News

News overview. News published prior to 2019 can be accessed on our old website.

eld

Population was 53,800 on 1 March – a 1.4% increase

The Faroese population for March 2022 has increased by 730 people, which is a year-on-year growth of 1,4% on March 2021. In comparison, the year-on-year growth for February was 1.5%.

Havgrím

Overnight stays at 11,800 for March – a 23% increase

There were 11,800 hotel overnight stays registered in March 2022, a year-on year increase of 23%. Just over 39% of all available rooms were occupied, compared to 29% last year.

Hús

Consumer prices up 4.4% over one year

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.

hv

Population was 53,800 on 1 March – a 1.4% increase

The Faroese population for March 2022 has increased by 730 people, which is a year-on-year growth of 1,4% on March 2021. In comparison, the year-on-year growth for February was 1.5%.

kúgv

Farms have seen a rapid centralization in the past ten years

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.

Klaksvík

14,000 land registration documents in 2021 – a 6% increase

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.

Sølan av klæðum og fótbúnaði vaks 29 prosent

Sales of clothing and footwear up by 29%

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.

Arbeiði

Unemployment rate at 1.0% in January

There were 286 full-time unemployed people in the Faroe Islands in January 2022.

hotel FO

Overnight stays still on a slow rise

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.

Tinganes

Increasing tax burden

The total tax revenue in 2020 amounted to just under DKK 9.3 billion (43.8% of GDP), a 2.4% increase on 2019

Útflutningur

Exports continue to rise

Fish exports saw a year-on-year increase of DKK 2 billion in the 12-month period Feb. 21 – Jan. 22

innfl

Imports remain on the rise

In the 12-month period Feb. 21-Jan. 22, the total value of imports was DKK 9.4 billion, an increase of DKK 1.4 billion compared to the preceding 12-month period.

Byggivinna

DKK 900 million in wages in February – cautious growth

Approx. DKK 900 million was paid in wages in February, a year-on-year increase of just under DKK 15 million, or 2.7%.

Handil

27,200 employees in February — a 0.8% growth on 2021

There were just under 27,200 employees in the Faroe Islands in February 2022, an increase of almost 250 employees on February 2021.

koll

Population was 53,752 on 1 February

In the past year, the Faroese population increased by 784 people (1.5%). The total population is set to surpass 54.000 in a few months, given that the trend of recent months continues.

ung-eldri

Average age up by 6.5 years since 1985

The average age of the population of the Faroe Islands has increased from 33.1 years in 1985 to 39.5 years in the beginning of 2022.

Mynd til grein

GDP at current prices decreased by 2.8% in 2020

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.

Arbeiðsloysið

Unemployment rate in December was 0.9%

There were 255 full-time unemployed people in the Faroe Islands in December 2021.

hotel FO

Overnight stays slowly rising

January 2022 totalled upwards of 6,900 overnight stays and 3,600 check-ins, both figures higher than ever for January. January is normally the lowest scoring month for overnight stays.

innfl

Imports in 2021 record high

The total value of imports in 2021 was DKK 9.3 billion, a 13.8% increase on 2020.

th

Fish exports up by DDK 1.5 billion

Faroese exports are record high as fish exports saw a year-on-year increase of DDK 1.5 billion in 2021, representing a 20% increase in export value. Total export volume up by 3%.

Sjúkrahúsverk

DKK 820 million in wages in January

Just under DKK 820 million was paid in wages in January, a year-on-year increase of almost DKK 50 million (6.2%).

Kavarudding

26,800 employees in January — a 1.2% growth on 2021

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.

k

Population was 53,664 on 1 January

The Faroese population increased by 765 people (1.4%) in 2021. Population growth continued in 2021, albeit at a slower rate than in 2020.

Mynd til grein

Business and consumer confidence back to pre-Covid levels

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.

ung

Faroese workers start younger and stop older

The youngest and oldest age groups in the Faroese labour force are activity standouts internationally.

sólsetur

A good year for hotels

The total number of hotel overnight stays in 2021 was just under 175,000, which is the highest ever figure since records began in 2013, total of 72,000 check-ins.

poting

Men and women: Faroese labour force Europe’s most active

83.6% of the Faroese working-age population (15-74 years) are part of the labour force.

