Chief of State--Queen MARGRETHE II (since 14 January 1972),
represented by High Commissioner Bent KLINTE (since NA);
Head of Government--Prime Minister Atli P. DAM (since 15
January 1991)
Political parties and leaders:
two-party ruling coalition--Social Democratic Party, Atli P. DAM;
People's Party, Jogvan SUNDSTEIN;
opposition--Cooperation Coalition Party, Pauli ELLEFSEN;
Republican Party, Signer HANSEN;
Progressive and Fishing Industry Party-Christian People's Party
(PFIP-CPP), leader NA; Progress Party, leader NA; Home Rule Party, Hilmar
KASS
Suffrage: universal at age 20
Elections:
Faroese Parliament--last held 17 November 1990 (next to be held
November 1994); results--Social Democratic 27.4%, People's Party 21.9%,
Cooperation Coalition Party 18.9%, Republican Party 14.7%, Home Rule
8.8%, PFIP-CPP 5.9%, other 2.4%;
seats--(32 total) two-party coalition 17 (Social Democratic 10, People's
Party 7), Cooperation Coalition Party 6, Republican Party 4,
Home Rule 3, PFIP-CPP 2;
Danish Parliament--last held on 12 December 1990 (next to be
held by December 1994);
results--percent of vote by party NA;
seats--(2 total) Social Democratic 1, People's Party 1; note--the
Faroe Islands elects two representatives to the Danish Parliament
Communists: insignificant number
Member of:
Diplomatic representation: none (self-governing overseas
administrative division of Denmark)
Flag: white with a red cross outlined in blue that extends to the
edges of the flag; the vertical part of the cross is shifted to the
hoist side in the style of the Dannebrog (Danish flag)
ECONOMY
Overview: The Faroese, who have long been enjoying the affluent
living standards of the Danes and other Scandinavians,
now must cope with the decline of the all-important fishing
industry and with an external debt twice the size of annual
income. When the nations of the world extended their fishing
zones to 200 nautical miles in the early 1970s, the Faroese
no longer could continue their traditional long-distance fishing
and subsequently depleted their own nearby fishing areas; one
estimate foresaw a 25% drop in fish catch in 1990 alone. Half the
fishing fleet is for sale, and the 22 fish-processing plants work
at only half capacity. The government no longer can maintain its
high level of spending on roads and tunnels, hospitals, sports
facilities, and other social welfare programs.
GDP: $662 million, per capita $14,000; real growth rate 3%
(1989 est.)
Inflation rate (consumer prices): 2.0% (1988)
Unemployment rate: NA%, but increasing
Budget: revenues $442 million; expenditures $442 million, including
capital expenditures of NA (1989)
Exports: $343 million (f.o.b., 1989 est.);
commodities--fish and fish products 88%, animal feedstuffs,
transport equipment;
partners--Denmark 16%, UK 14%, FRG 13.4%, US 10%, France 9%,
Japan 5%
Imports: $344 million (c.i.f., 1989 est.);
commodities--machinery and transport equipment 30%,
manufactures 16%, food and livestock 15%, chemicals 6%, fuels 4%;
partners: Denmark 44%, Norway 16%, FRG 6%, Sweden 6%, US 3%
External debt: $1.3 billion (1989)
Industrial production: growth rate NA%
Electricity: 80,000 kW capacity; 280 million kWh produced,
5,910 kWh per capita (1989)
Industries: fishing, shipbuilding, handicrafts
Agriculture: accounts for 27% of GDP and employs 27% of labor
force; principal crops--potatoes and vegetables; livestock--sheep; annual
fish catch about 360,000 metric tons
