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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 granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defense, and foreign affairs. The Faroe Islands are not part of the European Union.
archipelago of 17 inhabited islands and one uninhabited island, and a few uninhabited islets; strategically located along important sea lanes in northeastern Atlantic; precipitous terrain limits habitation to small coastal lowlands
none (part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark); there are no first-order administrative divisions as defined by the US Government, but there are 34 municipalities
chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Dan Michael KNUDSEN, chief administrative officer (since 2008)
head of government:
Prime Minister Kaj Leo JOHANNESSEN (since 26 September 2008)
cabinet:
Landsstyri appointed by the prime minister
elections:
the monarchy 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 on 19 January 2008 (next to be held no later than January 2012)
election results:
Joannes EIDESGAARD elected prime minister in 2008; governing coalition collapses in September 2008, Kaj Leo JOHANNESSEN becomes prime minister
unicameral Faroese Parliament or Logting (33 seats; members elected by popular vote on a proportional basis from the seven constituencies to serve four-year terms)
elections:
last held on 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 0.7%; 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
Center Party [Jenis A. RANA]; Independence Party [Kari P. HOJGAARD]; People's Party [Jorgen NICLASEN]; Republican Party [Hogni HOYDAL]; Self-Government Party [Kari P. HOJGAARD]; Social Democratic Party [Joannes EIDESGAARD]; Union Party [Kaj Leo JOHANNESEN]
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); the flag resembles those of neighboring Iceland and Norway, and uses the same three colors - but in a different sequence
The Faroese economy is dependent on fishing, which makes the economy vulnerable to price swings. The sector accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices. Though oil prices have come down, reduced catches, especially of cod and haddock, have continued to strain the Faroese economy. GDP grew 0.5% in 2008-09. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in the first half of 2008, but increased to 5.3% in 2009 and is rising. The Faroese Home Rule Government produced increasing budget surpluses that helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy very vulnerable to fluctuations in world demand, and budget surpluses turned to deficits in 2008-09. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 6% of Faroese GDP, the Faroese have a standard of living comparable to that of the Danes and other Scandinavians.
general assessment: good international communications; good domestic facilities
domestic:
digitalization was completed in 1998; both NMT (analog) and GSM (digital) mobile telephone systems are installed
international:
country code - 298; satellite earth stations - 1 Orion; 1 fiber-optic submarine cable to the Shetland Islands, linking the Faroe Islands with Denmark and Iceland; fiber-optic submarine cable connection to Canada-Europe cable
because anticipated offshore hydrocarbon resources have not been realized, earlier Faroese proposals for full independence have been deferred; Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm
The online Factbook is updated bi-weekly. ISSN 1553-8133
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