Employees
12. Mar 2021
26,800 employees in February
The trend indicates that while the number of employees is continuing to grow, this growth has slowed down significantly, especially in the past year.
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The graph below shows the employee numbers for each sex. The semi-transparent lines show the employee numbers, while the solid lines show the trend.
In February, there were approx. 13,750 male employees (almost 150 more than in February 2020) and 13,100 female employees (about 160 more than in February 2020).
The trend indicates that while the growth in the number of male employees has stagnated, the growth in female employees is continuing.
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Compared with February 2020, the employee figure has increased by 2.8% in the ‘Governmental and other services’ sector and by 1.8% in the ‘fishery and other natural resources’ sector. The employee figure in the ‘construction and other manufacturing’ sector decreased by 4% and by 1.8% in the ‘private services’ sector.
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The graphs below show the monthly employee figures (semi-transparent lines) and the trends (solid lines) in the four main industrial sectors.
The employee growth in the ‘private services’ sector has been negligible in the past year, and the trend indicates a slight decrease in this sector. The number of employees in the ‘construction and other manufacturing’ sector are now declining following a period of steady increase since 2014.
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About employees
An employee is anyone aged between 16 and 74 who earns a wage that is subject to tax at source (PAYE) and resides in the Faroe Islands at the time of wage payment. A person is regarded as an employee if he or she receives a wage payment which is no lower than a day wage for an unskilled worker, regardless of whether the wage is paid by a Faroese or an overseas company.
About the trend
The trend describes the employee trend by adjusting for seasonal effects and error components in the figures.
About the main industrial sectors
Grouped under the ‘fishery and other natural resources’ sector are the following branches: agriculture, fishing, aquaculture, extraction of raw materials, fish processing and activities not elsewhere indicated.
The ‘construction and other manufacturing’ sector includes: shipyards/machine shops, other manufacturing, construction and energy.
The ‘private services’ sector includes: trade and repair, hotels and restaurants, sea transport, other transport, communications, finance and insurance, business services. household services and organisations, culture, etc.
‘Governmental and other services’ includes: public administration and services (central administration, municipalities, education, health and social work), government institutions and the Ministries of Education and Health.