Skúvoy

Consumer prices up 3.4% from a year ago

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.

oljub

Import value in 2021 - first 11 months

The total value of imports in the first eleven months of 2021 was DKK 8.4 billion.

kavi

DKK 10.6 billion paid in wages in 2021 – 3.6% growth

Wage expenditure over one billion for the first time in December 2021, record high figure for a single month.

Jól

Record high number of employees in December

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.

saltnes

Population increased by 816 people in the past year

The Faroese population was 53,686 on 1 December last year, a year-on-year increase of 816 people (1.5%).

Hafnia

Hotel overnight stays record high for November

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.

Sølan av klæðum og fótbúnaði hækkað 11%

Sales of clothing and footwear up by 11%

Q3 2021 retail sales figures show 'furnishings and household equipment' has decreased by 6%, but 'clothing and footwear' has increased by 11%, from Q3 2020 to Q3 2021.

Runavík

More persons per household in the Faroe Islands than in Denmark

The average number of persons per household in the Faroe Islands is 2.85, compared to 2.1 in Denmark. Household patterns are similar across the regions in the Faroe Islands, with a few exceptions.

hús

1 in 4 households composed of one person

Nearly two-thirds out of 18,000 registered households consist of no children. There are 25% one-adult households, 24% two-adult households, 15% households are composed of three or more adults.

x

Exports continue to rise

The export value of fish products increased by 11.4% in the first 10 months of this year compared to the same period last year.

innfl

Considerable growth in imports

The total value of imports in the first 10 months of this year was DKK 7.6 billion, which is the highest figure ever.

Ternan

DKK 910 million in wages in November

Just over DKK 910 million was paid in wages in November, an increase of almost DKK 50 million on November last year.

Vindmylla

27,500 employees in November — a minor growth

There were just over 27,500 employees in the Faroe Islands in November 2021, an increase of just over 300 on November 2020.

s

Population was 53,613 on 1 November

The Faroese population has increased by 810 people (1,5%) since November 2020. Stremoy accounts for more than half of the growth.

Bátur

Unemployment rate in September was 0.9%

There were 265 full-time unemployed people in the Faroe Islands in September 2021.

Gjáargarður

Hotel overnight stays doubled year-on-year in October

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.

korona

Survey: do the Faroe Islands still have Europe’s highest employment activity rate?

The annual labour force survey for 2021 is taking place this week.

innfl

Second consecutive month of record-high imports

The total value of imports in the first nine months of this year was DKK 6.5 billion, which is the highest year-to-date figure ever.

bakkafr

Exports on the rise

The export value of fish products increased by 7% in the first nine months of this year compared to the same period last year.

Inntøkubýti

A more equal income distribution and fewer people at risk of poverty in 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.

j

Population increased by 805 people in the past year

The Faroese population was 53,513 on 1 October this year, a year-on-year increase of 805 people (1.5%). The capital region saw the highest increase, while Sandoy had the biggest decline.

LSH

Faroese hospitals saw an increase of 102 annual full-time equivalents in the past decade

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.

62n

Hotel overnight stays doubled year-on-year in September

With just over 20,600 hotel overnight stays, September 2021 proved the best September ever for Faroese hotels, up by 94% on September 2020 and by 30% on September 2019.

x

Fish exports on the rise

Year-to-date exports of fish products increased by 7%.

bensin

Imports at an all-time high

The total value of imports in the first eight months of this year was DKK 5.7 billion, which is the highest figure ever.

Mynd til grein

Average consumer prices up 3.1% from a year ago

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.

Lønargjaldingar

DKK 910 million in wages in September – steady growth

Just over DKK 910 million was paid in wages in September, an increase of DKK 30 million on September last year.

j

Population increased by 854 people in the past year

The Faroese population was 53,498 on 1 September this year, a year-on-year increase of 854 people (1.6%).

Løntakarar

27,400 employees in September — growth has stagnated

There were just over 27,400 employees in the Faroe Islands in September 2021, an increase of about 500 on September 2020.

skuli

Fewer schoolchildren now than in 2005

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.

