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Industry recovers from pandemic
Industry recovers from pandemic
Faroese businesses have generally managed to recover from the devastating effects that the Covid-19 pandemic had on many industries
Photo: Statistics Faroe Islands
24.10.2022 - 11:02
The outbreak of the pandemic sparked concerns of an impending L-shaped recession with a steep decline in company earnings followed by a flat line for an extended period, reports Statistics Faroe Islands.
However, this expected L shape actually turned into a V shape, as shown in the graph below.
Having plummeted from DKK 2.6 billion in 2019 to DKK 1.6 billion in 2020, total company earnings bounced back in 2021 to DKK 2.8 billion.
The hardest-hit industries – transportation & storage and hotels & restaurants – returned to positive earnings in 2021, although these earnings are some way off pre-pandemic levels.
Read the Faroese version of this article here.
More Faroese News in English.
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