Foroyar
Because anticipated offshore hydrocarbon resources have not been realized, earlier Faroese proposals for full independence have been deferred; Iceland, the UK, and Ireland dispute Denmark's claim that the Faroe Islands' continental shelf extends beyond 200 nm.
Chief of state is Queen Margrethe II of Denmark (since 14 January 1972).
Capital of Faroe Islands is Torshavn, and Olaifest (29 July) is the National holiday.
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, and a high degree of self-government was attained in 1948.
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Location: Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about one-half of the way from Iceland to Norway.
The area is approximately 1,399 sq km of land (some lakes and streams). Terrain is rugged and rocky, with some low peaks; cliffs along most of coast. Faroe Islands climate consists of mild winters, and cool summers (usually overcast; foggy, windy).
Population: About 48,856 people live on the Faroe Islands.
Archipelago (sea of many islands) with 17 inhabited islands, one uninhabited island, and a few uninhabited islets; strategically located along important sea lanes in northeastern Atlantic. The precipitous terrain limits habitation to small coastal lowlands. The majority of residents are Faroese (singular and plural). The ethnic group is Scandinavian. Main languages spoken are Faroese (derived from Old Norse), and Danish.
Religious Denomination: Evangelical Lutheran (Main).
Agriculture: Products include milk, potatoes, vegetables; sheep; salmon and other fish.
Exports (commodities): Products include fish, stamps, and ships.
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.
However, the total dependence on fishing makes the Faroese economy extremely vulnerable to price swings. Since 2003 the Faroese economy has picked up as a result of higher prices for fish and for housing. 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 less dependence on Denmark and Danish economic assistance.
The Faroese have a standard of living not far below the Danes and other Scandinavians.
Currency: The Danish krone (DKK).
This page was last updated on 03 July, 2009