GDP (official exchange rate):
$18.14 trillion (2008 est.)
GDP - real growth rate:
0.9% (2008 est.) country comparison to the world: 181 3% (2007 est.)
3.4% (2006 est.)
GDP - per capita (PPP):
$33,700 (2008 est.) country comparison to the world: 38 $33,500 (2007 est.)
$32,700 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 2%
industry: 27.1%
services: 70.9% (2008 est.)
Labor force:
224.4 million (2008 est.) country comparison to the world: 3
Labor force - by occupation:
agriculture: 5.6%
industry: 27.7%
services: 66.7% (2007 est.)
Unemployment rate:
7.2% (2008 est.) country comparison to the world: 90 8.5% (2006 est.)
Population below poverty line:
note - see individual country entries of member states
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 25.2% (2001 est.)
Distribution of family income - Gini index:
31 (2005 est.) country comparison to the world: 106 31.2 (2003 est.)
Investment (gross fixed):
21.1% of GDP (2008 est.) country comparison to the world: 96
Inflation rate (consumer prices):
3.5% (2008 est.) country comparison to the world: 49 1.8% (2006 est.)
Central bank discount rate:
3% (31 December 2008) country comparison to the world: 97 5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate:
8.6% (31 December 2008) country comparison to the world: 106 8.03% (31 December 2007)
Stock of money:
$5.542 trillion (31 December 2008) country comparison to the world: 1 $5.649 trillion (31 December 2007)
note: this is the quantity of money, M1, for the euro area, converted into US dollars at the exchange rate for the date indicated; it excludes the stock of money carried by non-euro-area members of the European Union
Stock of quasi money:
$5.631 trillion (31 December 2008) country comparison to the world: 3 $5.18 trillion (31 December 2007)
note: this is the quantity of quasi money, M2-M1, for the euro area, converted into US dollars at the exchange rate for the date indicated; it excludes the stock of quasi money carried by non-euro-area members of the European Union
Stock of domestic credit:
$21.17 trillion (31 December 2008) country comparison to the world: 1 $20.94 trillion (31 December 2007)
note: this figure refers to the euro area only; it excludes credit data for non-euro-area members of the EU
Market value of publicly traded shares:
$NA (31 December 2008 est.) country comparison to the world: 2 $15.57 trillion (31 December 2008)
$13.5 trillion (31 December 2006 est.)
Agriculture - products:
wheat, barley, oilseeds, sugar beets, wine, grapes; dairy products, cattle, sheep, pigs, poultry; fish
Industries:
among the world's largest and most technologically advanced, the EU industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles, tourism
Industrial production growth rate:
-0.6% (2008 est.) country comparison to the world: 137
Electricity - production:
3.044 trillion kWh (2007 est.) country comparison to the world: 2
Electricity - consumption:
2.884 trillion kWh (2007 est.) country comparison to the world: 2
Electricity - exports:
NA kWh
Electricity - imports:
NA kWh
Oil - production:
2.538 million bbl/day (2007 est.) country comparison to the world: 11
Oil - consumption:
14.44 million bbl/day (2007 est.) country comparison to the world: 2
Oil - exports:
2.196 million bbl/day (2007 est.) country comparison to the world: 9
Oil - imports:
8.613 million bbl/day (2007 est.) country comparison to the world: 2
Oil - proved reserves:
5.718 billion bbl (1 January 2008) country comparison to the world: 21
Natural gas - production:
201.9 billion cu m (2007 est.) country comparison to the world: 3
Natural gas - consumption:
516.9 billion cu m (2007 est.) country comparison to the world: 2
Natural gas - exports:
NA cu m
Natural gas - imports:
NA cu m
Natural gas - proved reserves:
2.318 trillion cu m (1 January 2008 est.) country comparison to the world: 15
Current account balance:
$51.4 billion (2008 est.) country comparison to the world: 8
Exports:
$1.952 trillion (2007) country comparison to the world: 1 $1.33 trillion (2005)
note: external exports, excluding intra-EU trade
Exports - commodities:
machinery, motor vehicles, aircraft, plastics, pharmaceuticals and other chemicals, fuels, iron and steel, nonferrous metals, wood pulp and paper products, textiles, meat, dairy products, fish, alcoholic beverages.
