View source for Economy of the Faroe Islands

{{Short description|none}} <!-- This short description is INTENTIONALLY "none" - please see WP:SDNONE before you consider changing it! -->
{{Infobox economy
|country = Faroe Islands
|image = Eystaravág, Torshavn, faroe islands, feb 2005.jpg 
|width = 
|caption = [[Tórshavn]] is the capital and largest town of the [[Faroe Islands]]
|currency = [[Faroese króna]] (pegged with [[Danish krone]], (DKK)) 
|year = calendar year
|organs = none <!--?are they in any?-->
|gdp rank = [[List of countries by GDP (nominal)|166th]] (nominal) / [[List of countries by GDP (PPP)|179th]] (PPP)
|gdp = US$2.83 billion (2017)<ref name="SFI2020-GDP">{{cite web |title=Main figures - Gross domestic product |url=https://hagstova.fo/en/economy/national-accounts/main-figures |website=Statistics Faroe Islands |access-date=21 May 2020 |archive-url=https://web.archive.org/web/20191112012546/https://hagstova.fo/en/economy/national-accounts/main-figures |archive-date=12 November 2019 |date=26 April 2019 |url-status=live}}</ref>
|growth =7.5% (2013 est.)
|per capita = $54,833 (2017)<ref name="SFI2020-GDP" />
|sectors = agriculture: 16%, industry: 29%, services: 55% (2007)
|inflation = 1.3% (2019) {{increase}} 0.1%<ref>{{cite web |title=Changes in CPI, average annual inflation rate |url=https://hagstova.fo/en/economy/prices/consumer-price-index |website=Statistics Faroe Islands |access-date=21 May 2020}}</ref>
|poverty = 10.1% (2018) {{decrease}} 0.4%<ref>{{cite web |title=Risk of poverty |url=https://hagstova.fo/en/economy/wages-and-income-distribution/risk-poverty |website=Statistics Faroe Islands |access-date=21 May 2020}}</ref>
|labor = 31,667 (2019)<ref name="SFI-labour">{{cite web |title=Labour force |url=https://hagstova.fo/en/society/labour/labour-force |website=Statistics Faroe Islands |access-date=21 May 2020}}</ref>
|occupations = agriculture: 10.7%, industry: 18.9%, services: 70.3% (2010)
|unemployment = 1.7% in 2019 {{decrease}} 0.4%<ref name="SFI-labour" />
|industries = [[fishing]], [[fish processing]], [[fish farming]], small ship repair and refurbishment, handicrafts
|exports = DKK 9.77 billion (2019-20)<br /> {{increase}} 14%<ref>{{cite web |title=Exports exceed DKK 9 billion |url=https://hagstova.fo/en/news/exports-worth-dkk-97-billlion |website=Statistics Faroe Islands |date=17 April 2020|access-date=21 May 2020}}</ref> <!-- was $824 million f.o.b. (2010 est.) -->
|export-goods = fish and fish products 90%, stamps, ships
|export-partners = {{flag|Russia}} 23.8% <br/>  {{flag|United States}} 11.2%<br/> {{flag|United Kingdom}} 10.6% <br/> {{flag|Denmark}} 7.7% <br/> {{flag|China}} 7.1%  <br/> {{flag|Germany}} 6.5% <br/> {{flag|Norway}} 5.7% (2016)<ref name="exports" />
|imports = DKK 8.4 billion (2019-20)<br/>{{increase}} 9%<ref>{{cite web |title=Total imports at DKK 8.4 billion |url=https://hagstova.fo/en/news/total-imports-dkk-84-billion-0 |website=Statistics Faroe Islands |access-date=21 May 2020 |language=en |date=17 April 2020}}</ref> <!-- was $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
|import-partners = {{flag|Denmark}} 37.4% <br/> {{flag|Germany}} 13.3% <br/> {{flag|Norway}} 9.3% <br/> {{flag|China}} 5.6% <br/> {{flag|Sweden}} 4.3% <br/> {{flag|Iceland}} 3.8% (2016)<ref name="imports" />
|balance = $104.1 million (2018)<ref name="SFI-gov">{{cite web |title=General government |url=https://hagstova.fo/en/economy/general-government/general-government |website=Statistics Faroe Islands |access-date=21 May 2020 |archive-url=https://web.archive.org/web/20191112013328/https://hagstova.fo/en/economy/general-government/general-government |archive-date=12 November 2019 |date=1 November 2019 |url-status=live}}</ref>
|revenue = $1.54 billion (2018)<ref name="SFI-gov" />
|expenses = $1.43 billion (2018)<ref name="SFI-gov" />
|aid = ''[[Block grant]] from the Danish state'':<br />{{DKK|641.8 million|link=yes}}/year (2016–2022)<ref>{{cite web |url=https://fm.dk/media/24904/ffl22a.pdf#page=330 |title=Forslag til finanslov for finansåret 2022 |publisher=[[Finansministeriet]] |accessdate=22 December 2022 |date=30 August 2021 |page=[https://fm.dk/media/24904/ffl22a.pdf#page=330 100]}}</ref><ref>{{cite web |url=https://fm.dk/media/25454/fl22a.pdf#page=326 |title=Finanslov for finansåret 2022 |publisher=[[Finansministeriet]] |accessdate=22 December 2022 |date=7 February 2022 |page=[https://fm.dk/media/25454/fl22a.pdf#page=326 92]}}</ref><br />({{c.}} {{USD}}{{To USD round|641.8|DNK|sf=2}} million)
|usebelowbox = no
}}

