Faroese economic council chair defends wage growth assessment as factual

The chair of the Faroe Islands’ Economic Council, Johnny í Grótinum, has stated that his confirmation of real wage growth amid high inflation was solely based on presenting facts, not political messaging, Kringvarp Føroya reports.

Speaking to the Faroese national broadcaster, Johnny í Grótinum said the emphasis on Faroese wage statistics should lead to daily updates, but stressed that his council’s assessments rely on the same data used by Sonja Jógvansdóttir, a representative of the workers’ association Verkfafólk. These figures are sourced from the Faroese Statistics Agency (Hagstovan), which determines the weighting of different goods and services in consumer price calculations.

The Economic Council does not itself adjust the weighting—this responsibility lies with Hagstovan, which sets the measurement criteria for how various product groups and services factor into consumer price indices.

Tags: faroe islands, economy, wages