Faroese wages top 14 billion krónur over past 12 months

Total wages paid in the Faroe Islands reached 13.9 billion krónur over the past 12 months, representing growth of 6.6 percent, according to a report from Statistics Faroe Islands (Hagstovan) published by national broadcaster Kringvarp Føroya.

Fishing and aquaculture accounted for more than one third of the growth in wage payments measured in krónur. This was driven particularly by wages in demersal fishing, which grew by nearly 50 percent compared with the preceding 12-month period.

Other sectors recording strong wage growth in krónur include transport and storage, health and public services, and manufacturing, each posting increases of between four and eight percent.

Men account for the majority of both total wages and wage growth. Of the 13.9 billion krónur paid out over the past 12 months, men received 62 percent, or 8.6 billion krónur. Of the total growth of 860 million krónur, men accounted for 70 percent, equivalent to 600 million krónur.