Imports:
$1.69 trillion (2007) country comparison to the world: 2 $1.466 trillion (2005)
note: external imports, excluding intra-EU trade
Imports - commodities:
machinery, vehicles, aircraft, plastics, crude oil, chemicals, textiles, metals, foodstuffs, clothing
Reserves of foreign exchange and gold:
Exchange rates:
euros per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
Communications ::European Union
Telephones - main lines in use:
238 million (2005)
Telephones - mobile cellular:
466 million (2005)
Telephone system:
note - see individual country entries of member states
Radio broadcast stations:
AM 930, FM 13,655, shortwave 71 (1998); note - sum of individual country radio broadcast stations; there is also a European-wide station (Euroradio)
Television broadcast stations:
2,700 (1995); note - sum of individual country television broadcast stations excluding repeaters; there is also a European-wide station (Eurovision)
Internet country code:
.eu; note - see country entries of member states for individual country codes
Internet hosts:
118,760; note - this sum reflects the number of internet hosts assigned the .eu internet country code (2009)
Internet users:
247 million (2006)
Transportation ::European Union
Airports:
3,391 (2009)
Airports - with paved runways:
total: 1,995
over 3,047 m: 115
2,438 to 3,047 m: 341
1,524 to 2,437 m: 543
914 to 1,523 m: 421
under 914 m: 575 (2009)
Airports - with unpaved runways:
total: 1,396
over 3,047 m: 2
2,438 to 3,047 m: 3
1,524 to 2,437 m: 24
914 to 1,523 m: 257
under 914 m: 1,110 (2009)
Heliports:
100 (2007)
Railways:
total: 229,450 km (2008)
Roadways:
total: 5,454,446 km (2008)
Waterways:
52,332 km (2006)
Ports and terminals:
Antwerp (Belgium), Barcelona (Spain), Braila (Romania), Bremen(Germany), Burgas (Bulgaria), Constanta (Romania), Copenhagen(Denmark), Galati (Romania), Gdansk (Poland), Hamburg (Germany),Helsinki (Finland), Las Palmas (Canary Islands, Spain), Le Havre(France), Lisbon (Portugal), London (UK), Marseille (France), Naples(Italy), Peiraiefs or Piraeus (Greece), Riga (Latvia), Rotterdam(Netherlands), Stockholm (Sweden), Talinn (Estonia), Tulcea(Romania), Varna (Bulgaria)
Military ::European Union
Military - note:
the five-nation Eurocorps - created in 1992 by France, Germany, Belgium, Spain, and Luxembourg - has deployed troops and police on peacekeeping missions to Bosnia-Herzegovina, Macedonia, and the Democratic Republic of the Congo and assumed command of the ISAF in Afghanistan in August 2004; Eurocorps directly commands the 5,000-man Franco-German Brigade, the Multinational Command Support Brigade, and EUFOR in Bosnia and Herzegovina; in November 2004, the EU Council of Ministers formally committed to creating 13 1,500-man battle groups by the end of 2007, to respond to international crises on a rotating basis; 22 of the EU's 27 nations have agreed to supply troops; France, Italy, and the UK formed the first of three battle groups in 2005; Norway, Sweden, Estonia, and Finland established the Nordic Battle Group effective 1 January 2008; nine other groups are to be formed; a rapid-reaction naval EU Maritime Task Group was stood up in March 2007 (2007)
Transnational Issues ::European Union
Disputes - international:
