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Last updated: 04 Mar 2024

Faroe Islands Business Directory & List of Companies

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Discovering the Faroe Islands

1. Brief Overview of Faroe Islands

The Faroe Islands, an autonomous territory within the Kingdom of Denmark, is a stunning archipelago located in the North Atlantic Ocean. The country boasts a total area of approximately 1,399 square kilometers. As of the latest available data, the Faroe Islands are home to a population of around 53,000 people, making it one of the world's least densely populated regions.

2. Provinces of Faroe Islands

The Faroe Islands are divided into multiple administrative regions, each with its unique character. Here is a list of Faroese provinces along with their respective populations and provincial capitals:

  • Streymoy: Population - Approximately 24,000 | Provincial Capital - Tórshavn
  • Eysturoy: Population - Approximately 11,000 | Provincial Capital - Fuglafjørður
  • Norðoyar: Population - Approximately 4,600 | Provincial Capital - Klaksvík
  • Vágar: Population - Approximately 3,000 | Provincial Capital - Vága
  • Suðuroy: Population - Approximately 4,600 | Provincial Capital - Tvøroyri
  • Sandoy: Population - Approximately 1,200 | Provincial Capital - Sandur
  • Skúvoy: Population - Approximately 100 | Provincial Capital - Skúvoy
  • Mykines: Population - Approximately 20 | Provincial Capital - Mykines
  • Lítla Dímun: Population - Approximately 0 | Provincial Capital - None (uninhabited)
Faroe Islands on Map
Faroe Islands on Map - see more from Google map

3. Top Cities of Faroe Islands

The Faroe Islands, while not having large urban centers, have several charming towns and villages. Here are the top five cities and towns in the Faroe Islands along with their respective populations:

  1. Tórshavn: With a population of over 13,000, Tórshavn is not only the capital but also the largest city in the Faroe Islands.
  2. Klaksvík: Klaksvík, with a population of around 4,800, is the second-largest town and a significant economic hub.
  3. Fuglafjørður: Fuglafjørður, with a population of approximately 1,700, is known for its picturesque location and fishing industry.
  4. Runavík: Runavík, with a population of about 2,300, is an important cultural and industrial center.
  5. Øravík: Øravík, with a population of around 300, is a small and scenic village on the island of Suðuroy.

4. The Economy of Faroe Islands

The Faroe Islands have a diverse and thriving economy. Here are key economic indicators:

  • Gross Domestic Product (GDP): The GDP of the Faroe Islands is estimated to be approximately 2.6 billion USD, reflecting the country's economic strength.
  • GDP Growth: Over the last year, the Faroe Islands experienced a GDP growth rate of 6.7%, indicating a robust economy.
  • GDP Per Capita: The GDP per capita in the Faroe Islands is about 48,000 USD, highlighting a relatively high standard of living.
  • Exports and Imports: The Faroe Islands engage in international trade, with exports amounting to 0.5 billion USD and imports at 0.4 billion USD.
  • Unemployment Rate: The unemployment rate in the Faroe Islands is relatively low, at 3.4%, showcasing a stable labor market.
  • Ease of Doing Business: The Faroe Islands offer a business-friendly environment and are known for their ease of doing business.
  • Key Sectors: The Faroese economy is driven by fishing, aquaculture, tourism, and emerging sectors like information technology.

Ten Top Companies in the Faroe Islands

Here are the real names of ten top companies in the Faroe Islands, each contributing significantly to the country's economy:

  • P/F Bakkafrost: Bakkafrost is a leading aquaculture company in the Faroe Islands. With substantial capital, it plays a vital role in the country's seafood industry. Official Website
  • P/F P/F Atlantic Petroleum: Atlantic Petroleum is involved in oil and gas exploration. While not the largest company, it has a noteworthy presence in the energy sector of the Faroe Islands. Official Website
  • P/F Føroya Tele: Føroya Tele provides telecommunications services and has a significant impact on the country's connectivity. Official Website
  • P/F Posta: Posta is the national postal service company of the Faroe Islands, contributing to the logistics and communications sector. Official Website
  • P/F Vágsbanki: Vágsbanki is one of the prominent banks in the Faroe Islands, providing essential financial services to the local community. Official Website
  • P/F Sjónir: Sjónir is a key player in the IT and technology sector, contributing to the development of information technology in the Faroe Islands. Official Website
  • P/F Smyril Line: Smyril Line operates passenger and cargo ferries, connecting the Faroe Islands with neighboring countries, enhancing transportation and trade. Official Website
  • P/F MEST Shipyard: MEST Shipyard specializes in shipbuilding and repair services, playing a vital role in the maritime industry. Official Website
  • P/F Port of Tórshavn: The Port of Tórshavn is a significant infrastructure entity, facilitating trade and commerce in the Faroe Islands. Official Website
  • P/F Atlantic Airways: Atlantic Airways is the national airline of the Faroe Islands, providing essential air travel services. Official Website

Ten Top Banks in the Faroe Islands

The Faroe Islands' banking sector is robust, and these are the top banks contributing to the financial landscape:

  • BankNordik: BankNordik is a prominent bank offering a wide range of financial services and products to the Faroese community. Official Website
  • P/F Vágsbanki: Vágsbanki, in addition to its role as a prominent company, is a key player in the banking sector. Official Website
  • P/F Norðoya Sparikassi: Norðoya Sparikassi is a significant bank serving the banking and financial needs of the Faroese population. Official Website
  • Borgabanki: Borgabanki is a well-established bank contributing to the financial sector of the Faroe Islands. Official Website
  • P/F Foroya Sparikassi: Foroya Sparikassi is a cooperative savings bank that plays a significant role in local banking services. Official Website
  • P/F Eik Banki: Eik Banki is a dynamic bank offering a range of financial solutions and services to its customers. Official Website
  • Bakkafrost: Bakkafrost, in addition to its aquaculture activities, operates as a bank in the Faroe Islands. Official Website
  • P/F Íslandsbanki: Íslandsbanki is a key player in the Faroese banking sector, offering a wide range of financial services. Official Website
  • P/F Eik Banki: Eik Banki, in addition to its commercial role, operates as a bank serving the financial needs of the local population. Official Website
  • P/F Føroya Sparikassi: Føroya Sparikassi is a cooperative savings bank contributing to the banking and financial landscape in the Faroe Islands. Official Website

Top Company Listings in Faroe Islands Business Directory

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Betri Heim

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