d tax (VAT) in 1993,
and has agreed to an IMF economic-political stabilization plan. In
addition to its annual subsidy, the Danish government has bailed out
the second largest Faroe bank to the tune of $140 million since
October 1992.
National product:
GDP - purchasing power equivalent - $662 million (1989 est.)
National product real growth rate:
3% (1989 est.)
National product per capita:
$14,000 (1989 est.)
Inflation rate (consumer prices):
2% (1988)
Unemployment rate:
2.5% (1993 est)
Budget:
revenues:
$425 million
expenditures:
$480 million, including capital expenditures of $NA (1991 est.)
Exports:
$386 million (f.o.b., 1990 est.)
commodities:
fish and fish products 88%, animal feedstuffs, transport equipment
(ships) (1989)
partners:
Denmark 20%, Germany 18.3%, UK 14.2%, France 11.2%, Spain 7.9%, US
4.5%
Imports:
$322 million (c.i.f., 1990 est.)
commodities:
machinery and transport equipment 24.4%, manufactures 24%, food and
livestock 19%, fuels 12%, chemicals 6.5%
partners:
Denmark 43.8%, Norway 19.8%, Sweden 4.9%, Germany 4.2%, US 1.3%
External debt:
$1.3 billion (1991)
Industrial production:
growth rate NA%
Electricity:
capacity:
80,000 kW
production:
280 million kWh
consumption per capita:
5,760 kWh (1992)
Industries:
fishing, shipbuilding, handicrafts
Agriculture:
accounts for 27% of GDP and employs 27% of labor force; principal
crops - potatoes and vegetables; livestock - sheep; annual fish catch
about 360,000 metric tons
Economic aid:
recipient:
receives an annual subsidy from Denmark of about $130 million
Currency:
1 Danish krone (DKr) = 100 oere
Exchange rates:
Danish kroner (DKr) per US$1 - 6.771 (January 1994), 6.484 (1993),
6.036 (1992), 6.396 (1991), 6.189 (1990), 7.310 (1989)
Fiscal year:
1 April - 31 March

@Faroe Islands, Communications

Highways:
total:
200 km
paved:
NA
unpaved:
NA
Ports:
Torshavn, Tvoroyri
Merchant marine:
7 ships (1,000 GRT or over) totaling 19,943 GRT/18,399 DWT, cargo 5,
roll-on/roll-off cargo 1, short-sea passenger 1
note:
a subset of the Danish register
Airports:
total:
1
usable:
1
with permanent-surface runways:
1
with runways over 3,659 m:
0
with runways 2,440-3,659 m:
0
with runways 1,220-2,439 m:
1
Telecommunications:
good international communications; fair domestic facilities; 27,900
telephones; broadcast stations - 1 A