The Faroese business environment is specialised and multi-faceted in distinct business areas, although it is not as diversified as the economies in other developed countries.
During the last two centuries, the Faroese economy has revolved around fishery and related industries, and fishery is yet today the key source of revenue.
In recent years, aquaculture has developed with a considerable pace, and the marine farming of Atlantic salmon and rainbow trout is an important and growing part of the Faroese export portfolio. Industries within the service sector have expanded significantly and the service sector today employs approximately 70% of the Faroese workforce (Source:Faroe Islands in figures 2012).
For further information about the Faroese economy, see the publications Faroe Islands Information Memorandum 2012 and Economic Outlook 2012-2013 produced by the Governmental Bank. Also read about the increasing diversification of the Faroese economy.
You may read more about Faroese maritime industries in the publication Faroe Islands Fisheries & Aquaculture.
Read more about managing marine resources responsibly in the Faroe Islands.
Read more about the foreign trade and international cooperation involving the Faroes.