Current account balance as a share of GDP in Faroe Islands
Faroe Islands: Current account balance as a share of GDP was 7.8% in 2011. ◆ Volatile
Current account balance as a share of GDP in Faroe Islands, 2000–2011
Source: International Monetary Fund – processed by Our World in Data. Measured in %.
Analysis
Faroe Islands recorded 7.8% for current account balance as a share of gdp in 2011.
That represents a change of up 25.2% on the previous year and down 38.5% over ten years.
Over the whole period, current account balance as a share of gdp in Faroe Islands peaked at 12.6% in 2001 and was at its lowest, -3.4%, in 2007.
Faroe Islands ranks 21st of 193 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Current account balance as a share of GDP in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 2000 | 9.3% | — |
| 2001 | 12.6% | +35.5% |
| 2002 | 9.9% | -21.7% |
| 2003 | -0.4% | -104.5% |
| 2004 | 7.5% | -1809.1% |
| 2005 | 1.8% | -76.5% |
| 2006 | 1.1% | -40.7% |
| 2007 | -3.4% | -427.6% |
| 2008 | -1.2% | -64.2% |
| 2009 | -1.1% | -13.0% |
| 2010 | 6.2% | -678.5% |
| 2011 | 7.8% | +25.2% |
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
- 18 Congo 11.6% compare
- 19 Netherlands 9.1% compare
- 20 South Sudan 7.9%
- 22 Switzerland 7.7% compare
- 23 French Polynesia 7.5% compare
- 24 Micronesia (country) 7.1%
More economy & growth data for Faroe Islands
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Services, value added (current US$), per unit of GDP 0.5383 current US$ per US$ of GDP (2024)
- Services, value added (current US$), per capita 39,926 current US$ per person (2024)
- Services, value added (current LCU), annual growth rate 7.22 % change on previous year (2024)
- Services, value added (current LCU), per unit of GDP 3.71 current LCU per US$ of GDP (2024)
- Services, value added (current LCU), per capita 275,271 current LCU per person (2024)
- GDP deflator (base year varies by country), annual growth rate 2 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), annual growth 1.6 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), per unit of GDP 0.8819 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is current account balance as a share of gdp in Faroe Islands?
- Current account balance as a share of gdp in Faroe Islands was 7.8% in 2011, according to International Monetary Fund – processed by Our World in Data.
- What is the highest current account balance as a share of gdp recorded in Faroe Islands?
- The highest recorded value was 12.6% in 2001.
- What is the lowest current account balance as a share 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 share of gdp?
- Faroe Islands ranks 21st out of 193 countries with data for 2011.
- Is current account balance as a share 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 International Monetary Fund – processed by Our World in Data, published as part of Current account balance as a share of GDP. Statizoid updates them automatically from the source API.
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About this data
Current account balance as a proportion of GDP (%).