Names: conventional long form: none conventional short form: Faroe Islands local long form: none local short form: Foroyar

Capital City: Torshavn

Population: 47,246 (July 2006 est.)

GDP Per Capita: $31,000 (2001 est.)

Currency: Danish krone (DKK)

Languages: Faroese (derived from Old Norse), Danish

Total Area: total: 1,399 sq km land: 1,399 sq km water: 0 sq km (some lakes and streams) eight times the size of Washington, DC

Region: Europe

Industries: fishing, fish processing, small ship repair and refurbishment, handicrafts

Agriculture: milk, potatoes, vegetables; sheep; salmon, other fish

Resources: fish, whales, hydropower, possible oil and gas

Labor Force: 24,250 (October 2000)
agriculture: 33% industry: 33% services: 34%

Exports: $533 million f.o.b. (2004 est.)
fish and fish products 94%, stamps, ships (1999)

Imports: $639 million c.i.f. (2004 est.)
consumer goods 36%, raw materials and semi-manufactures 32%, machinery and transport equipment 29%, fuels, fish, salt (1999)

Overview: The Faroese economy has had a strong performance since 1994, mostly as a result of increasing fish landings and high and stable export prices. Unemployment is minimal and there are signs of labor shortages in several sectors. The positive economic development has helped the Faroese Home Rule Government produce increasing budget surpluses, which in turn have helped reduce the large public debt, most of it owed to Denmark. However, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the present fishing efforts appear in excess of what is a sustainable level of fishing in the long term. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may eventually lay the basis for a more diversified economy and thus 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.

_{CIA World Book}

In 2007 Missouri had no exports to Faroe Islands.