Danish central bank advises Faroese public spending cuts
Higher salmon prices and low unemployment may overheat the economy, central bank says
The National Bank of Denmark has advised the Faroe Islands to reduce public spending, as strong growth and low unemployment risk overheating the economy.
“The Faroese economy is booming, driven by high export revenue from farmed salmon,” the central bank says in an analysis published today (September 25). But being a “small, open economy with a concentrated business structure that is heavily dependent on fisheries and aquaculture” makes it prone to sharp fluctuations, the bank adds.
GDP
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