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Economy of the Faroe Islands
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==Challenges and opportunities== [[File:Lisa Murkowski visits Faroe Islands - 2019 04.jpg|thumb|Salmon farm]] {{Pie chart | thumb = right | caption = Salaries by industry, 2019<ref name="salary2019">{{cite web |title=Salaries exceeded DKK 10 billion last year |url=https://kvf.fo/greinar/2020/01/11/salaries-exceeded-dkk-10-billion-last-year |website=Kringvarp Føroya |language=fo |last1=Djurhuus |first1=Høgni |date=11 January 2020}}</ref> | other = | label1 =Service | value1 =64 | color1 =yellow | label2 = Fishing & farming | value2 =20 | color2 =blue | label3 =Construction & manufacturing | value3 =16 | color3 =olive | label4 = | value4 =0 | color4 =brown | label5 = | value5 =0 | color5 =gold | label6 = | value6 =0 | color6 =red }} High dependence on [[fishing]] (including [[salmon farming]]) means the [[Faroe Islands]]' economy remains vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. The islands allow up to 25% foreign ownership of ocean industry decreasing gradually until 2032 when foreign ownership must end.<ref>{{cite web |last1=Hvidtfeldt |first1=Jón Brian |title=Foreign ownership in fishery industry continues |url=https://kvf.fo/greinar/2019/12/23/foreign-ownership-fishery-industry-continues |website=Kringvarp Føroya |language=fo |date=23 December 2019}}</ref> [[Petroleum]] found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis for sustained economic prosperity. Also important are the annual subsidy from [[Denmark]], which amounted{{when|date=January 2020}} to about 3% of the GDP.<ref>{{cite web| url = https://www.cia.gov/the-world-factbook/countries/faroe-islands/| title = Information about the economy of the Faroe Islands| date = 21 December 2022}}</ref> The Faroes have one of the lowest unemployment rates in Europe (1% in 2019),<ref name=unempl2019>{{cite web |last1=Djurhuus |first1=Høgni |title=Enough funds to cover 12 years of unemployment |url=https://kvf.fo/greinar/2020/01/13/enough-funds-cover-12-years-unemployment |website=Kringvarp Føroya |language=fo |date=13 January 2020}}</ref> 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 in business and industry. 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.{{citation needed| date=January 2020}} The population was around 52,000 by 2019.<ref>{{cite web |title=Population now close to 52,000 |url=https://kvf.fo/greinar/2019/11/15/population-now-close-52000 |website=Kringvarp Føroya |language=fo}}</ref> General salaries increased from DKK 7 billion in 2013 to DKK 10 billion in 2019.<ref name="salary2019"/> In 2020, salmon exports were DKK 3.3 billion. Fishing industries occupied 1,441 people on land and 1,341 at sea.<ref>{{cite web |title=Number of fishing industry jobs halved since 1985 |url=http://kvf.fo/greinar/2021/04/23/number-fishing-industry-jobs-halved-1985 |website=Kringvarp Føroya |language=en |date=23 April 2021}}</ref>
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