The 2008 CIA World Factbook. United States. Central Intelligence Agency
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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 24 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: Kaj Leo JOHANNESSEN elected prime minister; percent of parliamentary vote - NA
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]; 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)
Economy
Faroe Islands
Economy - overview:
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.
GDP (purchasing power parity):
$1 billion (2001 est.)
GDP (official exchange rate):
$1.7 billion (2005 est.)
GDP - real growth rate:
2.4% (2005 est.)
GDP - per capita (PPP):
$31,000 (2001 est.)
GDP - composition by sector:
agriculture: 27% industry: 11% services: 62% (1999)
Labor force:
24,250 (October 2000)
Labor force - by occupation:
agriculture: 33% industry: 33% services: 34% (October 2000)
Unemployment rate:
2.1% (2006)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA% highest 10%: NA%
Budget:
revenues: $588 million expenditures: $623 million (2005)
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.8% (2005)
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.)
Electricity - production:
295 million kWh (2006 est.)
Electricity - consumption:
274.4 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Electricity - production by source:
fossil fuel: 62.4% hydro: 37.6% nuclear: 0% other: 0% (2001)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
4,628 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
4,636 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Exports:
$634