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Faroese economy

Current trends in the Faroese economy

The Faroese economy grew in 2013, following a couple of years characterised by stagnation. The nominal gross domestic product, GDP, increased by 5.1 per cent, while consumer prices fell by 0.6 per cent. Growth in nominal GDP was driven by fish exports, which rose as a result of larger catches of mackerel and herring and high salmon prices. Private sector demand is also picking up after a few years of household restraint. Employment is rising slightly, while unemployment is low and declining.