Faroe Islands wages grow 5.7 percent to 14.2 billion krónur

In the Faroe Islands, paid wages grew by 5.7 percent, totaling 14.2 billion krónur over the last 12 months. This represents an increase of 772 million krónur compared to the previous year.

The agriculture, forestry, and fishing sector saw the largest growth in terms of krónur. Specifically, demersal fishing and on-board demersal fishing accounted for a significant portion of this rise, contributing approximately 188 million and 63 million krónur respectively. This sector alone represented 32 percent of the total wage growth.

Other sectors experiencing notable growth included transport and storage, manufacturing, and public administration and defense. Data indicates that men accounted for 62 percent of total wages and 68 percent of the overall wage growth during this period.