11. Jan 2022
Record high number of employees in December
December is usually the month in which the employee figure peaks, and 2021 was no exception. There were just over 28,050 employees in the Faroe Islands in December 2021, which represents a new record high, and the first time the employee figure surpasses 28,000 for a single month.
The employee figure of 28,050 for December 2021 is a year-on-year increase of 330 employees (1.2%).
Despite this increase, the employee trend indicates an insignificant growth during the past months.
As the graph above shows, the employee growth rate stagnated in April 2020, which was the first full month after the Covid-19 outbreak.
It is now possible to embed interactive graphs such as the one above in your own website.
By hovering the marker over a certain point on the graph, you can see the population figure for that particular month. By adjusting the timeline at the bottom of the graph, you can also extend the period – back to 1985 for this particular graph.
To embed the graph in your own website, click the menu button in the top right corner. Click ‘Embed graph in website’, then click ‘Copy code’ and paste the code in your website.
Men and women
The graph below shows the employee number for each sex. The semi-transparent lines show the employee numbers, while the solid lines show the trend.
In December 2021 there were approx. 14,475 male and 13,581 female employees in the Faroe Islands. This is a year-on-year increase of approx. 100 male and over 200 female 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 ‘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.