Business

Record low unemployment in the Faroe Islands – just 296 people

People dressed in national costume at Ólavsøka
People dressed in national costume at Ólavsøka

Nowhere in the Nordics will you find a higher employment rate than in the Faroe Islands right now. It stands at 90%, and unemployment is only 0.9%. What is it like in a society where nearly everyone has a job, and where being unemployed is correspondingly difficult?

Spirits are high at the Faroese Employment Service, ALS.

“We have only had one storm so far this year. It lasted from January to February,” jokes CEO Magni á Deild Olsen.

The weather might be changeable – the day before, Torshavn was bathed in sunshine, overnight a hailstorm battered against the hotel window and now there is calm – but the economic high pressure has been steady for eight years. In 2011 unemployment stood at 7%. Since then, it has fallen year on year.

Read more here.

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