Hilton

Hotel overnight stays up 73% year-on-year in August

The 27,100 hotel overnight stays in August represent a record high for August. This is a 73% increase compared to August 2020 and a 20% increase on August 2019.

Vøksturin í sølu av mati og alkoholfríum drykkivørum stendur ikki við

The recent growth in retail sales of groceries and non-alcoholic drinks is declining

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.

laksur

Fish exports of DKK 4.6 billion in first seven months of 2021

Fish exports saw a 5% year-on-year increase in the first seven months of 2021.

matbord

Imports increased 7% year-to-date

Imports in the first seven months of 2021 amounted to DKK 4.9 billion, an increase of DKK 300 million on the first seven months of 2020.

Fiskur

27,300 employees in August — growth has stagnated

There were 27,300 employees in the Faroe Islands in August 2021, an increase of about 800 on August 2020.

n

Faroese population surpasses 53,500

Net migration has taken a slight dip, while the excess of births over deaths is at the highest level since 2003.

Læknahúsið í Hoyvík

An average of 3.5 GP visits per person last year

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.

barnavognar

Elias and Vár – the most popular baby names in 2020

Maria and Jákup remain the most common names in the Faroe Islands.

Tarv

Unemployment rate in June was 1.2%

There were 347 full-time unemployed people in the Faroe Islands in June 2021.

HF

Best month ever for Faroese hotels

With almost 31,300 overnight stays, July 2021 turned out to be the best month ever for Faroese hotels. Overnight stays are up by almost 50% on July 2020 and by 25% compared to July 2019.

Útflutningur

Fish exports at same level as last year

The DKK 3.9 billion in fish exports in the first half of this year are at the same level as the first half of last year

havnin

Steady population growth continues

On 1 July this year, the Faroese population had reached 53,399, a year-on-year increase of 796 people (1.5%).

Skúvoy

27,800 employees in July — growth has stagnated

There were 27,800 employees in the Faroe Islands in July 2021, a slight increase on July 2020.

búpláss

Number of elderly care beds unchanged in the past five years

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.

Útflutningur

Export value down 13%

Total exports from June 2020 to May 2021 were valued at DKK 8.2 billion, a drop of DKK 1.2 billion (-13%) compared to the previous 12-month period. Fish exports went down by DKK 1 billion (-12%).

Húsarhaldsnýtsla

Imports up 1%

Total imports in the June 2020 - May 2021 period amounted to DKK 8.3 billion, which is a 1% increase on the previous 12-month

Brennievni og bilur

Average consumer prices up 3.1% from a year ago

The consumer prices for Q2 of 2021 reveal that average prices have risen by 1.1% compared to Q1 2021 and by 3.1% compared to Q2 2020.

Korona

Wage expenditures up by 2.8%

Just under DKK 5.2 billion was paid in wages in the first half of this year. This is about DKK 140 million (2.8%) more than the first half of last year and 5.4% more than the first half of 2019.

Byggivinna

27,500 employees in June – an increase of 1,000 over the past year

There were 27,500 employees in the Faroe Islands in June 2021, which is almost 1,000 more than in June 2020.

sandur

Population was 53,358 on 1 June

The Faroese population has increased by 834 people (1.6%) since 1 June 2020.

Konjunkturbarometrid

Business and consumer confidence continues to rise

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.

Smásølan fyrstu mánaðirnar í ár væl hægri enn sama tíðarskeið í fjør

Big year-on-year retail sales increase in Q1 2021

Retail sales were significantly higher in the first quarter of this year than in the first quarter of last year.

x

Hotel overnight stays 40% down on two years ago

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.

fisk

Exports worth DKK 8.1 billion

Exports of fish products dropped by DKK 1.1 billion from May 2020 to April 2021 compared to the previous 12-month period.

maskin

Imports worth DKK 8.2 billion

Total imports in the May 2020 - April 2021 period amounted to DKK 8.2 billion, which is a drop of DKK 300 million compared to the previous 12-month period.

nes

Population growth continues

The increasing population trend has continued over the past year. On 1 May this year, the Faroese population was 53,305, which is an increase of 863 people (1.6%).

kirkjug

Fewer cardiovascular deaths – cancer figures unchanged

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.

aling

Total exports down by almost DKK 1.5 billion

Exports of fish products dropped by DKK 1.4 billion from April 2020 to March 2021 compared to the previous 12-month period.

sundsv

Imports down by DKK 537 million

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%).

