Faroe Islands to reduce annual economic forecasts from two to one

The Faroese Council for Economic Affairs will no longer publish two economic forecasts per year, instead issuing a single spring forecast and a themed autumn report, Kringvarp Føroya reports.

Finance Minister Aksel V. Johannesen stated the change ensures the spring forecast—due by 1 April—can incorporate the latest statistical data from the Faroese statistics agency, which becomes available in March. Previously, the forecast was published on 1 March, before updated figures were ready.

The autumn economic forecast, traditionally released on 1 September, will be replaced by an annual thematic report focusing on structural economic issues. The report will also provide policy recommendations for structural reforms, according to the council’s proposal.

The decision was made in consultation with the Council for Economic Affairs and the National Bank of the Faroe Islands, without a public hearing process.