History of Faroe Islands/Economy

	Revision 2 . . August 2, 2001 9:29 pm by Pinkunicorn [Wikify]
	Revision 1 . . April 29, 2001 11:41 pm by KoyaanisQatsi

---

Difference (from prior major revision) (no other diffs)

Changed: 2,3c2,3

After the severe economic troubles of the early 1990s, brought on by a drop in the vital fish catch, the Faroe Islands have come back in the last few years, with unemployment down to 5% in mid-1998. Nevertheless, the almost total dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Oil finds close to the Faroese area give hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity. The Faroese are supported by a substantial annual subsidy from Denmark. GDP:

After the severe economic troubles of the early 1990s, brought on by a drop in the vital fish catch, the Faroe Islands have come back in the last few years, with unemployment down to 5% in mid-1998. Nevertheless, the almost total dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Oil finds close to the Faroese area give hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity. The Faroese are supported by a substantial annual subsidy from Denmark. GDP:

Changed: 37c37

fishing, shipbuilding, construction, handicrafts

fishing?, shipbuilding?, construction, handicrafts?

Changed: 58c58

milk, potatoes, vegetables; sheep; salmon, other fish

milk, potatoes, vegetables?; sheep?; salmon?, other fish

Changed: 64c64

Denmark 31%, UK 25%, Germany 9%, France 7%, Spain 6%, US 2% (1996)

Denmark 31%, United Kingdom 25%, Germany 9%, France 7%, Spain 6%, United States 2% (1996)

Changed: 68c68

machinery and transport equipment 17.0%, consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels 11.4%, fish and salt 6.7%

machinery and transport equipment 17.0%, consumer goods 33%, raw materials and semi-manufactures 26.9%, fuels? 11.4%, fish and salt 6.7%

Changed: 70c70

Denmark 33%, Norway 18%, UK 8% Germany 9%, Sweden 5%, US 2% (1996)

Denmark 33%, Norway 18%, United Kingdom 8% Germany 9%, Sweden 5%, United States 2% (1996)

Changed: 74c74

$150 million (annual subsidy from Denmark) (1995)

$150 million (annual subsidy from Denmark) (1995)