Agriculture, forestry, and fishing, value added (current LCU) in Faroe Islands
Faroe Islands: Agriculture, forestry, and fishing, value added (current LCU) 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 (current LCU) 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% |
Faroe Islands compared with similar countries
- Faroe Islands's 4.49 billion current LCU is below the median for high income countries, which is 4.59 billion current LCU, 98% of the median. (74 countries reporting)
- Faroe Islands's 4.49 billion current LCU is below the median for Europe & Central Asia, which is 19.45 billion current LCU, 23% of the median. (55 countries reporting)
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
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % 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.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.