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Faroese economy

Current Trends in the Faroese Economy - Part 1

The Faroese economy has been stagnant for the last couple of years. Households have consolidated. This has dampened private consumption and hence also certain derived investments. Exports rose, driven by positive developments in aquaculture, but growth in imports was stronger, and the balance of trade, excluding ships and aircraft, showed a deficit in 2012 for the first time since 2009. The public finances continue to show a deficit.