as a political union, the EU has no border disputes with neighboring countries, but Estonia has no land boundary agreements with Russia, Slovenia disputes its land and maritime boundaries with Croatia, and Spain has territorial and maritime disputes with Morocco and with the UK over Gibraltar; the EU has set up a Schengen area - consisting of 22 EU member states that have signed the convention implementing the Schengen agreements or "acquis" (1985 and 1990) on the free movement of persons and the harmonization of border controls in Europe; these agreements became incorporated into EU law with the implementation of the 1997 Treaty of Amsterdam on 1 May 1999; in addition, non-EU states Iceland and Norway (as part of the Nordic Union) have been included in the Schengen area since 1996 (full members in 2001), and Switzerland since 2008 bringing the total current membership to 25; the UK (since 2000) and Ireland (since 2002) take part in only some aspects of the Schengen area, especially with respect to police and criminal matters; nine of the 12 new member states that joined the EU since 2004 joined Schengen on 21 December 2007; of the three remaining EU states, Cyprus is expected to join by 2009, while Romania and Bulgaria continue to enhance their border security systems
page last updated on November 11, 2009
======================================================================
@Falkland Islands (Islas Malvinas) (South America)
Introduction ::Falkland Islands (Islas Malvinas)
Background:
Although first sighted by an English navigator in 1592, the first landing (English) did not occur until almost a century later in 1690, and the first settlement (French) was not established until 1764. The colony was turned over to Spain two years later and the islands have since been the subject of a territorial dispute, first between Britain and Spain, then between Britain and Argentina. The UK asserted its claim to the islands by establishing a naval garrison there in 1833. Argentina invaded the islands on 2 April 1982. The British responded with an expeditionary force that landed seven weeks later and after fierce fighting forced an Argentine surrender on 14 June 1982.
Geography ::Falkland Islands (Islas Malvinas)
Location:
Southern South America, islands in the South Atlantic Ocean, east of southern Argentina
Geographic coordinates:
Map references:
South America
Area:
total: 12,173 sq km country comparison to the world: 164 land: 12,173 sq km
water: 0 sq km
note: includes the two main islands of East and West Falkland and about 200 small islands
Area - comparative:
slightly smaller than Connecticut
Land boundaries:
0 km
Coastline:
1,288 km
Maritime claims:
territorial sea: 12 nm
continental shelf: 200 nm
exclusive fishing zone: 200 nm
Climate:
cold marine; strong westerly winds, cloudy, humid; rain occurs on more than half of days in year; average annual rainfall is 24 inches in Stanley; occasional snow all year, except in January and February, but does not accumulate
Terrain:
rocky, hilly, mountainous with some boggy, undulating plains
Elevation extremes:
lowest point: Atlantic Ocean 0 m
highest point: Mount Usborne 705 m
Natural resources:
fish, squid, wildlife, calcified seaweed, sphagnum moss
Land use:
arable land: 0%
permanent crops: 0%
other: 100% (99% permanent pastures, 1% other) (2005)
Irrigated land:
Natural hazards:
strong winds persist throughout the year
Environment - current issues:
overfishing by unlicensed vessels is a problem; reindeer were introduced to the islands in 2001 for commercial reasons; this is the only commercial reindeer herd in the world unaffected by the 1986 Chornobyl disaster
Geography - note:
deeply indented coast provides good natural harbors; short growing season
People ::Falkland Islands (Islas Malvinas)
Population:
3,140 (July 2008 est.) country comparison to the world: 229
Age structure:
0-14 years: NA
15-64 years: NA
65 years and over: NA
Population growth rate:
0.011% (2009 est.) country comparison to the world: 197
Birth rate:
Death rate:
Net migration rate:
Urbanization:
urban population: 92% of total population (2008)
rate of urbanization: 1.2% annual rate of change (2005-10 est.)
Infant mortality rate:
total: NA
male: NA
female: NA (2008 est.)
