Annual GDP growth (%) in Faroe Islands
Faroe Islands: Annual GDP growth (%) was 0.8% in 2024. ◆ Volatile
Annual GDP growth in Faroe Islands, 2009–2024
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
The most recent figure for annual gdp growth in Faroe Islands is 0.8%, measured in 2024.
Compared with earlier readings it is down 73.3% on the previous year and down 84.5% over ten years.
Over the whole period, annual gdp growth in Faroe Islands peaked at 7.1% in 2012 and was at its lowest, -4.6%, in 2009.
Faroe Islands ranks 190th of 230 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Annual GDP growth (%) in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 2009 | -4.6% | — |
| 2010 | -0.4% | -91.7% |
| 2011 | 3.6% | -1039.0% |
| 2012 | 7.1% | +98.6% |
| 2013 | 5.9% | -17.3% |
| 2014 | 5.4% | -7.2% |
| 2015 | 1.0% | -82.4% |
| 2016 | 1.4% | +44.7% |
| 2017 | 3.5% | +153.3% |
| 2018 | 2.8% | -21.3% |
| 2019 | 4.5% | +64.2% |
| 2020 | -1.6% | -136.1% |
| 2021 | 5.1% | -409.4% |
| 2022 | 3.9% | -23.8% |
| 2023 | 3.2% | -18.2% |
| 2024 | 0.8% | -73.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8% is below the median for high income countries, which is 2.1%, 40% of the median. (80 countries reporting)
- Faroe Islands's 0.8% is below the median for Europe & Central Asia, which is 2.6%, 32% of the median. (55 countries reporting)
Biggest year-on-year movements
Years where Annual GDP growth (%) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2011 | +1039.0% | -0.4% | 3.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -4.6% | -4.6% | -4.6% | 1 |
| 2010s | 3.5% | -0.4% | 7.1% | 10 |
| 2020s | 2.3% | -1.6% | 5.1% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross national expenditure (current US$), per capita 71,683 current US$ per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is annual gdp growth in Faroe Islands?
- Annual gdp growth in Faroe Islands was 0.8% in 2024, according to United Nations Statistics Division, SDG Global Database.
- What is the highest annual gdp growth recorded in Faroe Islands?
- The highest recorded value was 7.1% in 2012.
- What is the lowest annual gdp growth recorded in Faroe Islands?
- The lowest recorded value was -4.6% in 2009.
- How does Faroe Islands rank for annual gdp growth?
- Faroe Islands ranks 190th out of 230 countries with data for 2024.
- Is annual gdp growth rising or falling in Faroe Islands?
- Over the last ten years it is down 84.5%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from United Nations Statistics Division, SDG Global Database, published as part of Annual GDP growth (%). Statizoid updates them automatically from the source API.
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