Faroe Islands

Country Summary

2022 population pyramid

Introduction

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.

Geography

Area

total: 1,393 sq km

land: 1,393 sq km

water: 0 sq km

Climate

mild winters, cool summers; usually overcast; foggy, windy

Natural resources

fish, whales, hydropower, possible oil and gas

People and Society

Population

52,269 (2022 est.)

Ethnic groups

Faroese 85.3% (Scandinavian and Anglo-Saxon descent), Danish 8.3%, other Nordic 1.4%, other 4.5% (includes Filipino, Poland, Romanian) (2022 est.)

Languages

Faroese 93.8% (derived from Old Norse), Danish 3.2%, other 3% (2011 est.)

Religions

Christian 89.3% (predominantly Evangelical Lutheran), other 1%, none 3.8%, unspecified 6% (2011 est.)

Population growth rate

0.63% (2022 est.)

Government

Government type

parliamentary democracy (Faroese Parliament); part of the Kingdom of Denmark

Capital

name: Torshavn

Executive branch

chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Lene Moyell JOHANSEN, chief administrative officer (since 15 May 2017)

head of government: Prime Minister Bardur A STEIG NIELSEN (since 16 September 2019)

Legislative branch

description: unicameral Faroese Parliament or Logting (33 seats; members directly elected in a single nationwide constituency by proportional representation vote; members serve 4-year terms)
the Faroe Islands elect 2 members to the Danish Parliament to serve 4-year terms

Economy

Economic overview

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

Real GDP (purchasing power parity)

$2.001 billion (2014 est.)

Real GDP per capita

$40,000 (2014 est.)

Agricultural products

potatoes, mutton, sheep skins, sheep offals, beef, sheep fat, cattle offals, cattle hides, cattle fat

Industries

fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts

Exports

$1.184 billion (2016 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)

Exports - commodities

fish and fish products (97%) (2017 est.)

Imports

$978.4 million (2016 est.)

Imports - partners

Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)

Imports - commodities

goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars


Page last updated: Wednesday, May 11, 2022