Byggivinna

Net income for all industries dropped by 14% in 2018, then increased by 15% in 2019

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.

Fiskavirki

Wage expenditures are increasing again

Just under DKK 900 million was paid in wages in April. This is about DKK 50 million more than April 2020, which was the first full month after the Covid-19 outbreak.

Koppseting

27,300 employees in April – a 2,000 increase over the last year

There were 27,300 employees in the Faroe Islands in April 2021, almost 2,000 more than in April 2020, which was the first full month after the Covid-19 outbreak.

Runavík

Population was 53,223 on 1 April

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.

hoyvik

Foreign assets remain unchanged

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.

AA

Balance of payments remains favourable

Figures for 2018 and 2019 reveal a continued surplus in the current account

N_LSH

Recent increase in residence and work permits has come to a halt

The big increase in residence and work permits for foreign nationals in recent years has come to a standstill.

Bilar

Far fewer traffic accidents despite big increase in vehicles

Traffic statistics in the Faroe Islands have changed significantly since the turn of the century, with twice the number of vehicles and two-thirds fewer accidents

Arbeiðsloysi

Unemployment rate in February was 1.6%

There were 470 full-time unemployed people in the Faroe Islands in February 2021.

62n

Almost 10,000 hotel overnight stays in March

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.

Politi

Big drop in most types of criminal cases

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.

Mjørkadalur

Fewer jail sentences but more breaches of drug and weapons laws

While fewer people have been imprisoned and held in custody in the past two decades, there has been an increase in drug and weapons violations.

Føroya Rættur

Far fewer court cases in 2020

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.

utfl

Total exports just below DKK 8 billion

Exports of fish products decreased by DKK 1.4 billion from March 2020 to February 2021 compared to the previous 12-month period.

x

Total imports, excluding ships and fuel, have increased

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.

Bilur

Average consumer prices increased by 1.1% in the past year

The consumer prices for Q1 of 2021 reveal that average prices have risen by 1.3% compared to Q4 2020 and by 1.1% compared to Q1 2020.

Trom

DKK 925 million paid in wages in March – growth now almost at a standstill

DKK 925 million was paid in wages in March. This is about DKK 50 million more than in March 2020

Lærari

27,400 employees in March

There were 27,400 employees in March 2021 – an increase of 520 (1.9%) since March 2020.

Burður

Excess of births now contributing more to population growth

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.

Sølan av klædnavørum og fótbúnaði vaksin 20%

Sales of clothing and footwear up by 20%

The Covid-19 pandemic has not dented retail consumer confidence in the Faroe Islands.

hafnia

February saw a 14% year-on-year increase in hotel overnight stays

Despite an increase in overnight stays and check-ins over the past year, the occupancy rate has dropped considerably

útfl

Exports have dropped significantly in the past year

Exports of fish products decreased by DKK 1.4 billion from February 2020 to January 2021 compared to the previous 12-month period.

innfl

Slight year-on-year drop in import value

The import value in the period from February 2020 to January 2021 was DKK 8 billion, which is approx. DKK 400 million less than in the previous 12-month period.

Alivinna

Wage expenditure growth almost at a standstill

DKK 875 million was paid in wages in February – a drop of DKK 17 million on February 2020.

Pitsa

26,800 employees in February

There were 26,800 employees in February 2021, which is roughly the same as in February 2020.

Hoyvík

Faroese population exceeds 53,000

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.

lsh

Number of abortions down by two-thirds in the past 30 years

There were 28 legally induced abortions in 2020. The average annual figure over the past five years is 24. The figure was at its highest in the late 1980s, with 80-85 abortions per year.

Arbeiðsfólk

Faroese labour force still the most active in Europe

More than 84% of the Faroese working-age population are part of the labour force. This is the highest activity rate in Europe.

Betongbilur

Unemployment rate in December was 1.3%

There were 400 full-time unemployed people in December

Hotel Hilton Garden Inn

Hotel overnight stays decreased by more than 40% in 2020

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.

