06. Oct 2023
Total earnings for all industries: DKK 3.5 billion
The latest annual accounts statistics by industrial branch cover the period from 1998 to 2022.
Theme pages have now been added for all industrial branches. They can be accessed in the ‘Business’ section of the navigation bar near the top of the site.
The latest annual accounts statistics by industrial branch cover the period from 1998 to 2022.
Theme pages have now been added for all industrial branches. They can be accessed in the ‘Business’ section of the navigation bar near the top of the site.
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The highest profiting industries
In the highest profitable industrial branch, ’Agriculture, forestry and fishing’, the ’Aquaculture’ sub-branch stands out with total profits of DKK 1.17 billion in 2022, compared to DKK 409 million in 2021.
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Aquaculture earnings: DKK 1.17 billion
In the highest profitable industrial branch, ’Agriculture, forestry and fishing’, the ’Aquaculture’ sub-branch stands out with total profits of DKK 1.17 billion in 2022, compared to DKK 409 million in 2021.
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Highest percentage profits growth
In the highest profitable industrial branch, ’Agriculture, forestry and fishing’, the ’Aquaculture’ sub-branch stands out with total profits of DKK 1.17 billion in 2022, compared to DKK 409 million in 2021.
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Third-highest growth in ‘Arts, entertainment and recreation’
The second-highest profits growth came in ‘Agriculture, forestry and fishing’ (137%). This was followed by ‘Arts, entertainment and recreation’, where earnings went up 59% from DKK 2.2 million in 2021 to DKK 3.6 million in 2022.
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Operational costs, finances and key accounting figures of businesses are provided on the basis of each company’s balance sheets.
To obtain the most accurate description of activities and to avoid duplicate entries, results from subsidiary and affiliate companies are not included in the annual accounts analysed above.
International industry classification (NACE)
The Statbank classifies businesses into industrial branches according to production activity.
The Faroese industrial sector classification system is based on the statistical classification of economic activities in the European Community (NACE), with an additional level that accommodates certain adaptations specific to Faroese production practices in e.g. fisheries.
Examples of NACE codes:
A: Agriculture, forestry and fishing’ – NACE level 1
A03: Fishing and aquaculture – NACE level 2
A03.1: Fishing – NACE level 3
A03.11: Marine fishing – NACE level 4
A03.11.10 Wet fishery; fishery for landing of fresh fish - NACE level 5, additional Faroese layer
The ’non-financial corporations’ sector
The statistics cover all companies that are part of the ‘non-financial corporations’ sector, with the exception of “quasi”-companies such as the pharmacy service and the alcohol monopoly.
This means that the following branches are not included as they fall outside the non-financial corporations 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 extraterritorial organisations and bodies