13. Oct 2020
26,900 employees in September – a year-on-year increase of 1%
There were just under 26,900 employees in the Faroe Islands in September, which is an increase of about 250 (1%) on September last year.
The trend in the graph below shows that the recent growth in employee figures is now starting to slow down.
The graph below shows employee figures for both genders. The semi-transparent lines show employee figures, while the solid lines show the trend for each gender.
In September, approx. 13,850 male and 13,050 female employees were registered in the Faroe Islands. The employee figures increased from September 2019 by 1.3% for men and 0.6% for women.
This growth has slowed down for both genders, in recent months especially for male employees.
The graphs below show the employee figures and trends in each of the four main industrial sectors. The semi-transparent lines show employee figures, while the solid lines show the trend for each sector.
The employee figure in the ‘Fishery and other natural resource industries’ sector has increased by 3.5%, and by 1.9% in the ‘Governmental and other services’ sector, while the ‘Private services’ sector has seen a drop of 0.7% and the ‘Construction and other manufacturing industries’ sector has seen a 0.1% drop.
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.