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