Strong balance of payments

There have been big profits in the balance of international payments since 2013.

The profits reached record proportions in 2016 and 2017 when the operating surplus topped DKK 3 billion, which was a doubling up on figures from 2014 and 2015.

Exports and tourism

According to Statistics Faroe Islands, the great surplus is mainly due to the big increase in exports in 2016 and 2017, specifically exports of salmon and pelagic fish.

Services sold to international clients, such as tourism and exports, have also eaten a big chunk out of the deficit in the balance of services. 

 >> SEE ALSO Big increase in exports

A significant portion of the growth in the balance of services stems from increased profit transfers such as insurance compensation from abroad.

The operating conditions of the payment balance include the sales of goods and services, and income transfers to and from other nations. 

These transfers include salary and asset transfers from direct investments and investments in stocks and bonds, interest on loans, plus trade and service credits.

Translated by prosa.fo