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.<ref name="World Bank GDP (nominal)">{{cite web|title=Gross domestic product 2014|url=http://databank.worldbank.org/data/download/GDP.pdf |publisher=[[World Bank]]|access-date=12 October 2015|date=18 September 2015}}</ref> GDP increased from DKK 8 billion in 1999, to 21 billion in 2019.<ref>{{cite web |title=GDP more than doubled from 1999 to 2019 |url=http://kvf.fo/greinar/2021/02/23/gdp-more-doubled-1999-2019 |website=Kringvarp Føroya |language=fo |date=23 February 2021}}</ref> The vast majority of Faroese exports, around 90%, consists of fishery products.<ref name=fi-economy/>

==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 recently recovered, with unemployment down to 5% in mid-1998, and holding below 3% since 2006, one of the lowest rates in [[Europe]].

==Challenges and opportunities==
[[File:Lisa Murkowski visits Faroe Islands - 2019 04.jpg|thumb|Salmon farm]]
{{Pie chart
| thumb = right
| caption = Salaries by industry, 2019<ref name="salary2019">{{cite web |title=Salaries exceeded DKK 10 billion last year |url=https://kvf.fo/greinar/2020/01/11/salaries-exceeded-dkk-10-billion-last-year  |website=Kringvarp Føroya |language=fo |last1=Djurhuus |first1=Høgni |date=11 January 2020}}</ref>
| other =
| label1 =Service
| value1 =64
| color1 =yellow
| label2 = Fishing & farming
| value2 =20
| color2 =blue
| label3 =Construction & manufacturing
| value3 =16
| color3 =olive
| label4 =
| value4 =0
| color4 =brown
| label5 =
| value5 =0
| color5 =gold
| label6 = 
| value6 =0
| color6 =red
}}
High dependence on [[fishing]] (including [[salmon farming]]) means the [[Faroe Islands]]' economy remains vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. The islands allow up to 25% foreign ownership of ocean industry decreasing gradually until 2032 when foreign ownership must end.<ref>{{cite web |last1=Hvidtfeldt |first1=Jón Brian |title=Foreign ownership in fishery industry continues |url=https://kvf.fo/greinar/2019/12/23/foreign-ownership-fishery-industry-continues |website=Kringvarp Føroya |language=fo |date=23 December 2019}}</ref> [[Petroleum]] found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis for sustained economic prosperity.  Also important are the annual subsidy from [[Denmark]], which amounted{{when|date=January 2020}} to about 3% of the GDP.<ref>{{cite web| url = https://www.cia.gov/the-world-factbook/countries/faroe-islands/| title = Information about the economy of the Faroe Islands| date = 21 December 2022}}</ref>

