Percentage-wise, the Faroe Islands have the largest labor force in Europe, reports Statistics Faroe Islands (Hagstova Føroya)
The labor force participation rate in November 2018 was estimated at 86 percent (88 percent for men and 84 percent for women) given the population 15 years old and over of 36.500.
Hence, as of November 2018, there were 31.500 people in the labor force. The current population in the Faroe Islands is approximately 51.300.
The labor force is the number of people who are employed plus the unemployed who are looking for work. The labor pool does not include the jobless who are not looking for work. For example, stay-at-home moms, retirees (74+ in this case), and students are not part of the labor force.
Statistics Faroe Islands writes that Iceland has the second largest labor force in Europe, percentage-wise.
The Faroese unemployment rate fell to 1.4% in October 2018, a nearly 10-year low.