Faroes increasingly independent of Danish subsidies

The annual subsidy from Denmark to the Faroes, known as the block grant, has dropped significantly since the turn of the century.

In 2001, the block grant amounted to 17 percent of Faroese public revenue and 21 percent of public spending.

By 2020, these figures had come down to six and five percent, respectively.

This was announced last week by finance minister Uni Rasmussen in his reply to an enquiry from Tjóðveldi MP Bjørt Samuelsen about Danish state subsidies and financial independence.

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Public revenues in 2020 amounted to DKK 11,269 million, while public spending amounted to DKK 12,128 million.

The Faroese GDP per capita in 2020 was DKK 404,000. The 2021 figures have not been published yet, but the minister expects a 4-5% increase in the GDP per capita for 2021.

Denmark’s GDP per capita was DKK 399,000 in 2020 and DKK 428,000 in 2021.

Read the Faroese version of this article here.

More Faroese News in English.