The Faroes have one of the lowest unemployment rates in Europe (1% in 2019),<ref name=unempl2019>{{cite web |last1=Djurhuus |first1=Høgni |title=Enough funds to cover 12 years of unemployment |url=https://kvf.fo/greinar/2020/01/13/enough-funds-cover-12-years-unemployment |website=Kringvarp Føroya |language=fo |date=13 January 2020}}</ref> 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. 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.{{citation needed| date=January 2020}} The population was around 52,000 by 2019.<ref>{{cite web |title=Population now close to 52,000 |url=https://kvf.fo/greinar/2019/11/15/population-now-close-52000 |website=Kringvarp Føroya |language=fo}}</ref>

General salaries increased from DKK 7 billion in 2013 to DKK 10 billion in 2019.<ref name="salary2019"/> In 2020, salmon exports were DKK 3.3 billion. Fishing industries occupied 1,441 people on land and 1,341 at sea.<ref>{{cite web |title=Number of fishing industry jobs halved since 1985 |url=http://kvf.fo/greinar/2021/04/23/number-fishing-industry-jobs-halved-1985 |website=Kringvarp Føroya |language=en |date=23 April 2021}}</ref>

==Trade==
In 2014 the [[Faroe Islands]] had a [[trade surplus]] of 401 million [[Danish krone|DKK]],<ref name="stats2015">{{cite web |url=http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2015.pdf |title=Faroe Islands in Figures 2015 |publisher=[[Statistics Faroe Islands]] |access-date=5 December 2015 |archive-url=https://web.archive.org/web/20160304000633/http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2015.pdf |archive-date=4 March 2016 |url-status=dead }}</ref> a figure that rose to 1.43 billion DKK in 2016.<ref name="stats2017">{{cite web |url=http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2017.pdf |title=Faroe Islands in Figures 2017 |publisher=[[Statistics Faroe Islands]] |access-date=5 November 2017 |archive-url=https://web.archive.org/web/20180205130128/http://www.hagstova.fo/sites/default/files/Faroe_Islands_in_figures_2017.pdf |archive-date=5 February 2018 |url-status=dead }}</ref>  As of 2016, the Faroe Islands mainly imported goods from [[Denmark]] (2,467 million DKK), [[Germany]] (877 million DKK), and [[Norway]] (610 million DKK).<ref name="imports">{{cite web | url=http://statbank.hagstova.fo/pxweb/en/H2/H2__UH__UH01/uh_innbec.px/table/tableViewLayout1/?rxid=84e5f2ec-f7f8-454d-87cc-452a5cad5ae7 | title=Import by BEC-groups, country of origin and months (1988-2017) | publisher=[[Statistics Faroe Islands]] | access-date=5 November 2017}}</ref> 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).<ref name="exports">{{cite web | url=http://statbank.hagstova.fo/pxweb/en/H2/H2__UH__UH01/uh_utlond.px/table/tableViewLayout1/?rxid=84e5f2ec-f7f8-454d-87cc-452a5cad5ae7 | title=Exports by country of final destination (1988-2016)| publisher=[[Statistics Faroe Islands]] | access-date=5 November 2015}}</ref> European Union countries constituted 72.9% of total Faroese imports, while the exports of the Faroe Islands were more equally distributed between European Union (44.4%) and non-European Union countries (55.6%).<ref name="stats2017" /> The vast majority of Faroese exports, around 90%, consists of fishery products.<ref name=fi-economy>{{cite web |title=Economy of the Faroe Islands |url=https://www.visitfaroeislands.com/about/history-governance-economy/economy/ |website=Visit Faroe Islands |access-date=18 January 2020}}<!--no date. archive blocked--></ref><ref>{{cite web | url=http://www.visitfaroeislands.com/en/about-the-faroe-islands/trade-and-industry/ | title=Trade and Industry | publisher=VisitFaroeIslands.com | access-date=5 December 2015 | archive-url= https://web.archive.org/web/20151208130940/http://www.visitfaroeislands.com/en/about-the-faroe-islands/trade-and-industry | archive-date=8 December 2015 | url-status=dead }}</ref> [[International sanctions during the Ukrainian crisis#Sanctions by Russia|Russian countersanctions]] on food imports from Norway and the European Union, saw the Faroe Islands increase its fresh salmon exports to Russia.<ref>{{cite web | url=http://barentsobserver.com/en/business/2015/09/faroe-islands-cashing-russian-sanctions-03-09 | title=Faroe Islands cashing in on Russian sanctions | publisher=Barents Observer | date=September 3, 2015 | access-date=5 December 2015 | author=Pettersen, Trude}}</ref><ref>{{cite web | url=http://murmur.dk/articles/the-faroe-islands-dont-play-by-eu-rules.383.html | title=The Faroe Islands don't play by EU rules | publisher=The Murmur | date=18 October 2015 | access-date=5 December 2015 | author=Rutkowski, Lena | archive-url=https://web.archive.org/web/20151208074117/http://murmur.dk/articles/the-faroe-islands-dont-play-by-eu-rules.383.html | archive-date=8 December 2015 | url-status=dead }}</ref><ref>{{cite web |title=Faroe/Russian fishery agreement renewed |url=https://kvf.fo/greinar/2019/12/10/faroerussian-fishery-agreement-renewed |website=Kringvarp Føroya |language=fo |date=10 December 2019}}</ref> The Faroe Islands has a [[free trade agreement]] with Iceland since 2005.<ref>{{cite web |last1=Johannessen |first1=John |title=Faroe/Iceland free trade deal renewed |url=https://kvf.fo/greinar/2019/12/29/faroeiceland-free-trade-deal-renewed |website=Kringvarp Føroya |language=fo |date=29 December 2019}}</ref>
  
