic; precipitous terrain limits habitation to small coastal lowlands
Ethnic groups: Scandinavian
Economy: The Faroese economy has had a strong performance since 1994, mostly as a result
of increasing fish landings and high and stable export prices. Unemployment is minimal and there are signs of labor shortages
in several sectors. The positive economic development has helped the Faroese Home Rule Government produce increasing budget
surpluses, which in turn has helped to reduce the large public debt, most of it owed to Denmark. However, the total dependence
on fishing makes the Faroese economy extremely vulnerable, and the present fishing efforts appear in excess of what is a
sustainable level of fishing in the long term. Oil finds close to the Faroese area give hope for deposits in the immediate
Faroese area, which may eventually lay the basis for a more diversified economy and thus lessen dependence on Danish economic
assistance. Aided by a substantial annual subsidy (15% of GDP) from Denmark, the Faroese have a standard of living not far
below the Danes and other Scandinavians.
GDP per capita: purchasing power parity - $22,000 (2001 est.)
GDP real growth: 10% (2001
est.)
Unemployment rate: 1% (October 2000)
Internet country code: .fo
Dial code: +298
The
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 attained in 1948.