The Covid-19 pandemic has not dented retail consumer confidence in the Faroe Islands.
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News overview. News published prior to 2019 can be accessed on our old website.
Despite an increase in overnight stays and check-ins over the past year, the occupancy rate has dropped considerably
Exports of fish products decreased by DKK 1.4 billion from February 2020 to January 2021 compared to the previous 12-month period.
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.
DKK 875 million was paid in wages in February – a drop of DKK 17 million on February 2020.
There were 26,800 employees in February 2021, which is roughly the same as in February 2020.
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.
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.
More than 84% of the Faroese working-age population are part of the labour force. This is the highest activity rate in Europe.
There were 400 full-time unemployed people in December
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.
There was a 20% year-on-year increase in hotel overnight stays in January 2021.
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.
Last year saw a year-on-year decrease of DKK 1.2 billion in fish exports. In volume terms, the decrease was 1%.
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 Faroese unemployment rate was 1,4% in November, with 405 full-time unemployed people.
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.
The total imports of goods in the first 11 months of 2020 are roughly the same as in the previous year.
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.
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.
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%.
Some 6,600 hotel overnight stays were registered in November.
There were just over 300 more employees last month than in December 2019.
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%.
The Faroese unemployment rate was 1,3% in October after reaching 1.9% in the early months of the Covid-19 pandemic
DKK 860 million was paid in wages in November – a drop of DKK 5 million on November last year.
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.
Total imports of goods saw a DKK 145 million year-on-year decrease in the first 10 months of this year
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%.
The Faroese unemployment rate was 1,4% in September after reaching 1.8% in the early months of the Covid-19 pandemic.
Cod catch in Faroese waters saw a 50% year-on-year- drop in the first 10 months of this year.
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
There were almost 100 more employees in October 2020 than in October 2019, an increase of 0.3%.
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.
The Faroese unemployment rate has come down to 1,5% after reaching 1.8% in the first months of the Covid-19 pandemic
Cod and salmon exports have decreased while exports of pelagic fish have increased.
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.
Average consumer prices for Q3 2020 are 0.3% higher than in Q2 2020 and 0.2% higher than in Q3 2019
The number of employees continues to grow, but the growth is slowing down.
On 1 September this year, the Faroese population was 52,703, an increase of 768 people (1.5%) on September 2019.
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.
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.
Figures on hotel overnight stays have been updated until the end of August
With November’s local elections approaching, we take a closer look at various demographics across the country’s 29 municipalities
Total imports of goods increased by 5% in the first seven months of this year compared to the same period last 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
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.
On 1 August this year, the Faroese population was 52,816, an increase of 733 people (1.4%) on August 2019.
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.
Many new entries were added to the list of most popular baby names last year.
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
The volume of imported hand sanitiser products grew by 1,400% from March to June this year compared to the same period last 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
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.
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).
Fish catch statistics now feature all species and all types of processing methods
The latest business survey from June 2020 shows a significant decline in consumer confidence compared to the previous survey in January 2020.
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%.
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.
There were 25,700 employees in May, which is a slight increase on April but far less than before the corona crisis.
The past 20 years have seen a big increase in life expectancy and major changes in cause of death.
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).
There was a 23% decrease in imports of goods from April 2019 to April 2020
Total exports of goods in April 2020 went down by a third compared with April 2019
The graphs below provide an overview of the various income brackets featuring everyone aged 15 and over.
The Faroe Islands had the lowest Gini coefficient in the Nordic region in 2018.
Some 5,000 Faroese citizens had a median income in 2018 low enough to be at risk of poverty.
Figures and analyses of income statistics have been updated for 2018.
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
March 2020 saw a 9% increase in imports of goods on March 2019
The number of employees fell to about 25,300 in April. The biggest drop was in the private service sector.
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.
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.
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%.
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.
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).
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.
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.
Unemployment went down by 0.2% from January 2019 to January 2020.
This article outlines the developments in agricultural production over the past 10 years.
The retail sales figures (value converted to volume) for Q4 2019 show growth in two out of three commodity groups.
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.
Below is an analysis of changes within each industry sector over the past five years.
Imports in Feb. 2019-Jan. 2020 amounted to DKK 8.4 billion, which is DKK 500 million more than the previous 12-month period.
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.
Just over DKK 890 million were paid out in wages in February, which is an increase of DKK 55 million on February last year.
The number of employees is still growing, but the growth appears to be slowing down.
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).
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.
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.
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.
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.
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.