Economic sentiment indicator
 05. Jun 2025
Survey in progress: How do households view the Faroese economy and their own financial situation?

750 households in the Faroes have been selected to answer 16 questions about their personal finances and their outlook on the Faroese economy as a whole.

About the survey

Statistics Faroe Islands is in the process of calling 750 randomly selected households in the Faroes. Those who have Mínboks have already been notified there about answering the questions. This week, Statistics Faroe Islands will be calling those who do not have Mínboks along with those who have not yet answered via Mínboks.

A quarter struggles to make ends meet

In the last economic sentiment survey from January 2025, and in previous surveys, just over a quarter of households reported only just being able to make ends meet. About 60% said they are saving money. Despite significant consumer price hikes in the past three years, household borrowing does not appear to have increased. 

Statistics Faroe Islands is currently looking into these figures for June 2025.

[px-graph-1]

Other questions and graphs are available on the Economic Sentiment Indicator (ESI) for households page.

Economic tendency surveys for industry

Later this month, economic tendency surveys will be conducted for the primary, service, retail and construction industrial sectors. In these surveys, more than 100 Faroese businesses will be sent a set of questions, with different questions and different multiple-choice answers for each sector. 

Pursuant to the Law of the Løgting no.33 of 7 May 1991, businesses are required by law to respond to the questionnaires.

The survey questions are the same as those used in all countries in the ECFIN partnership. The survey methodology is also the same, meaning that the figures are internationally comparable.

ESI – an indicator of economic outlook

The ESI is not based on actual figures from the economy, but rather on the assessments and expectations of key groups in society – both households and businesses.

Households (consumers) contribute 20% to the overall index. The remaining 80% comes from four key industrial sectors, each weighted according to their economic contribution: primary sector (40%), services (30%), retail (5%) and construction (5%). 

Questions and graphs are available on the theme pages for the primary sector, services, construction and retail trade.

See more graphs
All tables (Statbank)