parliamentary democracy (Faroese Parliament); part of the Kingdom of Denmark
Head of State:
King FREDERIK X of Denmark (since 14 January 2024), represented by High Commissioner Lene Moyell JOHANSEN, chief administrative officer (since 15 May 2017) (2024)
Head of Government:
Prime Minister Aksel V. JOHANNESEN (since 22 December 2022)
Judiciary:
Faroese Court or Raett (Rett - Danish) decides both civil and criminal cases; the Court is part of the Danish legal system
Administrative Divisions:
part of the Kingdom of Denmark; self-governing overseas administrative division of Denmark; there are 29 first-order municipalities (kommunur, singular - kommuna) Eidhi, Eystur, Famjin, Fuglafjordhur, Fugloy, Hov, Husavik, Hvalba, Hvannasund, Klaksvik, Kunoy, Kvivik, Nes, Porkeri, Runavik, Sandur, Sjovar, Skalavik, Skopun, Skuvoy, Sorvagur, Sumba, Sunda, Torshavn, Tvoroyri, Vagar, Vagur, Vestmanna, Vidhareidhi
Major Political Parties
Not specified
International Relations
Global position and alliances
UN Member:
Yes
EU Member:
No
Diplomatic Presence:
none (self-governing overseas administrative division of Denmark)
Major Alliances and Organizations
Economic Sectors & Trade
Detailed economic breakdown
Major Economic Sectors
Agriculture
18.2% (2023 est.)
Industry
19.7% (2023 est.)
Services
52% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Trade Volume
Exports:
$2.219 billion
Imports:
$2.223 billion
Major Trading Partners
Russia 26.4
UK 14.1
Germany 8.4
China 7.9
Spain 6.8
Economic Outlook
Faroe Islands has a 2.49% GDP growth rate with -0.3% inflation. The economy is characterized by a strong agriculture sector.