The consumer prices for Q1of 2022 rose by 4.4% from Q1 2021. This represents the most highest CPI change in the course of one year since the global financial crisis of 2009, both in terms of the Faroe Islands as well as globally.
Milk production has increased by 10% during the past ten years. However, the number of farms that include dairy cattle has reduced from 28 farms in 2012 to 16 farms in 2021. Beef production has also increased slightly in the same period.
Some 14,000 land registration documents were filed in 2021, which is a 6% increase on 2020. Real estate documents, which made up the vast majority, increased by 3%. A 16% increase in documents relating to vehicles, and a 11% decrease in documents relating to personal property.
Q4 2021 retail sales figures show 'clothing and footwear' has increased by 29%. Despite the usual increase in sales from Q3 2021 to Q4 2021, all commodity groups saw a decline in the period Q4 2020 to Q4 2021.
February is normally one of the more scarce months of the year for hotels. There were approximately 9,000 overnight stays registered in February 2022, a 21% increase on February 2021. Just over 31% of all available rooms were occupied, compared to 24% in February last year.
GDP at market price was just above DKK 21.2 billion in 2020. The effects of the Covid-19 pandemic on the Faroese economy in 2020 are evident as GDP saw a year-on-year decrease of DKK 600 million (2.8%) on 2019.
January is normally the month with the lowest number of employees, while December has the highest, surpassing 28,000 employees in 2021. In January 2022 there were 26,800 employees in the Faroe Islands.
After a significant drop around the time of the Covid-19 outbreak, the Economic Sentiment Indicator (ESI) was back on the rise in the summer of 2020, and is now restored to the same levels as before the pandemic. According to the latest surveys, the ‘services’ and ‘construction’ industrial sectors saw the highest growth in confidence in the Faroese economy, while households saw a slight drop in confidence.
The consumer prices for Q4 of 2021 reveal that average prices rose 0.7% from Q3 2021 and up by 3.4% on Q4 2020. Both in the Faroe Islands and elsewhere in the world we are seeing the biggest CPI increase since the financial crisis 14 odd years ago.
December is usually the month in which the employee figure peaks, and 2021 was no exception. There were just over 28,050 employees in the Faroe Islands in December 2021, which represents a new record high, and the first time the employee figure surpasses 28,000 for a single month.
The total number of hotel overnight stays in November 2021 was just under 10,400, which is the highest ever figure for November. Hotel overnight stays saw a year-on-year increase by 23% on November 2020, up by 4% on November 2019.
As was the case in September, the number of hotel overnight stays in October was almost twice as high as the same period last year. With just over 16,400 overnight stays, October 2021 proved the best October ever for Faroese hotels, up by 88% on October 2020 and by 22% on October 2019.
The latest income figures reveal a relatively big drop in the number of people at risk of poverty in 2019 compared to previous years. The income distribution in the Faroe Islands has also become more equal.
In 2020, the number of annual full-time equivalents (FTE) in the Faroese hospital system was almost 1,100, an increase of more than 100 over the past decade. Doctor FTEs increased by 32 (37%) and nurse FTEs increased by 59 (17%) in the same period.
The consumer prices for Q3 of 2021 reveal that average prices are largely unchanged from Q2 and up by 3.1% on Q3 2020. A price hike in liquid fuel for household consumption and for vehicles is the key factor in the total price increase.
About 7,300 pupils are registered in Faroese municipal primary and lower-secondary schools this year. This figure was almost 7,600 in 2005. The biggest decrease is in the lower-secondary year groups, although the number has also gone down in the younger year groups. The number of pupils in prep schools and remedial classes, on the other hand, has risen in the past 15 years.
Retail sales figures for Q2 2021 reveal a declining growth in retail sales of groceries and non-alcoholic drinks compared to Q2 2020. Having seen an average increase in sales over the past ten years, the ‘furnishings and household equipment’ commodity group saw a year-on-year sales decline of 12.7% in Q2 2021.
The total number of GP visits in 2020 was just over 185,000, an 11% increase on 2019. About 25,000 of these consultations were carried out over the phone due to the Covid-19 situation. People residing abroad accounted for about 2% of the total number of GP consultations.
The country’s eight municipal elderly care associations had a total of 642 beds in 2020, an increase of only four since 2015. The number of elderly care home residents has also remained steady over the past five years.
