Corrections required to maintain a strong economy
The stagnation experienced by the economy from 2003 to 2005 shifted toward real growth in 2006. Despite positive changes in many areas, the Governmental Bank of the Faroe Islands anticipates that limited production capacity will dampen economic growth during 2007, compared to 2006. The Bank’s assessment for 2007 envisages nominal growth in GDP of approximately 5%, while it is estimated that wages will increase by approximately 4%.
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