Life expectancy at birth:
total population: NA
male: NA
female: NA
Total fertility rate:
HIV/AIDS - adult prevalence rate:
HIV/AIDS - people living with HIV/AIDS:
HIV/AIDS - deaths:
Nationality:
noun: Falkland Islander(s)
adjective: Falkland Island
Ethnic groups:
British
Religions:
Christian 67.2%, none 31.5%, other 1.3% (2006 census)
Languages:
English
Literacy:
Government ::Falkland Islands (Islas Malvinas)
Country name:
conventional long form: none
conventional short form: Falkland Islands (Islas Malvinas)
Dependency status:
overseas territory of the UK; also claimed by Argentina
Government type:
Capital:
name: Stanley
geographic coordinates: 51 42 S, 57 51 W
time difference: UTC-4 (1 hour ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins first Sunday in September; ends third Sunday in April
Administrative divisions:
none (overseas territory of the UK; also claimed by Argentina)
Independence:
none (overseas territory of the UK; also claimed by Argentina)
National holiday:
Liberation Day, 14 June (1982)
Constitution:
3 October 1985; amended 1997 and 1998
Legal system:
English common law
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952)
head of government: Governor Alan HUCKLE (since 25 August 2006); Chief Executive Dr. Tim THOROGOOD (since 3 January 2008)
cabinet: Executive Council; three members elected by the Legislative Council, two ex officio members (chief executive and the financial secretary), and the governor
elections: the monarchy is hereditary; governor appointed by the monarch
Legislative branch:
unicameral Legislative Council (10 seats; 2 members are ex officio and 8 are elected by popular vote; to serve four-year terms); presided over by the governor
elections: last held 17 November 2005 (next to be held in November 2009)
election results: percent of vote - NA; seats - independents 8
Judicial branch:
Supreme Court (chief justice is a nonresident); Magistrates Court (senior magistrate presides over civil and criminal divisions); Court of Summary Jurisdiction
Political parties and leaders:
none; all independents
Political pressure groups and leaders:
Falkland Islands Association (supports freedom of the people from external causes)
International organization participation:
Diplomatic representation in the US:
none (overseas territory of the UK; also claimed by Argentina)
Diplomatic representation from the US:
none (overseas territory of the UK; also claimed by Argentina)
Flag description:
blue with the flag of the UK in the upper hoist-side quadrant and the Falkland Island coat of arms centered on the outer half of the flag; the coat of arms contains a white ram (sheep raising was once the major economic activity) above the sailing ship Desire (whose crew discovered the islands) with a scroll at the bottom bearing the motto DESIRE THE RIGHT
Economy ::Falkland Islands (Islas Malvinas)
Economy - overview:
The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. These license fees total more than $40 million per year, which help support the island's health, education, and welfare system. Squid accounts for 75% of the fish taken. Dairy farming supports domestic consumption; crops furnish winter fodder. Exports feature shipments of high-grade wool to the UK and the sale of postage stamps and coins. The islands are now self-financing except for defense. The British Geological Survey announced a 200-mile oil exploration zone around the islands in 1993, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day; to date, no exploitable site has been identified. An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves. Tourism, especially eco-tourism, is increasing rapidly, with about 30,000 visitors in 2001. Another large source of income is interest paid on money the government has in the bank. The British military presence also provides a sizeable economic boost.
GDP (purchasing power parity):
$105.1 million (2002 est.) country comparison to the world: 220
GDP (official exchange rate):
$105.1 million (2002 est.)
GDP - real growth rate:
GDP - per capita (PPP):
$35,400 (2002 est.) country comparison to the world: 34
GDP - composition by sector:
agriculture: 95%
industry: NA%
services: NA% (1996)
Labor force:
1,724 (est.) (1996) country comparison to the world: 218
Labor force - by occupation:
agriculture: 95% (mostly sheepherding and fishing)
industry and services: 5% (1996)
Unemployment rate:
Population below poverty line:
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $66.2 million
expenditures: $67.9 million (FY98/99 est.)
