Current account balance as a proportion of GDP (%) in Faroe Islands
Faroe Islands: Current account balance as a proportion of GDP (%) was 7.8% in 2011. ◆ Volatile
Latest (2011)
7.8%
Change on year
up 25.3%
World rank
20th
of 205 countries
All-time high
12.6%
in 2001
All-time low
-3.4%
in 2007
Years of data
12
2000–2011
Current account balance as a proportion of GDP in Faroe Islands, 2000–2011
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
The most recent figure for current account balance as a proportion of gdp in Faroe Islands is 7.8%, measured in 2011.
That represents a change of up 25.3% on the previous year and down 38.5% over ten years.
Over the whole period, current account balance as a proportion of gdp in Faroe Islands peaked at 12.6% in 2001 and was at its lowest, -3.4%, in 2007.
Faroe Islands ranks 20th of 205 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Current account balance as a proportion of GDP (%) in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 2000 | 9.3% | — |
| 2001 | 12.6% | +35.6% |
| 2002 | 9.9% | -21.7% |
| 2003 | -0.4% | -104.4% |
| 2004 | 7.5% | -1821.8% |
| 2005 | 1.8% | -76.4% |
| 2006 | 1.1% | -40.6% |
| 2007 | -3.4% | -427.2% |
| 2008 | -1.2% | -64.3% |
| 2009 | -1.1% | -12.6% |
| 2010 | 6.2% | -676.7% |
| 2011 | 7.8% | +25.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 7.8% is above the median for high income countries, which is 1.6%, 4.9× the median. (69 countries reporting)
- Faroe Islands's 7.8% is above the median for Europe & Central Asia, which is -0.7%. (50 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 3.6% | -3.4% | 12.6% | 10 |
| 2010s | 7.0% | 6.2% | 7.8% | 2 |
Countries ranked near Faroe Islands
- 17 Congo 11.6% compare
- 18 Netherlands (Kingdom of the) 9.1% compare
- 19 South Sudan 7.9%
- 21 Switzerland 7.7% compare
- 22 French Polynesia 7.5% compare
- 23 Micronesia (Federated States of) 7.1%
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 current account balance as a proportion of gdp in Faroe Islands?
- Current account balance as a proportion of gdp in Faroe Islands was 7.8% in 2011, according to United Nations Statistics Division, SDG Global Database.
- What is the highest current account balance as a proportion of gdp recorded in Faroe Islands?
- The highest recorded value was 12.6% in 2001.
- What is the lowest current account balance as a proportion of gdp recorded in Faroe Islands?
- The lowest recorded value was -3.4% in 2007.
- How does Faroe Islands rank for current account balance as a proportion of gdp?
- Faroe Islands ranks 20th out of 205 countries with data for 2011.
- Is current account balance as a proportion of gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 38.5%. 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 Current account balance as a proportion of GDP (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 12 observations, free to reuse under UN SDG Global Database (open, attribution requested).