Economy of the Faroe Islands - wikipedia Economy of the Faroe Islands Economy of Faroe Islands Tórshavn is the capital and largest town of the Faroe Islands Currency Faroese króna ( pegged with Danish krone, ( DKK ) ) Fiscal year calendar year Trade organisations none Statistics GDP $1.471 billion ( 2013 est. ) GDP rank 166th ( nominal ) / 179th ( PPP ) GDP growth 7.5 % ( 2013 est. ) GDP per capita $45,709 ( 2010 est. ) GDP by sector agriculture : 16 %, industry : 29 %, services : 55 % ( 2007 ) Inflation ( CPI ) 2.3 % ( 2011 ) Population below poverty line no data Labour force 34,710 ( March 2010 ) Labour force by occupation agriculture : 10.7 %, industry : 18.9 %, services : 70.3 % ( 2010 ) Unemployment 5.5 % ( May 2012 ) Main industries fishing, fish processing, fish farming, small ship repair and refurbishment, handicrafts External Exports $824 million f.o.b. ( 2010 est. ) Export goods fish and fish products 94 %, stamps, ships Main export partners Russia 23.8 % United States 11.2 % United Kingdom 10.6 % Denmark 7.7 % China 7.1 % Germany 6.5 % Norway 5.7 % ( 2016 ) Imports $776 million c.i.f. ( 2010 est. ) Import goods consumer goods 24 %, machinery and transport equipment 23.5 %, fuels 21.4 %, raw materials and semi-manufactures, fish, salt Main import partners Denmark 37.4 % Germany 13.3 % Norway 9.3 % China 5.6 % Sweden 4.3 % Iceland 3.8 % ( 2016 ) Public finances Public debt $888.8 million ( 2010 ) Revenues $1.22 billion ( 2010 ) Expenses $1.301 billion ( 2010 ) Economic aid recipient : $100 million ( annual subsidy from Denmark ) ( 2007 ) Main data source : CIA World Fact Book All values, unless otherwise stated, are in US dollars. The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product ( GDP ) of $2.613 billion per annum. High dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic 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. Also important are the annual subsidy from Denmark, which amounts to about 3 % of the GDP. 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 in business and industry. Contents 1 History 2 Trade 3 Energy 4 Other 5 Further reading 6 References 7 External links History 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, and holding below 3 % since 2006, one of the lowest rates in Europe. 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. Trade In 2014 the Faroe Islands had a trade surplus of 401 million DKK, a figure that rose to 1.43 billion DKK in 2016. As of 2016, the Faroe Islands mainly imported goods from Denmark ( 2,467 million DKK ), Germany ( 877 million DKK ), and Norway ( 610 DKK ). The country 's top export destinations were Russia ( 1,907 million DKK ), the United States ( 898 million DKK ), the United Kingdom ( 851 million DKK ), and Denmark ( 697 million DKK ). European Union countries constituted 72.9 % of total Faroese imports, while the exports of the Faroes Islands were more equally distributed between European Union ( 44.4 % ) and non-European Union coutries ( 55.6 % ). The vast majority of Faroese exports, almost 95 %, consists of fishery products. Russian countersanctions on food imports from Norway and the European Union, saw the Faroe Islands increase its fresh salmon exports to Russia. Imports and exports in 2014 ; values in million Danish krone ( DKK ) Rank Imports Rank Exports Origin Value Destination Value Denmark 2,467 DKK Russia 1,907 DKK Germany 897 DKK United States 898 DKK Norway 610 DKK United Kingdom 851 DKK China 371 DKK Denmark 697 DKK 5 Sweden 282 DKK 5 China 569 DKK 6 Iceland 248 DKK 6 Germany 521 DKK 7 Italy 186 DKK 7 Norway 460 DKK 8 United Kingdom 169 DKK 8 France 369 DKK 9 France 148 DKK 9 Netherlands 284 DKK 10 Netherlands 143 DKK 10 Poland 251 DKK -- European