{| class="wikitable sortable" style="width:600px;"
|+'''Imports and exports in 2014; values in million [[Danish krone]] (DKK)'''<ref name="stats2017" /><ref name="imports" /><ref name="exports" />
|-  style="background:#ccc; text-align:center; vertical-align:middle;"
! Rank rowspan="2"|Rank !! colspan="2" style="width:150px;"|Imports !! rowspan="2"|Rank !! colspan="2" style="width:150px;"|Exports
|-
! Origin !! Value !! Destination !! Value
|- style="text-align:right;"
| style="text-align:center;"| 1 || style="text-align:left;"| {{DEN}} || 2,467 DKK || style="text-align:center;"| 1 || style="text-align:left;"| {{RUS}} || 1,907 DKK 
|- style="text-align:right;"
| style="text-align:center;"| 2 || style="text-align:left;"| {{GER}} || 897 DKK || style="text-align:center;"| 2 || style="text-align:left;"| {{USA}} || 898 DKK
|- style="text-align:right;"
| style="text-align:center;"| 3 || style="text-align:left;"| {{NOR}} || 610 DKK || style="text-align:center;"| 3 || style="text-align:left;"| {{UK}} || 851 DKK
|- style="text-align:right;"
| style="text-align:center;"| 4 || style="text-align:left;"| {{CHN}} || 371 DKK || style="text-align:center;"| 4 || style="text-align:left;"| {{DEN}} || 697 DKK
|- style="text-align:right;"
| style="text-align:center;"| 5 || style="text-align:left;"| {{SWE}} || 282 DKK || style="text-align:center;"| 5 || style="text-align:left;" |{{CHN}} || 569 DKK
|- style="text-align:right;"
| style="text-align:center;"| 6 || style="text-align:left;"| {{ISL}} || 248 DKK || style="text-align:center;"| 6 || style="text-align:left;" |{{GER}} || 521 DKK
|- style="text-align:right;"
| style="text-align:center;"| 7 || style="text-align:left;"| {{ITA}} || 186 DKK || style="text-align:center;"| 7 || style="text-align:left;" |{{NOR}} || 460 DKK
|- style="text-align:right;"
| style="text-align:center;"| 8 || style="text-align:left;"| {{UK}} || 169 DKK || style="text-align:center;"| 8 || style="text-align:left;" |{{FRA}} || 369 DKK
|- style="text-align:right;"
| style="text-align:center;"| 9 || style="text-align:left;"| {{FRA}} || 148 DKK || style="text-align:center;"| 9 || style="text-align:left;" |{{NED}} || 284 DKK
|- style="text-align:right;"
| style="text-align:center;"| 10 || style="text-align:left;"| {{NED}} || 143 DKK || style="text-align:center;"| 10 || style="text-align:left;" |{{POL}} || 251 DKK
|-
|colspan="6"|
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| {{EU}} || 4,807 DKK || style="text-align:center;"| – || style="text-align:left;"| {{EU}} || 3,561 DKK
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| Non-EU countries || 1,785 DKK || style="text-align:center;"| – || style="text-align:left;"| Non-EU countries || 4,461 DKK
|- style="text-align:right;"
| style="text-align:center;"| – || style="text-align:left;"| Total || 6,592 DKK || style="text-align:center;"| – || style="text-align:left;"| Total || 8,022 DKK
|}

