Agriculture, forestry, and fishing, value added in Faroe Islands
Faroe Islands: Agriculture, forestry, and fishing, value added was 4.49 billion current LCU in 2024. ▲ Rising
Agriculture, forestry, and fishing, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
In 2024, agriculture, forestry, and fishing, value added in Faroe Islands stood at 4.49 billion current LCU.
The figure is down 6.9% on the previous year and up 83.1% over ten years.
Over the whole period, agriculture, forestry, and fishing, value added in Faroe Islands peaked at 4.82 billion current LCU in 2023 and was at its lowest, 1.19 billion current LCU, in 2003.
Faroe Islands ranks 141st of 206 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 27 years of available data.
Agriculture, forestry, and fishing, value added in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 1.33 billion current LCU | — |
| 1999 | 1.27 billion current LCU | -4.6% |
| 2000 | 1.55 billion current LCU | +22.4% |
| 2001 | 1.74 billion current LCU | +11.9% |
| 2002 | 1.55 billion current LCU | -10.5% |
| 2003 | 1.19 billion current LCU | -23.6% |
| 2004 | 1.23 billion current LCU | +3.3% |
| 2005 | 1.22 billion current LCU | -0.7% |
| 2006 | 1.65 billion current LCU | +35.7% |
| 2007 | 1.58 billion current LCU | -4.6% |
| 2008 | 1.21 billion current LCU | -23.4% |
| 2009 | 1.23 billion current LCU | +1.9% |
| 2010 | 1.94 billion current LCU | +57.8% |
| 2011 | 1.94 billion current LCU | -0.1% |
| 2012 | 1.72 billion current LCU | -11.5% |
| 2013 | 2.24 billion current LCU | +30.1% |
| 2014 | 2.45 billion current LCU | +9.6% |
| 2015 | 2.71 billion current LCU | +10.6% |
| 2016 | 3.68 billion current LCU | +35.5% |
| 2017 | 3.54 billion current LCU | -3.8% |
| 2018 | 3.29 billion current LCU | -7.1% |
| 2019 | 3.71 billion current LCU | +13.0% |
| 2020 | 2.94 billion current LCU | -21.0% |
| 2021 | 3.31 billion current LCU | +12.6% |
| 2022 | 4.79 billion current LCU | +45.0% |
| 2023 | 4.82 billion current LCU | +0.6% |
| 2024 | 4.49 billion current LCU | -6.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.30 billion current LCU | 1.27 billion current LCU | 1.33 billion current LCU | 2 |
| 2000s | 1.41 billion current LCU | 1.19 billion current LCU | 1.74 billion current LCU | 10 |
| 2010s | 2.72 billion current LCU | 1.72 billion current LCU | 3.71 billion current LCU | 10 |
| 2020s | 4.07 billion current LCU | 2.94 billion current LCU | 4.82 billion current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Manufacturing, value added (current LCU), per unit of GDP 0.6524 current LCU per US$ of GDP (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Industry (including construction), value added (current LCU), per 93,585 current LCU per person (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Industry (including construction), value added (current LCU), annual -5.07 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Industry (including construction), value added (current US$), per 0.183 current US$ per US$ of GDP (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Manufacturing, value added (current LCU), per capita 48,390 current LCU per person (2024)
- External balance on goods and services (current LCU), annual growth 228.14 % change on previous year (2024)
Frequently asked questions
- What is agriculture, forestry, and fishing, value added in Faroe Islands?
- Agriculture, forestry, and fishing, value added in Faroe Islands was 4.49 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest agriculture, forestry, and fishing, value added recorded in Faroe Islands?
- The highest recorded value was 4.82 billion current LCU in 2023.
- What is the lowest agriculture, forestry, and fishing, value added recorded in Faroe Islands?
- The lowest recorded value was 1.19 billion current LCU in 2003.
- How does Faroe Islands rank for agriculture, forestry, and fishing, value added?
- Faroe Islands ranks 141st out of 206 countries with data for 2024.
- Is agriculture, forestry, and fishing, value added rising or falling in Faroe Islands?
- Over the last ten years it is up 83.1%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of Agriculture, forestry, and fishing, value added (current LCU). Statizoid updates them automatically from the source API.
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About this data
Agriculture, forestry, and fishing corresponds to ISIC (Rev. 4) divisions 01-03 and includes the exploitation of vegetal and animal natural resources, comprising the activities of growing of crops, raising and breeding of animals, harvesting of timber and other plants, animals or animal products from a farm or their natural habitats.Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.