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.
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 165th of 196 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 | Value | 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% |
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
- GNI per capita 520,046 current LCU (2024)
- Taxes less subsidies on products 3.30 billion current LCU (2024)
- Taxes less subsidies on products 478.54 million current US$ (2024)
- Net primary income (Net income from abroad) 472.40 million current LCU (2024)
- Net primary income (Net income from abroad) 68.52 million current US$ (2024)
- GNI 28.42 billion current LCU (2024)
- GNI, Atlas method 4.00 billion current US$ (2024)
- GNI 4.12 billion current US$ (2024)
- Trade in services 24.0% (2011)
- GNI per capita, Atlas method 73,120 current US$ (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 165th out of 196 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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