== Energy ==
{{main|Energy in the Faroe Islands}}
Oil consumption peaked at over 300,000 tonnes in 2020, of which 30% was for fishing vessels.<ref>{{cite web |title=Oil consumption peaked last year |url=http://kvf.fo/greinar/2021/03/22/oil-consumption-peaked-last-year |website=Kringvarp Føroya |language=en |date=22 March 2021}}</ref> In 2014 217,547 tonnes of oil products were consumed in the Faroe Islands.<ref name="oilcons">{{cite web | url=http://www.hagstova.fo/en/statbank/consumption-oil-tonnes-consumer-groups-1992- | title=Consumption of oil in tonnes by consumer groups | publisher=[[Statistics Faroe Islands]] | access-date=6 December 2015}}</ref> Of this 31.58% was consumed by fishing vessels, 14.73% was used by [[SEV (company)|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.<ref name="oilcons" />

The islands have 6 hydroelectric plants,<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=149| title = Hydro electric power}}</ref> 4 diesel plants<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=148| title = Thermal Power}}</ref> and several wind power plants with a [[capacity factor]] above 40%.<ref name=windTerji>Terji Nielsen. [http://www.jf.fo/get.file?ID=13677 Wind energy in the Faroe Islands] {{webarchive|url=https://web.archive.org/web/20151208235240/http://www.jf.fo/get.file?ID=13677 |date=2015-12-08 }} page 19-21. ''SEV'', 2015</ref> In 2014, a 12MW [[wind farm]] for DKK 180 million<ref name=sevGreenProgress/> became operational near Torshavn and increased wind capacity from 6.6 to 18.6MW. It decreases oil consumption by 8,000 ton (approximately 4M€) per year.<ref name=windTerji/> A 2.3MW 700 kWh [[lithium-ion battery]]<ref>{{cite web|url= http://reneweconomy.com.au/2015/faroe-islands-to-get-europes-first-wind-connected-battery-storage-system-30393 |title=Faroe Islands to get Europe's first wind-connected battery storage system |work=Renew Economy|date=15 April 2015 }}</ref> became operational in 2016.<ref>{{cite web|url= https://eandt.theiet.org/content/articles/2016/11/lithium-ion-batteries-can-help-to-safeguard-the-grid/ |title=Lithium-ion batteries can help to safeguard the grid|date=8 November 2016|access-date=1 March 2017}}</ref> Planners also consider converting the existing [[hydropower]]<ref>Bárður A. Niclasen. [http://www.jardfeingi.fo/get.file?ID=13697 Vedvarende energi] {{webarchive|url=https://web.archive.org/web/20151208054059/http://www.jardfeingi.fo/get.file?ID=13697 |date=2015-12-08 }} 2015</ref> to [[pumped-storage hydroelectricity]].<ref name=sevGreenProgress/> [[Tidal power]]<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2765&PID=392| title = Tidal Energy on the Horizon}}</ref> and [[Thermal energy storage]] solutions are also considered.<ref>{{cite web|url=http://www.tu.no/kraft/2015/11/27/faroyene-vurderer-norsk-teknologi-for-a-takle-massiv-vindkraftutbygging|title=ENERGYNEST - THERMAL ENERGY STORAGE - TES|author=Jannicke Nilsen|date=27 November 2015|work=[[Teknisk Ukeblad]]|access-date=30 November 2015|archive-date=4 January 2023|archive-url=https://web.archive.org/web/20230104162521/https://www.tu.no/kraft/2015/11/27/faroyene-vurderer-norsk-teknologi-for-a-takle-massiv-vindkraftutbygging|url-status=dead}}</ref> The islands have a goal of 100% green electricity production by 2030.<ref name=sevGreenProgress>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2778&PID=392| title = Green Progress}}</ref><ref name=100by2030>{{cite web|url=http://www.100by2030.org/ |title=100by2030 |work=[[SEV (company)|SEV]] |access-date=1 March 2017}}</ref>

