Faroe Islands Location : Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about one-half of the way from Iceland to Norway
Capital City : Torshavn
Curreny : Danish krone (DKK)
Languages Spoken : Faroese (derived from Old Norse), Danish
Climate : mild winters, cool summers; usually overcast; foggy, windy
National Holiday : Olaifest, 29 July
Background Information
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 attained in 1948.
Geographical Note
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
Economy
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 falling 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 help to 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 Denmark and Danish economic assistance. Aided by a substantial annual subsidy (15% of GDP) from Denmark, the Faroese have a standard of living not far below the Danes and other Scandinavians.
Religions
Evangelical Lutheran
Ports : Torshavn, Klaksvik, Tvoroyri, Runavik, Fuglafjordhur
International Disputes - Risks to travellers
: Faroese are considering proposals for full independence; Denmark dispute with Iceland over the Faroe Islands fisheries median line boundary of 200 NM; Denmark disputes with Iceland, the UK, and Ireland over the Faroe Islands continental shelf boundary outside 200 NM
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Faroe Islands
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