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Current Trends in the Faroese Economy - Part 1

The Faroese economy is slowly recovering from the downturn that hit the Faroe Islands in connection with the international financial crisis. However, growth in the nominal gross domestic product was slightly below the level of consumer price inflation in 2011. Private consumption has been subdued in recent years, and households have consolidated. 2011 saw a notable increase in catch values for mackerel, which partly made up for the decline in more traditional fisheries. Combined with growth in aquaculture, this led to higher exports in 2011. Imports rose at a faster rate, but the balance of trade was still in surplus. Public finances still show a deficit, although there has been an improvement since 2008.