{{external image
| image1 =[http://www.sev.fo/Default.aspx?ID=200 Current production, pie diagram]
| image2 =[https://w3.sev.fo/framleidsla/ Current production, numbers]
}}

In 2014 and 2017<ref>{{Cite web|url=http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=3008&M=NewsV2&PID=392|title=Forsíða}}</ref> 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 plant]]s, which was 12.4% less than in 2013.<ref name="SEV 2014">{{cite web|url=http://www.sev.fo/Files//Filer/Um_sev/fradgreidingar/SEV_framleidsluroknskapur_2014.pdf|title=SEV - Framleiðsluroknskapur 2014 Production Accounts 2014|publisher=SEV|language=fo, en|access-date=25 September 2015|archive-date=28 May 2016|archive-url=https://web.archive.org/web/20160528090359/http://www.sev.fo/Files/Filer/Um_sev/fradgreidingar/SEV_framleidsluroknskapur_2014.pdf|url-status=dead}}</ref>
*''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 [[Islanding|island condition]]. Some islands are also not connected to the other islands, and must maintain their own electric system.<ref>{{cite web| url = http://www.sev.fo/Default.aspx?ID=193&Action=1&NewsId=2774&PID=392| title = SEV recommends wind turbines for Suðuroy}}</ref>

== Other ==

'''Agriculture - products:'''
[[milk]], [[potato]]es, [[vegetable]]s; [[domestic sheep|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==
{{refbegin}}
* [http://www.faroeseseafood.com www.FaroeseSeafood.com] - Information site on fisheries and aquaculture in the Faroe Islands
* 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.
* [https://web.archive.org/web/20081118143151/http://www.hagstova.fo/portal/page/portal/SHARED/HAGSTOVA_MAIN_TEMPLATE/Faroe%20Islands%20in%20figures%202008.pdf Hagstova.fo, 2008 figures]
{{refend}}

==References==
{{reflist|30em}}

==External links==
*[http://www.nationalbanken.dk/DNUK/NotesAndCoins.nsf/side/The_new_Faroese_banknote_series?OpenDocument Faroese banknote series] Information about Faroese banknotes
{{-}}

{{Faroe Islands topics}}
{{Economy of Europe}}
{{EU Dependent economies|state=collapsed}}
{{Authority control}}

[[Category:Economy of the Faroe Islands| ]]
[[Category:Economy of Denmark|Faroe]]
[[Category:Economies of Europe by dependent territory|+Faroe Islands]]