Facts about Faroe-Islands
|Population||48,668 (July 2008 est.)|
|Time zone||UTC 0 (5 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begin|
Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about half way between Iceland and Norway
General info about Faroe-Islands
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.
Faroese (derived from Old Norse), Danish
HIV/AIDS prevalence rate
mild winters, cool summers; usually overcast; foggy, windy
fish, whales, hydropower, possible oil and gas
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.
Cities in Faroe-Islands