{{Infobox Economy
|country = Faroe Islands
|image =
|width =
|caption =
|currency = Faroese_króna (pegged with Danish_krone, (DKK))
|year = calendar year
|organs = none
|rank = 194th
|gdp = $1 billion (2001 est.)
|growth = 10% (2001 est.)
|per capita = $22,000 (2001 est.)
|sectors = agriculture: 27%, industry: 11%, services: 62% (1999)
|inflation = 5.1% (1999)
|poverty = no data
|labor = 24,250 (October 2000)
|occupations = agriculture: 33%, industry: 33%, services: 34%
|unemployment = 1% (October 2000)
|industries = fishing, fish processing, small ship repair and refurbishment, handicrafts
|exports = $533 million f.o.b. (2004 est.)
|export-goods = fish and fish products 94%, stamps, ships (1999)
|export-partners = Denmark 38%, UK 29.4%, Nigeria 8.9%, Norway 6.6%, Netherlands 4.3% (2005)
|imports = $639 million c.i.f. (2004 est.)
|import-goods = consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)
|import-partners = Denmark 46.2%, Norway 18.1%, Germany 8.2%, Spain 7.6%, Iceland 4.8% (2005)
|debt = $64 million (1999)
|revenue = $488 million
|expenses = $484 million; including capital expenditures of $21 million (1999)
|aid = ''recipient'': $135 million (annual subsidy from Denmark) (1998)
|cianame = fo
}}
After the severe economic troubles of the early 1990s, brought on by a drop in the vital Fish catch and poor management of the economy, the Faroe Islands have come back in the last few years, with unemployment down to 5% in mid-1998. In 2006 unemployment declined to 3%, one of the lowest rates in Europe. Nevertheless, the almost total dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economical base by building new fish-processing plants. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity.
Since 2000, new Information_technology and business projects have been fostered in the Faroe Islands to attract new investment. The result from these projects is not yet known but is hoped to bring a better market economy to the Faroe Islands.
The Faroes have one of the lowest unemployment rates in Europe, but this is not necessarily a sign of a recovering economy, as many young students move to Denmark and other countries once they are finished with high school. This leaves a largely middle-aged and elderly population that may lack the skills and knowledge to take IT positions on the Faroes.
==Other statistics==
'''Electricity - production:'''
186 GWh (1998)
'''Electricity - production by source:'''
''fossil fuel:'' 53.76%
''hydro:'' 45.7%
''nuclear:'' 0%
''other:'' 0.54% (1998) '''Electricity - consumption:''' 173 GWh (1998) '''Electricity - exports:''' 0 kWh (1998) '''Electricity - imports:''' 0 kWh (1998) '''Agriculture - products:''' Milk, Potatoes, Vegetables; sheep; Salmon, other Fish '''Currency:''' 1 Danish krone (DKr) = 100 oere '''Exchange rates:''' Danish kroner (DKr) per US$1 - 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995) Category:Faroe_Islands Faroe Islands Lt:Farerų_salų_ekonomika
''fossil fuel:'' 53.76%
''hydro:'' 45.7%
''nuclear:'' 0%
''other:'' 0.54% (1998) '''Electricity - consumption:''' 173 GWh (1998) '''Electricity - exports:''' 0 kWh (1998) '''Electricity - imports:''' 0 kWh (1998) '''Agriculture - products:''' Milk, Potatoes, Vegetables; sheep; Salmon, other Fish '''Currency:''' 1 Danish krone (DKr) = 100 oere '''Exchange rates:''' Danish kroner (DKr) per US$1 - 7.336 (January 2000), 6.976 (1999), 6.701 (1998), 6.604 (1997), 5.799 (1996), 5.602 (1995) Category:Faroe_Islands Faroe Islands Lt:Farerų_salų_ekonomika