The five biannual (January and June) surveys gathering the views of households and the four industrial sectors on the current and expected economic situation have been compiled for June. These five surveys make up Economic Sentiment Indicator (ESI), which has increased since June last year and is now approaching the long-term average.
Faroese hotels are seeing a revival after a quiet period at the height of the Covid-19 pandemic. Overnight stays in May 2021 represent a 260% increase on the May 2020 figure but a 40% decrease on the figure from May 2019.
Mortality figures have changed significantly for both sexes over the past 20 years. There are now far fewer cardiovascular deaths, while the figures for the other main cause of death, cancer, have remained relatively stable.
Total imports in the April 2020 - March 2021 period amounted to DKK 8.1 billion, which is a drop of DKK 537 million compared to the previous 12-month period. Excluding ships and fuel from the annual figures, imports dropped by DKK 88 million (1.1%).
The annual account statistics for businesses have been updated to include 2018 and 2019. The latest figures reveal a 14% decline in net income from 2017 to 2018, followed by a 15% increase in 2019, going from DKK 2.38 billion in 2018 to DKK 2.75 billion in 2019. This is slightly below the DKK 2.77 billion total earnings for all industries in 2017.
The Faroese population increased by 837 people (1.6%) from 1 April 2020 to 1 April 2021. The highest population growth was in Tórshavn, Klaksvík, Runavík, Eystur and Nes municipalities. The high relative growth in Sandoy and Suðuroy is continuing.
The statistics on foreign assets and liabilities up to and including 2019 reveal that Faroese assets abroad over the past four years are on a level with the figure from before the financial crisis about a decade earlier.
The Faroe Islands were hit by the Covid-19 pandemic in mid-March 2020. The 9,573 overnight stays in March 2021 represent a 110% increase on the March 2020 figure but a 3.7% decrease on the figure from March 2019.
The number of reported criminal offences has halved over the past 13 years, going from 1,100 cases in 2007 to 532 last year. Most types of criminal offences have declined – with sexual crime being a notable exception.
Just under 1,300 cases were heard in the Faroese Court last year, some 2,000 in the bailiff’s court and about 500 in the probate and bankruptcy court. Some 80 cases were heard by the Head Committee of Preservation.
Total imports in the March 2020 - February 2021 period amounted to DKK 8.1 billion, which is a drop of DKK 340 million compared to the previous 12-month period. Excluding ships and fuel from the annual figures, total imports have increased.
On 1 March this year, the Faroese population was 53,108. This is a year-on-year increase of 809 people (1.5%), which is roughly the same increase as in the previous 12-month period. The municipalities with the highest growth were Tórshavn, Klaksvík, Runavík, Eystur, Nes and Vágur. Sandoy has enjoyed a relatively high population growth, and Suðuroy has also seen some growth.
On 1 February this year, the Faroese population was 53,022. This is a year-on-year increase of 798 people (1.5%), which is a slightly lower increase than the 1.7% seen over the previous 12-month period. The municipalities with the highest growth were Tórshavn, Klaksvík, Runavík, Eystur, Nes, Tvøroyri and Vágur. Suðuroy and Sandoy have enjoyed a relatively high population growth in the past year. Meanwhile, the population growth in Vágar has stagnated.
The number of overnight stays in Faroese hotels dropped by 70,000 (40%) in 2020 compared to 2019. This is a relatively lower decline than in Denmark and Iceland, where hotel overnight stays dropped by about 50% and 70%, respectively.
GDP at market price was just above DKK 20.9 billion in 2019. This is an increase of almost DKK 1.6 billion on the previous year. While most industries saw growth, more than half of the growth was in fishing, aquaculture and fish processing predominantly for exports.
At roughly DKK 8.1 billion, the total import value for 2020 was about the same as in 2019, and 5% higher than in 2018. Since 2014, imports have seen annual increases of between 2% and 10%, but this growth has now come to a halt.
On 1 January 2021, the Faroese population was 52,967, which is a year-on-year increase of 848 people (1,6%). The municipalities with the biggest increase were Tórshavnar, Klaksvíkar, Runavíkar, Eystur, Nes, Vágs and Tvøroyrar municipalities. Sandoy and Suðuroy have seen a relatively high population growth, whereas Vágar’s growth has stagnated.