Hotel Brandan

January saw a significant increase in hotel stays

There was a 20% year-on-year increase in hotel overnight stays in January 2021.

aling

GDP at current prices increased by 8.2% in 2019

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.

innfl

Last year’s import value unchanged from 2019

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.

útfl

Fish exports down by DKK 1.2 billion

Last year saw a year-on-year decrease of DKK 1.2 billion in fish exports. In volume terms, the decrease was 1%.

Drongur og seyður

An excess of births and positive net migration led to significant population growth in 2020

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.

Koppseting

Business and consumer tendency on the rebound

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.

Arbeiðsloysi

Unemployment rate in November was 1.4%

The Faroese unemployment rate was 1,4% in November, with 405 full-time unemployed people.

ff

Last year saw a significant drop in cod catch

Cod catch went down by 53.5% in 2020 compared to 2019, going from just over 20,000 tonnes in 2019 to just over 9 tonnes in 2020.

havn

Reduction in oil import value, household goods imports go up

The total imports of goods in the first 11 months of 2020 are roughly the same as in the previous year.

aling

Fish exports down 11% in value while volume increased by 4%

The export value of fish products saw an 11% decline in the first 11 months of 2020 compared to the same period in 2019. This figure is, however, 7% higher than in 2018.

Oljubátur

Average consumer prices increased by 0.3% in 2020

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.

corona-frisør

Wage expenditures increased by 2.1% in 2020

DKK 10.3 billion was paid in wages last year. This is an increase of 2.1% on 2019 – the lowest increase since 2013, which had an increase of 1.3%.

Atlantsflog

Hotel overnight stays down by 30% year-on-year in November

Some 6,600 hotel overnight stays were registered in November.

Jólamenn

27,700 employees in December – a 1.2% increase on December 2019

There were just over 300 more employees last month than in December 2019.

Dalur

Sandoy and Suðuroy starting to see population growth

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.

Sølan av mati og húsbúnaði vaksin 15 prosent

Groceries and household equipment sales up by 15%

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%.

Arbeiðsloysi

Unemployment rate in October was 1.3%

The Faroese unemployment rate was 1,3% in October after reaching 1.9% in the early months of the Covid-19 pandemic

Skúlin á Fløtum

Wage expenditure growth at a standstill

DKK 860 million was paid in wages in November – a drop of DKK 5 million on November last year.

skurð

Higher work activity in hospitals

In 2019, the number of annual full-time equivalents (FTE) in the Faroese hospital system was 1,050 – 806 at the National Hospital, 127 at Klaksvik Hospital and 118 at Suðuroy Hospital.

olja

Imports of goods for household consumption up by 8%

Total imports of goods saw a DKK 145 million year-on-year decrease in the first 10 months of this year

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Exports down by DKK 850 million in 2020

Total exports of goods have decreased by DKK 850 million in the first 10 months of this year, a year-on-year drop of 11%.

x

Unemployment rate in September was 1.4%

The Faroese unemployment rate was 1,4% in September after reaching 1.8% in the early months of the Covid-19 pandemic.

x

Significant drop in cod catch this year

Cod catch in Faroese waters saw a 50% year-on-year- drop in the first 10 months of this year.

x

Hotel overnight stays down by 35% year-on-year in October

Some 8,700 hotel overnight stays were registered in October, which is a 35% drop on October 2019. However, Faroese residents now feature more prominently in hotel statistics

ÍSF-húsið

27,200 employees in October – a year-on-year increase of 0.3%

There were almost 100 more employees in October 2020 than in October 2019, an increase of 0.3%.

Skúvoy

Cities, towns and villages are seeing population growth

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.

x

Municipal finances per capita in 2019

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.

x

Hotel visitor numbers halved in the past year

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.

x

Unemployment rate in August was 1,5%

The Faroese unemployment rate has come down to 1,5% after reaching 1.8% in the first months of the Covid-19 pandemic

v

Jan-Aug. exports down by 7%

Cod and salmon exports have decreased while exports of pelagic fish have increased.

innfl

Imports worth DKK 5.2 billion so far this year

Total imports of goods increased by DKK 335 million (7%) in the first eight months of this year compared to the same period last year.