Inflation rate (consumer prices):
3.6% (1998) country comparison to the world: 52
Agriculture - products:
fodder and vegetable crops; sheep, dairy products; fish, squid
Industries:
fish and wool processing; tourism
Industrial production growth rate:
Electricity - production:
16 million kWh (2007 est.) country comparison to the world: 207
Electricity - consumption:
14.88 million kWh (2007 est.) country comparison to the world: 208
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.) country comparison to the world: 175
Oil - consumption:
0 bbl/day (2008 est.) country comparison to the world: 202
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 187
Oil - imports:
270.9 bbl/day (2007 est.) country comparison to the world: 200
Oil - proved reserves:
0 bbl (1 January 2009 est.) country comparison to the world: 169
Natural gas - production:
0 cu m (2008 est.) country comparison to the world: 181
Natural gas - consumption:
0 cu m (2008 est.) country comparison to the world: 185
Natural gas - exports:
0 cu m (2008) country comparison to the world: 57
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 81
Natural gas - proved reserves:
0 cu m (1 January 2009 est.) country comparison to the world: 180
Exports:
$125 million (2004 est.) country comparison to the world: 188
Exports - commodities:
wool, hides, meat, fish, squid
Imports:
$90 million (2004 est.) country comparison to the world: 207
Imports - commodities:
fuel, food and drink, building materials, clothing
Debt - external:
Exchange rates:
Falkland pounds (FKP) per US dollar - 0.5302 (2008), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004)
note: the Falkland pound is at par with the British pound
Communications ::Falkland Islands (Islas Malvinas)
Telephones - main lines in use:
2,300 (2008) country comparison to the world: 222
Telephones - mobile cellular:
3,000 (2008) country comparison to the world: 213
Telephone system:
general assessment: NA
domestic: government-operated radiotelephone and private VHF/CB radiotelephone networks provide effective service to almost all points on both islands
international: country code - 500; satellite earth station - 1 Intelsat (Atlantic Ocean) with links through London to other countries
Radio broadcast stations:
AM 1, FM 7, shortwave 0 (British Forces Broadcasting Service (BFBS) provides Radio 1 and Radio 2 service) (2006)
Television broadcast stations:
2 (British Forces Broadcasting Service (BFBS) provides multi-channel satellite service to members of UK Forces as well as islanders); cable television is available in Stanley (2006)
Internet country code:
.fk
Internet hosts:
90 (2009) country comparison to the world: 200
Internet users:
2,800 (2008) country comparison to the world: 207
Transportation ::Falkland Islands (Islas Malvinas)
Airports:
6 (2009) country comparison to the world: 169
Airports - with paved runways:
total: 2
2,438 to 3,047 m: 1
914 to 1,523 m: 1 (2009)
Airports - with unpaved runways:
total: 4
under 914 m: 4 (2009)
Roadways:
total: 440 km country comparison to the world: 195 paved: 50 km
unpaved: 390 km (2008)
Ports and terminals:
Stanley
Military ::Falkland Islands (Islas Malvinas)
Military branches:
no regular military forces
Military expenditures:
Military - note:
defense is the responsibility of the UK
Transnational Issues ::Falkland Islands (Islas Malvinas)
Disputes - international:
Argentina, which claims the islands in its constitution and briefly occupied them by force in 1982, agreed in 1995 to no longer seek settlement by force; UK continues to reject Argentine requests for sovereignty talks
page last updated on October 28, 2009
======================================================================
@Faroe Islands (Europe)
Introduction ::Faroe Islands
Background:
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.