The 5 biannual (January and June) surveys gathering the views of households and the four industrial sectors on the current and expected economic situation have been compiled for January. These five surveys make up Economic Sentiment Indicator (ESI), which has increased since June last year.
The 4 quarterly consumer price indices for 2020 amount to an average consumer price index of 121.4. The 2019 average index was 121.0, which means that average price of goods and services for household consumption saw a 0.3% increase from 2019 to 2020.
On 1 December 2020, the Faroese population was 52,920, a year-on-year increase of 847 people (1.6%). The municipalities with the biggest increase were Tórshavnar, Klaksvíkar, Runavíkar, Eystur, Nes, Vágs and Tvøroyrar municipalities. Sandoy and Suðuroy have seen a relatively high population growth, whereas Vágar’s growth has stagnated.
The third quarter of 2020 saw a year-on-year increase in turnover of about 15% in the ‘groceries and non-alcoholic drinks’ and the ‘furnishings and household equipment’ commodity groups. Sales of clothing and footwear increased by 6%.
On 1 October this year, the Faroese population was 52,756, an increase of 827 people (1.6%) on October 2019. The highest growth was in Tórshavnar, Runavíkar, Eystur, Klaksvíkar, Nes, Kvívíkar, Vága, Eiðis, Sjóvar and Vágs municipalities. Skopunar and Sands municipalities also saw a proportionally high growth.
The figures for municipal finances, updated up to 2019, outline running costs and other expenses for each local council. Also included are tax revenues, assets and liabilities. The per capita figures make it possible to make direct comparisons between municipalities.
Just below 72,000 hotel overnight stays were registered in the first nine months of this year, compared to more than 138,000 in the same period last year – a year-on-year dip of 48 percent. The numbers dropped drastically from March to June but have recovered somewhat since July and are now at the same level as five-six years ago.
Retail stores saw year-on-year growth in Q2 this year. The figures are split into three main commodity groups: ‘groceries and non-alcoholic drinks’, ‘clothing and footwear’ and ‘furnishings and household equipment’. Compared to Q2 2019, ‘groceries and non-alcoholic drinks’ and ‘furnishings and household equipment’ sales grew by 14%, while ‘clothing and footwear’ sales grew by 7 percent.
The GDP at market price was just above DKK 19.7 billion in 2018, an increase of DKK 500 million (2.6%) on 2017. This growth is slightly lower than during the 2013-2017 period. A key reason for this is a lower gross value added (GVA) in the fish farming industry.
The number of hotel overnight stays in the first seven months of this year was 45,577 compared to 99,942 in the same period last year – a drop of 54%. Following a drastic decline from March to June, visitor numbers in July started approaching July figures in previous years.
Maria and Anna have been the most popular women’s names for the past two decades, as have Jákup og Jógvan for the men. But new names are starting to climb up the list of popular names across the Faroese population
Almost DKK 875 million was paid in wages in July. This is a 3% increase on July 2019. As with employee figures, the latest wage figures indicate a ‘V-trend’ with rapid growth after the sudden plunge in April and May as opposed to a ‘U-trend’ with an extended downturn and slow growth.
There were just over 27,300 employees in the Faroe Islands in July. The latest figures indicate a ‘V-trend’ with increasing growth after the sudden plunge in April as opposed to a ‘U-trend’ with an extended downturn and slow growth.
On 1 July this year, the Faroese population was 52,656, an increase of 813 people (1.6%) on July 2019. The high population growth slowed down marginally in the first half of 2020 compared with the same period last year.
Q1 retail sales figures (sales converted to volume) show growth in two out of three main commodity groups, compared to Q1 2019. ‘Groceries and non-alcoholic drinks’ increased by 12%, ‘Furnishings and household equipment’ went up by 7%, but ‘clothing and footwear’ decreased by 10%.
Total exports of goods in March 2019-Feb. 2020 amounted to DKK 9.7 billion, which is an increase of DKK 1.2 million in the past 12-month period. The total amount of exported fish products increased by 4%.
Faroese hotels registered 168,000 overnight stays in 2019, an increase of 16,500 (11%) on the previous year. This is the biggest increase since records began seven years ago. With 30% of all overnight stays, Danish residents featured most prominently in this statistic.