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torshavn administrative divisions: none (part of the kingdom of denmark; self-governing overseas administrative division of denmark); there are no first-order administrative divisions as defined by the us government. but there are 49 municipalities independence: none (part of the kingdom of denmark; self-governing overseas administrative division of denmark) national holiday: olaifest (olavasoka). 29 july constitution: 5 june 1953 (danish constitution) legal system: danish suffrage: 18 years of age; universal executive branch: chief of state: queen margrethe ii of denmark (since 14 january 1972). represented by high commissioner birgit kleis. chief administrative officer (since 1 november 2001) head of government: prime minister joannes eidesgaard (since 3 february 2004) cabinet: landsstyri appointed by the prime minister elections: the monarch is hereditary; high commissioner appointed by the monarch; following legislative elections. the leader of the majority party or the leader of the majority coalition is usually elected prime minister by the faroese parliament; election last held 20 january 2004 (next to be held no later than january 2008) election results: joannes eidesgaard elected prime minister; percent of parliamentary vote - na% note: coalition of social democrats. union party. and people's party legislative branch: unicameral faroese parliament or logting (32 seats; members are elected by popular vote on a proportional basis from the seven constituencies to serve four-year terms) elections: last held 20 january 2004 (next to be held no later than january 2008) election results: percent of vote by party - union party 23.7%. social democrats 21.8%. republican party 21.7%. people's party 20.6%. center party 5.2%. independence party 4.6%; seats by party - union party 7. social democrats 7. republican party 8. people's party 7. center party 2. independence party 1 note: election of 2 seats to the danish parliament was last held on 8 february 2005 (next to be held february 2009); results - percent of vote by party - na; seats by party - republican party 1. people's party 1 judicial branch: none political parties and leaders: center party [jenis a. rana]; independence party [kari p. hojgaard]; people's party [anfinn kallsberg]; republican party [hogni hoydal]; social democratic party [joannes eidesgaard]; union party [kaj oeo johannesen] political pressure groups and leaders: na international organization participation: imo (associate). nc. nib. upu diplomatic representation in the us: none (self-governing overseas administrative division of denmark) diplomatic representation from the us: none (self-governing overseas administrative division of denmark) flag description: white with a red cross outlined in blue extending to the edges of the flag; the vertical part of the cross is shifted toward the hoist side in the style of the dannebrog (danish flag) economy - overview: 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 minimal 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 has helped 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 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. gdp (purchasing power parity): $1 billion (2001 est.) gdp (official exchange rate): na gdp - real growth rate: 10% (2001 est.) gdp - per capita: purchasing power parity - $22.000 (2001 est.) gdp - composition by sector: agriculture: 27% industry: 11% services: 62% (1999) labor force: 24.250 (october 2000) labor force - by occupation: fishing. fish processing. and manufacturing 33%. construction and private services 33%. public services 34% unemployment rate: 1% (october 2000) population below poverty line: na household income or consumption by percentage share: lowest 10%: na% highest 10%: na% inflation rate (consumer prices): 5.1% (1999) budget: revenues: $488 million expenditures: $484 million. including capital expenditures of $21 million (1999) agriculture - products: milk. potatoes. vegetables; sheep; salmon. other fish industries: fishing. fish processing. small ship repair and refurbishment. handicrafts industrial production growth rate: 8% (1999 est.) electricity - production: 260.2 million kwh (2003) electricity - production by source: fossil fuel: 62.4% hydro: 37.6% nuclear: 0% other: 0% (2001) electricity - consumption: 242 million kwh (2003) electricity - exports: 0 kwh (2003) electricity - imports: 0 kwh (2003) oil - production: 0 bbl/day (2003 est.) oil - consumption: 4.500 bbl/day (2003 est.) oil - exports: na (2001) oil - imports: na (2001) exports: $533 million f.o.b. (2004 est.) exports - partners: denmark 33.5%. uk 29.7%. norway 8.4%. nigeria 7.1% (2004) imports: $639 million c.i.f. (2004 est.) imports - partners: denmark 52.5%. norway 18.2%. iceland 5%. sweden 4.2% (2004) debt - external: $64 million (1999) economic aid - recipient: $135 million (annual subsidy from denmark) (1998) currency (code): danish krone (dkk) currency code: dkk exchange rates: danish kroner per us dollar - na (2005). 5.9911 (2004). 6.5877 (2003). 7.8947 (2002). 8.3228 (2001) fiscal year: calendar year telephones - main lines in use: 23.000 (2002) telephones - mobile cellular: 30.700 (2002) telephone system: general assessment: good international communications; good domestic facilities domestic: digitalization was completed in 1998; both nmt (analog) and gsm (digital) mobile telephone systems are installed international: country code - 298; satellite earth stations - 1 orion; 1 fiber-optic submarine cable to the shetland islands. linking the faroe islands with denmark and iceland; fiber-optic submarine cable connection to canada-europe cable radio broadcast stations: am 1. fm 13. shortwave 0 (1998) radios: 26.000 (1997) television broadcast stations: 3 (plus 43 low-power repeaters) (september 1995) televisions: 15.000 (1997) internet country code: .fo internet service providers (isps): 2 (2000) internet users: 25.000 (2002) airports: 1 (2004 est.) airports - with paved runways: total: 1 914 to 1.523 m: 1 (2005 est.) roadways: total: 463 km paved: 454 km unpaved: 9 km (1999) merchant marine: total: 14 ships (1.000 grt or over) 24.051 grt/11.998 dwt by type: cargo 6. container 1. passenger/cargo 5. petroleum tanker 2 foreign-owned: 8 (denmark 2. germany 1. iceland 2. norway 2. united kingdom 1) (2005) ports and terminals: torshavn military branches: no regular military forces military expenditures - dollar figure: $na military expenditures - percent of gdp: na military - note: defense is the responsibility of denmark disputes - international: because anticipated offshore hydrocarbon resources have not been realized. earlier faroese proposals for full independence have been deferred; iceland disputes the faroe islands' fisheries median line boundary; iceland. the uk. and ireland dispute denmark's claim that the faroe islands' continental shelf extends beyond 200 nm
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