Gistingarhús

Liquid fuel prices going up while hotel stays become cheaper

Average consumer prices for Q3 2020 are 0.3% higher than in Q2 2020 and 0.2% higher than in Q3 2019

x

26,900 employees in September – a year-on-year increase of 1%

The number of employees continues to grow, but the growth is slowing down.

Undirsjóvartunnil

Highest population growth on both sides of upcoming subsea tunnel

On 1 September this year, the Faroese population was 52,703, an increase of 768 people (1.5%) on September 2019.

th

Capital region had the highest income in the past decade

Residents in Tórshavn municipality have had the highest income virtually every year since 2009, with the tiny municipality of Kunoy now in a close second.

Mynd til grein

Retail sales increased during Covid period

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.

sl

Big drop in hotel visitors in August

Figures on hotel overnight stays have been updated until the end of August

tunnil

Central region is growing

With November’s local elections approaching, we take a closer look at various demographics across the country’s 29 municipalities

Innflutningur

Imports up by 5% in Jan-July this year

Total imports of goods increased by 5% in the first seven months of this year compared to the same period last year

Útflutningur

Exports down by 10% so far this year

Exports of fish products decreased by almost DKK 500 million in the first seven months of this year compared to the same period last year

Byggivinna

Current-price GDP grew by 2.6% in 2018

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.

dreingir

Slight decline in population growth continues

On 1 August this year, the Faroese population was 52,816, an increase of 733 people (1.4%) on August 2019.

hb

Hotels bouncing back from Covid slump

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.

n

The most popular baby names in 2019

Many new entries were added to the list of most popular baby names last year.

Nøvn

Maria & Anna and Jákup & Jógvan still the most popular names overall

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

Spritt

Hand sanitiser imports grew by 1,400%

The volume of imported hand sanitiser products grew by 1,400% from March to June this year compared to the same period last year.

Útflutningur

First-half exports down 10% year-on-year

Exports of fish products decreased by more than DKK 400 million in the first half of this year compared to the same period last year

Koronukanningar

DKK 875 million in wages in July – a swift recovery from April/May slump

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.

Koronukanningar

27,300 employees in July — indicating a V-trend rather than a U-trend

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.

Koronukanningar

Slight decline in population 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.

Fólkatal

Population approaching 52,600

On 1 June 2020, the Faroese population was 52,562, which is an increase of 830 (1.6%) on May 2019. This growth is made up of net migration (563) and an excess of births (267).

fv

New method for registering fish catch statistics – all details now included

Fish catch statistics now feature all species and all types of processing methods

Is

Economic barometer is falling

The latest business survey from June 2020 shows a significant decline in consumer confidence compared to the previous survey in January 2020.

klaedir

Sales of clothing and footwear down by almost 10%

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%.

X

An average of 3 annual GP visits per person last year

The total number of GP visits in 2019 was just over 166,000, which is a 4% increase on 2018. About 4,000 of these visits were made by people residing abroad.

Flogvøllurin

Employee numbers still far from pre-corona figures

There were 25,700 employees in May, which is a slight increase on April but far less than before the corona crisis.

lsh

Fewer cardiovascular deaths– cancer figures unchanged

The past 20 years have seen a big increase in life expectancy and major changes in cause of death.

folk

Population approaching 52,500

On 1 May 2020, the Faroese population was 52,484, which is an increase of 834 (1.6%) on May 2019. This growth is made up of net migration (567) and an excess of births (267).

innfl

Imports decreased in April

There was a 23% decrease in imports of goods from April 2019 to April 2020

utfl

Exports down by one third in April

Total exports of goods in April 2020 went down by a third compared with April 2019

Elduvík

Summary of income brackets in 2018

The graphs below provide an overview of the various income brackets featuring everyone aged 15 and over.

Nólsoy

Income distribution unchanged

The Faroe Islands had the lowest Gini coefficient in the Nordic region in 2018.

