Dividends in ’Activities of head offices’ are left out in an effort to exclude internal dividend payments from the figures above.
The international NACE industry classification system
Statistic Faroe Islands’ statbank classifies firms into industrial branches according to production activity. The Faroese industry classification is based on the international NACE industry classification system, with certain modifications that make it possible to place e.g. the fishing industry, a relatively large industry in the Faroe Islands, into a separate category.
Examples of the four-digit NACE codes:
A Agriculture, forestry and fishing NACE Level 1, sections
A03 Fishing and aquaculture NACE Level 2, divisions
A03.1 Fishing NACE Level 3, groups
A03.11 Marine fishing NACE Level 4, class, international level
A03.11.10 Wetfisheries NACE Level 5, class, Faroese figures
The ’non-financial’ sector
The above figures include all companies in the non-financial sector, except quasi corporations such as Apoteksverkið (the National Pharmaceutical Agency) and Rúsdrekkasøla Landsins (the Alcohol Monopoly of the Faroe Islands).
This means that the following industry sections are not included as they fall outside the non-financial sector:
K: Financial and insurance activities, which are part of the financial sector
O: Public administration and defence; compulsory social security
T: Activities of households as employers; undifferentiated goods- and services-producing activities of households for own use
U: Activities of extra-territorial organisations and bodies.