The economy has withstood Covid pressures

On the whole, the Faroese economy has overcome the challenges posed by the Covid-19 pandemic.

The Faroese Systemic Risk Advisory Council concludes that there are still no indications of systemic risks in the Faroese bank sector.

According to the council, which recently had its 11th meeting, the pandemic has hit the state economy hard, but it has not caused a crisis to the same extent as seen in other countries.

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However, the economic prospects are still uncertain because the success of Faroese fish exports is heavily dependent on international export markets.

It cannot therefore be ruled out that some companies will run into difficulties in the near future, according to the council.

However, households have maintained their optimism despite this uncertainty, evidenced partly through rising house prices, and general consumption has increased since the lockdown was lifted.

Translated by prosa.fo