Economic outlook improving

The confidence in the Faroese economy is starting to approach pre-Covid levels, reports Statistics Faroe Islands.

The Economic Sentiment Indicator (ESI), which tracks overall economic activity and outlook, calculated as a composite indicator of five separate confidence indicators for consumers, retail trade, industry, construction and services, is on the increase and is now approaching the long-term average.

After a three-year period with a relatively steady ESI, the figure dropped dramatically last year, going from 32 in January to minus 16 in June.

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In January 2021, the ESI had rebounded to plus nine, and in June 2021 it had made it up to 11. The long-term average is 17.

Fish exporters are now expecting increased sales over the next year.

Restaurants, hotels, road hauliers and the construction industry expect to hire more staff, and households generally express more confidence in the economic situation than a year ago.

Read the Faroese version of this article here.

Translated by prosa.fo

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