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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.

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Big drop in hotel visitors in August

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

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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.

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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.

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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.

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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).

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

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

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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%.

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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.

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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.

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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).

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Imports decreased in April

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

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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.

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Income statistics updated

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

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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

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Imports in March worth DKK 719 million

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

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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.

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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.

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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%.

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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.

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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.

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Unemployment rate in January 2020 was 1.1%

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

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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.

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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.

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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.

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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.

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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.

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Growth in number of employees slowing down

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

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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).

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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.

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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.

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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.

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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.

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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.