Faroe Islands is a country of Denmark. Founded in 1948, it has an autonomous local authority. This country, which is famous for its goats, is also known as a goat country. Although it depends on Denmark, it is not within the European Union. Area; 1.399 km². Its capital is Tórshavn.
Cities of the Faroe Islands
Faroe Islands Phone Code: +298
Faroe Islands Currency: Faroe Krona is also used on the island, in addition to the Danish Krone.
Thorshawn, Sandur, Sandvik and Klaksvik.
Faroe Islands Economy
Faroe Islands in the North Atlantic is a tiny country with a population of 50 thousand. The country is the most important source of livelihood and the country sells a hundred thousand tons of products per year.
Faroe Islands Exported Products
Agricultural products and livestock; milk, potatoes, vegetables, sheep, salmon, herring, mackerel and other fish are produced. Fishing, fish processing, tourism, repair and renovation of small ships, handicrafts are made.
Since 2011, the Faroese economy has entered a period of significant growth due to high fish prices and increased salmon farming and pelagic fishing. Fishing has been the main source of income for the Faroe Islands since the end of the 19th century, but fishing addiction makes the economy vulnerable to price fluctuations.
Increasing public infrastructure investments are likely to lead to continued growth in the short term, and the Faroe economy is a little more diversified. Growing industries include financial services, oil-related affairs, shipping, maritime services, civil aviation, IT, telecommunications and tourism.
Fish, fish products.
Faroe Islands' Import Products
Household consumption, machinery and transport equipment, fuels, raw materials and semi-finished products, products for automobiles.
Faroe Islands Export Countries
Russia 26.4%, England 14.1%, Germany 8.4%, China 7.9%, Spain 6.8%, Denmark 6.2%, US 4.7% Poland 4.4%, Norway 4.1% (2017)
Faroe Islands in Norway have bilateral free trade agreements with Switzerland and Turkey
Faroe Islands Imports Countries
Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)
Nations Living in the Faroe Islands
87.6% (Scandinavian and Anglo-Saxon origin), 7.8%, the other 4.6% (Iceland, Norway, Philippine, Greenland, Thailand, UK)
Languages spoken in the Faroe Islands
Official language; Faroese and Danish.