Economy — Faroe Islands
GDP, employment, industries, public finance, and currency.
Profile updated 2026-06-02
⚡ Economy at a glance
GDP, employment, industries, public finance, and currency. Key figure for Faroe Islands: The Faroe Islands are a small, remote archipelago located between Scotland and Iceland in the North Atlantic Ocean. Despite its small size and population, the Faroe Islands have a robust and diversified economy. Here is an economic overview of the Faroe Islands: Fishing Industry: The fishing industry is the b…
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Economic overview
- Economic Overview
- Fishing Industry: The fishing industry is the backbone of the Faroe Islands' economy, accounting for approximately 90% of the country's exports. The Faroe Islands are home to a thriving fishing industry that exports fish and fish products to countries around the world. This industry has been mo
- dernized with advanced technology and techniques. Aquaculture: The Faroe Islands also have a growing aquaculture industry, primarily focused on salmon farming. This industry has expanded in recent years due
- to an increasing demand for salmon products globally. Tourism: Tourism is a growing industry in the Faroe Islands, with an increasing number of visitors attracted to the archipelago's natural beauty, cultural traditions, and unique way of life. The tourism sector is still relatively small, bu
- t it has significant potential for further development. Trade: The Faroe Islands trade with other countries for a variety of goods and services, including machinery, equipment, vehicles, and various consumer goods. The main trading partners of the Faroe Islands are Denmark, Iceland, Norway,
- and the United Kingdom. Renewable Energy: The Faroe Islands have also made significant strides in developing renewable energy sources, particularly wind, and hydropower. The Faroe Islands have set a target of achieving 100%
- renewable energy by 2030. Services: Services such as banking, insurance, and shipping also contribute to the Faroe Islands' economy. Overall, the Faroe Islands have a diverse and robust economy, with a strong emphasis on the fishing industry, developing aquaculture, and expanding tourism. The country is also committed to developing sustainable energy sources and investing in technological innovation.
- Industries
fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
- GDP - per capita (PPP)
$40,000.00 (USD)
- GDP - real growth rate
5.9%
GDP & growth
- GDP - Gross Domestic Product (PPP)
$2,001,000,000 (USD)
- GDP Per Capita
$40,000.00 (USD)
- GDP - real growth rate
5.9%
- GDP - official exchange rate
$2,765,000,000 (USD)
- GDP - composition, by end use
- household consumption: 52%
- government consumption: 29.6%
- investment in fixed capital: 18.4%
- GDP by Sector- agriculture
18%
- GDP by Sector- Industry
39%
- GDP by Sector- services
43%
- Industrial Growth Rate
3.4%
Prices & money
- Inflation Rate
-0.3%
- Exchange Rate per US Dollar
6.586
- Currency Name and Code
Danish kroner (DKK)
- Fiscal Year
calendar year
Employment & labor
- Labor Force
27,540
- Unemployment Rate
2.2%
- Major Industries
fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts
- Agriculture Products
milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish
- Population Below Poverty Line
10%
Public finance
- Annual Budget
$835,600,000 (USD)
- Public Debt (% of GDP)
35%
- Budget Surplus or Deficit - percent of GDP
-1.7%
- Taxes and other revenues - percent of GDP
30.2%