Debt not a big issue in the Faroes

02.10.2018 - 15:01
Debt not a big issue in the Faroes
Private debt in the Faroes is significantly lower than in other Western countries.

Faroese households and businesses have relatively low debts compared with debt levels in other parts of the Western World.

According to the budget report 2019, a typical Faroese household has a debt that is 55 percent of the GNP. In Denmark and Norway, the average household debt is well above 100 percent of the GNP, while in Iceland it is 75-80 percent.

The Ministry of Finance says these figures reveal a sustainable financial system, based on increased production and income growth, rather than on loans.

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