Geography ::Faroe Islands
Location:
Northern Europe, island group between the Norwegian Sea and theNorth Atlantic Ocean, about half way between Iceland and Norway
Geographic coordinates:
Map references:
Europe
Area:
total: 1,393 sq km country comparison to the world: 182 land: 1,393 sq km
water: 0 sq km (some lakes and streams)
Area - comparative:
eight times the size of Washington, DC
Land boundaries:
0 km
Coastline:
1,117 km
Maritime claims:
territorial sea: 3 nm
continental shelf: 200 nm or agreed boundaries or median line
exclusive fishing zone: 200 nm or agreed boundaries or median line
Climate:
mild winters, cool summers; usually overcast; foggy, windy
Terrain:
rugged, rocky, some low peaks; cliffs along most of coast
Elevation extremes:
lowest point: Atlantic Ocean 0 m
highest point: Slaettaratindur 882 m
Natural resources:
fish, whales, hydropower, possible oil and gas
Land use:
arable land: 2.14%
permanent crops: 0%
other: 97.86% (2005)
Irrigated land:
0 sq km
Natural hazards:
Environment - current issues:
Environment - international agreements:
party to: Marine Dumping - associate member to the London Convention and Ship Pollution
Geography - note:
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
People ::Faroe Islands
Population:
48,856 (July 2009 est.) country comparison to the world: 208
Age structure:
0-14 years: 21.6% (male 5,451/female 5,108)
15-64 years: 64% (male 16,708/female 14,544)
65 years and over: 14.4% (male 3,324/female 3,721) (2009 est.)
Median age:
total: 36.9 years
male: 36.3 years
female: 37.7 years (2009 est.)
Population growth rate:
0.397% (2009 est.) country comparison to the world: 164
Birth rate:
13.04 births/1,000 population (2009 est.) country comparison to the world: 156
Death rate:
8.66 deaths/1,000 population (July 2009 est.) country comparison to the world: 87
Net migration rate:
-0.41 migrant(s)/1,000 population (2009 est.) country comparison to the world: 106
Urbanization:
urban population: 41% of total population (2008)
rate of urbanization: 2% annual rate of change (2005-10 est.)
Sex ratio:
at birth: 1.07 male(s)/female
under 15 years: 1.07 male(s)/female
15-64 years: 1.15 male(s)/female
65 years and over: 0.89 male(s)/female
total population: 1.09 male(s)/female (2009 est.)
Infant mortality rate:
total: 6.32 deaths/1,000 live births country comparison to the world: 179 male: 6.56 deaths/1,000 live births
female: 6.06 deaths/1,000 live births (2009 est.)
Life expectancy at birth:
total population: 79.44 years country comparison to the world: 28 male: 77 years
female: 82.05 years (2009 est.)
Total fertility rate:
2.44 children born/woman (2009 est.) country comparison to the world: 101
HIV/AIDS - adult prevalence rate:
HIV/AIDS - people living with HIV/AIDS:
HIV/AIDS - deaths:
Nationality:
noun: Faroese (singular and plural)
adjective: Faroese
Ethnic groups:
Scandinavian
Religions:
Evangelical Lutheran 83.8%, other and unspecified 16.2% (2006 administrative data)
Languages:
Faroese (derived from Old Norse), Danish
Literacy:
NA; note - probably 99%, the same as Denmark proper
Government ::Faroe Islands
Country name:
conventional long form: none
conventional short form: Faroe Islands
local long form: none
local short form: Foroyar
Dependency status:
Government type:
Capital:
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
Administrative divisions:
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark); there are no first-order administrative divisions as defined by the US Government, but there are 34 municipalities
Independence:
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark)
National holiday:
Olaifest (Olavasoka), 29 July
Constitution:
5 June 1953 (Danish constitution)
Legal system:
the laws of Denmark, where applicable, apply
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Birgit KLEIS, chief administrative officer (since 1 November 2001)
head of government: Prime Minister Kaj Leo JOHANNESSEN (since 26 September 2008)
cabinet: Landsstyri appointed by the prime minister
elections: the monarch is hereditary; high commissioner appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually elected prime minister by the Faroese Parliament; election last held 19 January 2008 (next to be held no later than January 2012)
election results: Joannes EIDESGAARD elected prime minister; governing coalition collapses in September 2008, Kaj Leo JOHANNESSEN becomes Prime Minister