Union 4,807 DKK -- European Union 3,561 DKK -- Non-EU countries 1,785 DKK -- Non-EU countries 4,461 DKK -- Total 6,592 DKK -- Total 8,022 DKK Energy Main article : Energy in the Faroe Islands In 2014 217,547 tonnes of oil products were consumed in the Faroe Islands. Of this 31.58 % was consumed by fishing vessels, 14.73 % was used by SEV for electricity production, 23.23 % was consumed in air, sea or land transport, 9.6 was used in the industry, and the rest was used in public or private buildings. The islands have 6 hydroelectric plants, 4 diesel plants and several wind power plants with a capacity factor above 40 %. In 2014, a 12MW wind farm for DKK 180 million became operational near Torshavn and increased wind capacity from 6.6 to 18.6 MW. It decreases oil consumption by 8,000 ton ( approximately 4M € ) per year. A 2.3 MW 700 kWh lithium - ion battery became operational in 2016. Planners also consider converting the existing hydropower to pumped - storage hydroelectricity. Tidal power and Thermal energy storage solutions are also considered. The islands have a goal of 100 % green electricity production by 2030. External image Current production In 2014 50.8 % of the electricity production of SEV in the Faroe Islands came from green energy like hydro and wind, while 49.2 % was produced by the thermal power plants, which was 12.4 % less than in 2013. fossil fuel : 49.2 % hydro : 39.5 % wind : 11.3 % % ( 2014 ) nuclear : 0 % Total annual production : 305.4 GWh ( 2014 ) of which the production of thermal, hydropower and wind power was : Thermal : 150, 2 GWh Hydropower : 120, 7 GWh Wind : 34, 5 GWh The Faroe Islands have no electricity connections to other areas, and thus operate in island condition. Some islands are also not connected to the other islands, and must maintain their own electric system. Other Agriculture - products : milk, potatoes, vegetables ; sheep ; salmon, other fish Currency : 1 Danish krone ( DKr ) = 100 ører Exchange rates : Danish kroner ( DKr ) per US $1 -- 5.560 ( 2008 ), 7.336 ( January 2000 ), 6.976 ( 1999 ), 6.701 ( 1998 ), 6.604 ( 1997 ), 5.799 ( 1996 ), 5.602 ( 1995 ) Further reading Apostle, Richard A. The Restructuration of the Faroese Economy The Significance of the Inner Periphery. Frederiksberg, Denmark : Samfundslitteratur, 2002. ISBN 87 - 593 - 0891 - 5 Elkjær - Hansen, Niels. The Faroe Islands Scenery, Culture, and Economy. Copenhagen : Royal Danish Ministry of Foreign Affairs, 1959. Hagstova.fo References Jump up ^ Hagstova.fo ( Faroese Statistics ) Jump up ^ Official Faroese Statistics ( Faroese ) Archived 2013 - 12 - 10 at the Wayback Machine. ^ Jump up to : `` Exports by country of final destination ( 1988 - 2016 ) ''. Statistics Faroe Islands. Retrieved 5 November 2015. ^ Jump up to : `` Import by BEC - groups, country of origin and months ( 1988 - 2017 ) ''. Statistics Faroe Islands. Retrieved 5 November 2017. Jump up ^ `` Gross domestic product 2014 '' ( PDF ). World Bank. 18 September 2015. Retrieved 12 October 2015. Jump up ^ Information about the economy of the Faroe Islands Jump up ^ `` Faroe Islands in Figures 2015 '' ( PDF ). Statistics Faroe Islands. Retrieved 5 December 2015. ^ Jump up to : `` Faroe Islands in Figures 2017 '' ( PDF ). Statistics Faroe Islands. Retrieved 5 November 2017. Jump up ^ `` Trade and Industry ''. VisitFaroeIslands.com. Retrieved 5 December 2015. Jump up ^ Pettersen, Trude ( September 3, 2015 ). `` Faroe Islands cashing in on Russian sanctions ''. Barents Observer. Retrieved 5 December 2015. Jump up ^ Rutkowski, Lena ( 18 October 2015 ). `` The Faroe Islands do n't play by EU rules ''. The Murmur. Retrieved 5 December 2015. ^ Jump up to : `` Consumption of oil in tonnes by consumer groups ''. Statistics Faroe Islands. Retrieved 6 December 2015. Jump up ^ Hydro electric power Jump up ^ Thermal Power ^ Jump up to : Terji Nielsen. Wind energy in the Faroe Islands Archived 2015 - 12 - 08 at the Wayback Machine. page 19 - 21. SEV, 2015 ^ Jump up to : Green Progress Jump up ^ `` Faroe Islands to get Europe 's first wind - connected battery storage system ''. Renew Economy. Jump up ^ `` Lithium - ion batteries can help to safeguard the grid ''. 