Europe’s most industrious nation

27.02.2020 - 09:58
Europe’s most industrious nation
With more than 85 percent of the working age population in employment, the Faroes have the highest employment rate in Europe
Faroese men have an 87-percent employment rate, compared to 84 percent for the women

The Faroes have Europe’s highest employment rate, according to a report by Statistics Faroe Islands.

Out of the just over 37,000 people aged 15-74, around 32,000 are in employment. This adds up to an employment rate of 85.4 percent, topping the European list, followed by Iceland.

Faroese men have an 87-percent employment rate, compared to 84 percent for the women.

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Eysturoy appears to be the most industrious region in the country, with an employment rate of 88 percent, followed by Suðurstreymur and Norðoyggjar, at 86 percent.

Sandoy and Suðuroy have the lowest employment rate, at 79 percent.

Common to men and women in the Faroe Islands and in Iceland is that young people in these countries are significantly more active in the job market than elsewhere, and that the old generations remain in the workforce for longer than in other countries.

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In the Faroes and Iceland, the employment rate reaches 75 percent before the age of 20, compared with 50 percent in Denmark and an EU average of about 20 percent.

The difference is even greater for the old generations, especially the oldest segment, the 65-74 year-olds, who in the Faroes have an employment rate of 50 percent, compared to 35 percent in Iceland, 10-15 percent in Denmark and other EU nations.

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