Faroe Islands - Economy
How is the economy of Faroe Islands? Based on the information we have, Faroe Islands has a high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries. Key agricultural products in this country include: milk, potatoes, lamb/mutton, sheepskins, sheep offal, beef, sheep fat, beef offal, cattle hides, beef suet (2022).
More about the economy of Faroe Islands
Labor force 27,540 (2017 est.)
Industrial production growth rate 4.3% (2014 est.)
Industries fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
Population below poverty line 10% (2015 est.)
Taxes and other revenues 30.2% (of GDP) (2014 est.)
Fiscal year
Exchange rates
Currency Danish kroner (DKK) per US dollar -
Exchange rates 2023 6.89 (2023 est.)
Exchange rates 2022 7.076 (2022 est.)
Exchange rates 2021 6.287 (2021 est.)
Exchange rates 2020 6.542 (2020 est.)
Exchange rates 2019 6.669 (2019 est.)
Public debt
Public debt 2014 35% of GDP (2014 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 4.05% of GDP (2023 est.)
Remittances 2022 4.44% of GDP (2022 est.)
Remittances 2021 4.32% of GDP (2021 est.)
Imports
Imports 2022 $2.223 billion (2022 est.)
Imports 2021 $1.906 billion (2021 est.)
Imports 2020 $1.597 billion (2020 est.)
Imports (partners) Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)
Comodities Imports force goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars
Exports
Imports 2022 $2.223 billion (2022 est.)
Imports 2021 $1.906 billion (2021 est.)
Imports 2020 $1.597 billion (2020 est.)
Exports (partners) Russia 26.4%, UK 14.1%, Germany 8.4%, China 7.9%, Spain 6.8%, Denmark 6.2%, US 4.7%, Poland 4.4%, Norway 4.1% (2017)
Comodities Exports force fish and fish products (2021)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $3.834 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $3.741 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $3.613 billion (2021 est.)
GDP (official exchange rate) $3.907 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $70,400 (2023 est.)
Real GDP per capita 2022 $69,300 (2022 est.)
Real GDP per capita 2021 $67,800 (2021 est.)
GDP - composition, by sector of origin
Agriculture 18.2% (2023 est.)
Industry 19.7% (2023 est.)
Services 52% (2023 est.)
GDP - composition, by end use
Household consumption 40.6% (2023 est.)
Government consumption 27.3% (2023 est.)
Investment in fixed capital 31% (2023 est.)
Investment in inventories 0% (2023 est.)
Exports of goods and services 57.7% (2023 est.)
Imports of goods and services -56.6% (2023 est.)
Unemployment rate
Unemployment rate 2017 2.2% (2017 est.)
Unemployment rate 2016 3.4% (2016 est.)
All Important Facts about Faroe Islands

Want to know more about Faroe Islands? Check all different factbooks for Faroe Islands below.

Faroe Islands is found in Northern Europe