Part 244

Government ----------

Name of country: conventional long form: none conventional short form: Faroe Islands local long form: none local short form: Foroyar

Data code: FO

Type of government: part of the Danish realm; self-governing overseas administrative division of Denmark

Capital: Torshavn

Administrative divisions: none (self-governing overseas administrative division of Denmark)

Independence: none (part of the Danish realm; self-governing overseas administrative division of Denmark)

National holiday: Birthday of the Queen, 16 April (1940)

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), who is a constitutional monarch, is represented by High Commissioner Bent KLINTE, chief administrative officer (since NA) head of government: Prime Minister Edmund JOENSEN (since 15 September 1994) was elected by the Logting cabinet: Landsstyri was elected by the Logting

Legislative branch: unicameral Faroese Parliament (Logting): elections last held 8 July 1994 (next to be held by July 1998); results - percent of vote by party NA; seats - (32 total) Liberal Party 8, People's Party 6, Social Democrats 5, Republicans 4, Workers' Party 3, Christian Democrats 2, Center Party 2, Home Rule Party 2 Danish Parliament: elections last held on 21 September 1994 (next to be held by September 1998); results - percent of vote by party NA; seats - (2 total) Liberals 2

Judicial branch: none

Political parties and leaders: Social Democratic Party, Marita PETERSEN; Workers Front, Oli JACOBSEN; Home Rule Party, Helena Dam A NEYSTABO; The "Coalition Party," Edmund JOENSEN; Republican Party, Finnbogi ISAKSON; Centrist Party, Tordur NICLASEN; Christian People's Party, Niels Pauli DANIELSEN; People's Party, Arnfinn KALLSBERG; Liberal Party, Jorgen ESTRUP; Christian Democratic Party

International organization participation: none

Diplomatic representation in US: none (self-governing overseas administrative division of Denmark)

US diplomatic representation: none (self-governing overseas administrative division of Denmark)

Flag: white with a red cross outlined in blue that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)

Economy -------

Economic overview: The Faroese economy is experiencing a moderate upturn after several years of decline brought on by over-fishing and declining fish prices, large budget deficits by the Faroese Home Rule Government (FHRG), plummeting property values, and a bail-out merger of the two largest Faroese banks. Near-term forecasts suggest continued economic recovery, and oil finds close to the Faroese area may lay the basis for an eventual economic rebound. Aided by a substantial annual subsidy from Denmark, the Faroese have enjoyed a standard of living comparable to the Danes and other Scandinavians.

GDP: purchasing power parity - $733 million (1995 est.)

GDP real growth rate: NA%

GDP per capita: $15,000 (1995 est.)

GDP composition by sector: agriculture: NA% industry: NA% services: NA%

Inflation rate (consumer prices): 6.8% (1993 est.)

Labor force: 17,585 by occupation: largely engaged in fishing, manufacturing, transportation, and commerce

Unemployment rate: 23% (1993)