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Unemployment rate drops to lowest level in a decade in June

The unemployment rate in the Faroe Islands is the lowest it has been in a decade, reaching 1.8 percent in June, reports Statistics Faroe Islands.

In June 2018, the unemployment rate fell 0.2 percentage point to 1.8 percent, and the number of people who were unemployed was 495 – 165 people fewer than in June 2017.

The jobless rate was 2.0 percent in May 2018 and 2.3 percent in June 2017.

The numbers show a steady decrease from July 2016, when unemployment rates peaked that year at 3 per cent. In 2011, roughly 8 percent of the Faroese population was unemployed.

Perhaps not surprisingly, men have a lower unemployment rate than women. As of June 2018, the unemployment rate for women was at 2.0%, while the unemployment rate for men was at 1.5%.

The island of Suðuroy has the highest unemployment rate in the country, at 5.2% as of June 2018.

The island of Vágar has the lowest jobless rate, at 0.6%,  while it is slightly higher in the Tórshavn area, at 1.9% as of June 2018.

Elsewhere, the jobless rate in Norðoyggjar – the Klaksvík area – stood at 1.4% in June 2018.


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