About the current account of the balance of payments
The balance of trade with other nations is based on questionnaires that Statistics Faroe Islands sends out to selected businesses. Due to this nature of information gathering, a certain degree of uncertainty is to be expected in the figures.
The balance of payments is a statement of all transactions made between entities in one country and the rest of the world. These transactions include trade of goods and services, income from labour and financial resources, and current transfers such as aid from the Danish state and social contribution from pension schemes and insurance claims.
These figures provide an insight into what type of services and transfers of primary and secondary income that take place between the Faroes and other nations.