The faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. since 2003 the faroese economy has picked up as a result of higher prices for fish and for housing. unemployment is minimal and government finances are relatively sound. oil finds close to the islands give hope for economically recoverable deposits, which could eventually lay the basis for a more diversified economy and lessen dependence on danish economic assistance. aided by a substantial annual subsidy (about 15% of gdp) from denmark, the faroese have a standard of living not far below the danes and other scandinavians.
48,668 (july 2008 est.)
Northern europe, island group between the norwegian sea and the north atlantic ocean, about half way between iceland and norway
Total: 1,399 sq km land: 1,399 sq km water: 0 sq km (some lakes and streams)
Eight times the size of washington, dc
Conventional long form: none conventional short form: faroe islands local long form: none local short form: foroyar
Name: torshavn geographic coordinates: 62 01 n, 6 46 w time difference: utc 0 (5 hours ahead of washington, dc during standard time) daylight saving time: +1hr, begins last sunday in march; ends last sunday in october
Because anticipated offshore hydrocarbon resources have not been realized, earlier faroese proposals for full independence have been deferred; iceland, the uk, and ireland dispute denmark's claim that the faroe islands' continental shelf extends beyond 200 nm