Manufacturing industry in Faroe Islands reports 40% growth in 2023

The results for the manufacturing industry in the Faroe Islands saw a significant increase of 40% last year compared to 2022, totaling 970 million Danish kroner, according to updated financial statistics from Statistics Faroe Islands.

The food production sector experienced particularly strong growth, especially in the areas of fish, shellfish, and crustaceans. The results for pelagic fishing improved by 40% in 2023 compared to the previous year.

The COVID-19 pandemic greatly affected the economy, causing a decline of over one billion Danish kroner across all industries between 2019 and 2020. In 2021, enterprises managed to recover, achieving a result of 2.8 billion Danish kroner, which further increased to 3.8 billion kroner last year.

However, the aquaculture sector faced a downturn, with a 17% reduction in results. Additionally, results from retail and vehicle repair services fell by 32%.

Conversely, the transportation and storage sectors reported results that were seven times better last year than in 2021, as noted in a statement from Statistics Faroe Islands.