Faroe Islands

The Faroe Islands or simply Faroes (Faroese: Føroyar, meaning "Sheep Islands", Danish: Færøerne) are a group of islands in the north Atlantic Ocean between Scotland, Norway and Iceland. They have been an autonomous region of the kingdom of Denmark since 1948 and have, over the years, taken control of most matters, except defense and foreign affairs.

Economy

Main article: Economy of the Faroe Islands

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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 economical base by building new fish-processing plants. Petroleum found close to the Faroese area give hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity.

Related Topics:
1990s - Fish - 1998 - Petroleum

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Since 2000, new information technology and business projects have been fostered in the Faroe Islands to attract new investment. The result from these projects is not yet known but is hoped to bring a better market economy to the Faroe Islands.

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The Faroes have a low unemployment rate, but this is not necessarily a sign of a recovering economy, as many young students move to Denmark and other countries once they are finished with high school. This leaves a largely middle-aged and elderly population that may lack the skills and knowledge to take IT positions on the Faroes.

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