Mynd

One in ten citizens at risk of poverty in 2018

Some 5,000 Faroese citizens had a median income in 2018 low enough to be at risk of poverty.

a

Income statistics updated

Figures and analyses of income statistics have been updated for 2018.

bf

Big drop in exports to China in Q1

Total exports of goods fell by DKK 100 million in March 2020 compared with March 2019. Fish exports saw a particularly big drop, with DKK 50 million, or 8 percent, less than in March 2019

sprit

Imports in March worth DKK 719 million

March 2020 saw a 9% increase in imports of goods on March 2019

k_klip

Big drop in employee numbers in April

The number of employees fell to about 25,300 in April. The biggest drop was in the private service sector.

korona t

Wage expenditure growth comes to a halt

DKK 4 million on April 2019. The general increase in wage expenditures in recent years has come to a standstill. The private service sector has seen a particularly big drop in wage payments.

Løgregla

Fewer jail sentences but more breaches of drug and weapons laws

While fewer people have been imprisoned and held in custody in the past two decades, there has been an increase in drug and weapons violations.

x

Exports worth DKK 9.7 billlion

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%.

x

Total imports at DKK 8.4 billion

Imports of goods in Mar. 2019-Feb. 2020 amounted to DKK 8.4 billion, which is DKK 700 million more than the previous 12-month period.

Tórshavn

Population reaches 52,337

At 52,337 on March 1, the Faroese population grew by 841 (1.6%) in the 1 March 2019-1 March 2020 period. This growth consists of net migration (568) and an excess of births (273).

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Court cases over the past 20 years

There were about 2,000 court cases last year in the Faroese Court, about 2,400 cases in the bailiff’s court and about 550 in the probate and bankruptcy court.

x

Capital’s house prices continue to soar

In the last year, less than a third of all residential house sales took place in Tórshavn. But the average price in the capital was more than twice that of a house outside the capital region.

x

Unemployment rate in January 2020 was 1.1%

Unemployment went down by 0.2% from January 2019 to January 2020.

x

Agricultural production has remained steady in the past decade

This article outlines the developments in agricultural production over the past 10 years.

matur

Grocery retail sales show biggest growth

The retail sales figures (value converted to volume) for Q4 2019 show growth in two out of three commodity groups.

x

Whale hunts shrinking in size and frequency

The number of whale hunts is on a steady decline and they are also becoming smaller. Last year’s hunts yielded about 200 tonnes of meat and 180 tonnes of blubber.

x

Major industry branch changes in the labour market over the past five years

Below is an analysis of changes within each industry sector over the past five years.

SL

Total imports at DKK 8.4 billion

Imports in Feb. 2019-Jan. 2020 amounted to DKK 8.4 billion, which is DKK 500 million more than the previous 12-month period.

varðin P

Exports approaching DKK 10bn

Total exports of goods in Feb. 2019-Jan. 2020 amounted to DKK 9.8 billion. This is an increase of DKK 1.4bn (17%) on the previous 12-month period.

x

Wage expenditures on a steady rise

Just over DKK 890 million were paid out in wages in February, which is an increase of DKK 55 million on February last year.

x

Growth in number of employees slowing down

The number of employees is still growing, but the growth appears to be slowing down.

x

Steady population rise continues

On 1. February 2020, the Faroese population was 52,199, which is 835 (1.6%) more than on 1 February 2019. This number consists of net migration (562) and an excess of births (273).

arbfj

Faroese labour force remains the most active in Europe

The Faroe Islands have an activity rate of 85.4 percent, which is the highest in Europe. Out of almost 37,100 people aged 15-74, just under 31,700 make up the labour force.

kavi

Hotels experience big growth

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.

a

Salmon exports exceed DKK 4 billion

Last year’s total figures for exports of goods hit an all-time high of DKK 9.5 billion, which is a 19% increase on 2018.

a

Imports have doubled since 2009

In 2019, Faroese imports of goods exceeded DKK 8 billion for the first time. The Faroe Islands imported goods worth more than DKK 8.1 billion in 2019, which is a 5% increase on 2018.

x

Close to DKK 890 million in October - Wage expenditures show constant growth

Wage expenditures were close to DKK 890 million in October. This is DKK 75 million more than compared to October 2018. The trend show a steady rise in wage expenditures since 2014.