Faroese firms rank among Nordic leaders in innovation

Faroese companies ranked among the Nordic leaders in innovation in 2022, 2023 and 2024, Kringvarp Føroya reported on Monday, citing Hagstovan.

More than half, or 61 per cent, of companies in the Faroe Islands are considered innovative. This includes innovation in products, services and work processes.

Faroese companies are least innovative in products and services. Process innovation is more common than product and service innovation both in the Faroe Islands and in other countries.

Companies in the Faroe Islands, Sweden, Norway and Finland recorded similar results, with the figures differing by no more than three percentage points. The figure for Denmark was 48 per cent. Data for Iceland was unavailable.

Investment in research, development and innovation totalled 748 million kroner in 2024, down by 147 million kroner from 2022.