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