News

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

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%.

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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.

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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.

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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).

x

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.