S Other service activities

The statistics include all enterprises that are in the sector of non-financial entities, except quasi enterprises such as The Faroese Pharmaceutical System and The Alcohol Monopoly of the Faroe Islands. One-man businesses are not included in this statistical survey, because they are included in the householdsector. 

Glossary:

• Annual profit is the difference between the gross revenue and the operating expenses. The annual profit is calculated without capital income to guarantee no double counting and gives a clearer perception of the activity in each of the industry branches.
• Capital income are from subsidiary firms and/or affiliate firms.
• Number of firms is the number of firms that Statistics Faroe Islands estimate is active in the year and are a part of the sector of non-financial entities.
• Value added is determined by the following procedure:
  • + 04 Gross revenue
  • – 10 Article of commerce
  • – 11 Operating expenses
  • – 12 Distribution expenses
  • – 13 Administrative expenses

THE STATISTICAL CLASSIFICATION OF ECONOMIC ACTIVITIES NACE

In the statbank are theThe firms are classified into industry branches according to their type of production. The Faroese classification of the industry branches is made in line with the international NACE model. The national level of NACE makes it possible to identify the fishing industry separately, as it is a proportionally large industry in the Faroe Islands.

Example:

A Agriculture, forestry and fishing – NACE level 1, Sections

A03 Fishing and aquaculture – NACE level 2, Divisions

A03.1 Fishing – NACE level 3, Groups

A03.11 Fishing – NACE level 4, Classes

A03.11.10 Wetfishieries, fishery for landing of fresh fish– NACE level 5, National classes