Legislative branch:
unicameral Faroese Parliament or Logting (33 seats; members are elected by popular vote on a proportional basis from the seven constituencies to serve four-year terms)
elections: last held 19 January 2008 (next to be held no later than January 2012)
election results: percent of vote by party - Union Party 21%, Social Democratic Party 19.4%, Republican Party 23.3%, People's Party 20.1%, Center Party 8.4%, Self-Government Party 7.2%, other 0.6%; seats by party - Republican Party 8, Union Party 7, Social Democratic Party 6, People's Party 7, Center Party 3, Independence Party 2
note: election of two seats to the Danish Parliament was last held on 13 November 2007 (next to be held no later than November 2011); results - percent of vote by party - NA; seats by party - Republican Party 1, Union Party 1
Judicial branch:
none
Political parties and leaders:
Center Party [Jenis A. RANA]; Independence Party [Kari P. HOJGAARD];People's Party [Jorgen NICLASEN]; Republican Party [Hogni HOYDAL];Social Democratic Party [Joannes EIDESGAARD]; Self-Government Party[Kari P. HOJGAARD]; Union Party [Kaj Leo JOHANNESEN]
Political pressure groups and leaders:
Sea Shepard [Paul WATSON] (preservation of small whales)
other: conservationists
International organization participation:
Arctic Council, FAO, IMO (associate), NC, NIB, UPU
Diplomatic representation in the US:
none (self-governing overseas administrative division of Denmark)
Diplomatic representation from the US:
none (self-governing overseas administrative division of Denmark)
Flag description:
white with a red cross outlined in blue extending to the edges of the flag; the vertical part of the cross is shifted toward the hoist side in the style of the Dannebrog (Danish flag); the flag resembles those of neighboring Iceland and Norway, and uses the same three colors - but in a different sequence
Economy ::Faroe Islands
Economy - overview:
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector accounts for 95% of exports and nearly half of GDP. 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.
GDP (purchasing power parity):
$1 billion (2001 est.) country comparison to the world: 199
GDP (official exchange rate):
$1.7 billion (2005 est.)
GDP - real growth rate:
2.4% (2005 est.) country comparison to the world: 148
GDP - per capita (PPP):
$31,000 (2001 est.) country comparison to the world: 43
GDP - composition by sector:
agriculture: 27%
industry: 11%
services: 62% (1999)
Labor force:
24,250 (October 2000) country comparison to the world: 199
Labor force - by occupation:
agriculture: 11.2%
industry: 21.9%
services: 66.9% (2007)
Unemployment rate:
1.4% (2007) country comparison to the world: 7 2.1% (2006)
Population below poverty line:
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $588 million
expenditures: $623 million (2005)
Inflation rate (consumer prices):
1.8% (2005) country comparison to the world: 14
Agriculture - products:
milk, potatoes, vegetables; sheep; salmon, other fish
Industries:
fishing, fish processing, small ship repair and refurbishment, handicrafts
Industrial production growth rate:
8% (1999 est.) country comparison to the world: 21
Electricity - production:
243.7 million kWh (2007 est.) country comparison to the world: 173
Electricity - consumption:
226.6 million kWh (2007 est.) country comparison to the world: 176
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.) country comparison to the world: 174
Oil - consumption:
5,000 bbl/day (2008 est.) country comparison to the world: 165
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 178
Oil - imports:
4,922 bbl/day (2007 est.) country comparison to the world: 157
Oil - proved reserves:
0 bbl (1 January 2009 est.) country comparison to the world: 168
Natural gas - production:
0 cu m (2008 est.) country comparison to the world: 180
Natural gas - consumption:
0 cu m (2008 est.) country comparison to the world: 184
Natural gas - exports:
0 cu m (2008) country comparison to the world: 56
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 181
Natural gas - proved reserves:
0 cu m (1 January 2009 est.) country comparison to the world: 179
Exports:
$634 million (2006) country comparison to the world: 160
Exports - commodities:
fish and fish products 94%, stamps, ships (1999)
Exports - partners:
Denmark 27.3%, UK 18.6%, Croatia 12%, Norway 11.7%, Nigeria 10%,Netherlands 5.5% (2008)