8 November 2016. Retrieved 1 March 2017. Jump up ^ Bárður A. Niclasen. Vedvarende energi Archived 2015 - 12 - 08 at the Wayback Machine. 2015 Jump up ^ Tidal Energy on the Horizon Jump up ^ Jannicke Nilsen ( 27 November 2015 ). `` ENERGYNEST - THERMAL ENERGY STORAGE - TES ''. Teknisk Ukeblad. Jump up ^ `` 100by2030 ''. SEV. Retrieved 1 March 2017. Jump up ^ `` SEV - Framleiðsluroknskapur 2014 Production Accounts 2014 '' ( PDF ) ( in Faroese and English ). SEV. Retrieved 25 September 2015. Jump up ^ SEV recommends wind turbines for Suðuroy External links Faroese banknote series Information about Faroese banknotes Faroe Islands articles The Faroe Islands is an autonomous constituent country of the Kingdom of Denmark History Timeline British occupation Færeyinga saga Geography Geology Lakes Mountains Cities Towns Municipalities Regions Islands Borðoy Eysturoy Fugloy Hestur Kalsoy Koltur Kunoy Lítla Dímun Mykines Nólsoy Sandoy Skúvoy Stóra Dímun Streymoy Suðuroy Svínoy Vágar Viðoy Politics Løgting ( parliament ) Speaker Political parties Prime Minister Deputy Prime Minister Cabinet Independence movement Economy Companies Economic history Energy Króna ( currency ) Postal system Taxation Telecommunications Tourism Transport Society Faroe Islanders Demographics Education Language LGBT rights Religion Whaling Culture Art Cinema Cuisine Literature Media Music Ólavsøka ( holiday ) Sport Symbols Anthem Coat of arms Merkið ( flag ) Outline Portal Economy of Europe Sovereign states Albania Andorra Armenia Austria Azerbaijan Belarus Belgium Bosnia and Herzegovina Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Georgia Germany Greece Hungary Iceland Ireland Italy Kazakhstan Latvia Liechtenstein Lithuania Luxembourg Macedonia Malta Moldova Monaco Montenegro Netherlands Norway Poland Portugal Romania Russia San Marino Serbia Slovakia Slovenia Spain Sweden Switzerland Turkey Ukraine United Kingdom Vatican City States with limited recognition Abkhazia Artsakh Kosovo Northern Cyprus South Ossetia Transnistria Dependencies and other entities Åland Faroe Islands Gibraltar Guernsey Isle of Man Jersey Svalbard Other entities European Union Economies of the dependencies of European Union states Denmark Faroe Islands Greenland France French Polynesia New Caledonia Saint Barthélemy Saint Martin Saint Pierre and Miquelon Wallis and Futuna Netherlands Aruba Curaçao Sint Maarten United Kingdom Crown dependencies : Guernsey Isle of Man Jersey Overseas territories : Anguilla Bermuda British Virgin Islands Cayman Islands Falkland Islands Gibraltar Montserrat Pitcairn Islands Saint Helena South Georgia and the South Sandwich Islands Turks and Caicos Islands Retrieved from `` https://en.wikipedia.org/w/index.php?title=Economy_of_the_Faroe_Islands&oldid=821765340 '' Categories : Economy of the Faroe Islands Economy of Denmark Economies by country Hidden categories : Webarchive template wayback links CS1 Faroese - language sources ( fo ) Talk Contents About Wikipedia Eesti Español Français Lietuvių Magyar Norsk Русский Suomi Edit links This page was last edited on 22 January 2018, at 14 : 15 ( UTC ). 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Question: which agricultural products do the faroe islands produce
Answer: milk