Current account balance (BoP, current US$) in Faroe Islands
Faroe Islands: Current account balance (BoP, current US$) was 194.30 million BoP, current US$ in 2011. ◆ Volatile
Current account balance in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in BoP, current US$.
Analysis
Faroe Islands recorded 194.30 million BoP, current US$ for current account balance in 2011.
That represents a change of up 34.7% on the previous year and up 32.9% over ten years.
Over the whole period, current account balance in Faroe Islands peaked at 223.97 million BoP, current US$ in 1998 and was at its lowest, -80.57 million BoP, current US$, in 2007.
That places Faroe Islands 65th out of 200 countries with data for 2011, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Current account balance (BoP, current US$) in Faroe Islands, year by year
| Year | BoP, current US$ | Change |
|---|---|---|
| 1998 | 223.97 million BoP, current US$ | — |
| 1999 | 176.08 million BoP, current US$ | -21.4% |
| 2000 | 99.19 million BoP, current US$ | -43.7% |
| 2001 | 146.20 million BoP, current US$ | +47.4% |
| 2002 | 125.74 million BoP, current US$ | -14.0% |
| 2003 | -6.56 million BoP, current US$ | -105.2% |
| 2004 | 129.71 million BoP, current US$ | -2077.2% |
| 2005 | 31.18 million BoP, current US$ | -76.0% |
| 2006 | 21.24 million BoP, current US$ | -31.9% |
| 2007 | -80.57 million BoP, current US$ | -479.3% |
| 2008 | -30.58 million BoP, current US$ | -62.0% |
| 2009 | -24.64 million BoP, current US$ | -19.4% |
| 2010 | 144.28 million BoP, current US$ | -685.6% |
| 2011 | 194.30 million BoP, current US$ | +34.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 194.30 million BoP, current US$ is below the median for high income countries, which is 194.40 million BoP, current US$, 100% of the median. (72 countries reporting)
- Faroe Islands's 194.30 million BoP, current US$ is above the median for Europe & Central Asia, which is -814.98 million BoP, current US$. (51 countries reporting)
Biggest year-on-year movements
Years where Current account balance (BoP, current US$) 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 |
|---|---|---|---|
| 2004 | +2077.2% | -6.56 million BoP, current US$ | 129.71 million BoP, current US$ |
| 2010 | +685.6% | -24.64 million BoP, current US$ | 144.28 million BoP, current US$ |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 200.03 million BoP, current US$ | 176.08 million BoP, current US$ | 223.97 million BoP, current US$ | 2 |
| 2000s | 41.09 million BoP, current US$ | -80.57 million BoP, current US$ | 146.20 million BoP, current US$ | 10 |
| 2010s | 169.29 million BoP, current US$ | 144.28 million BoP, current US$ | 194.30 million BoP, current US$ | 2 |
Countries ranked near Faroe Islands
- 62 French Polynesia 411.96 million BoP, current US$ compare
- 63 Jamaica 335.15 million BoP, current US$ compare
- 64 Aruba 194.50 million BoP, current US$ compare
- 66 Estonia 176.84 million BoP, current US$ compare
- 67 Turks and Caicos Islands 172.71 million BoP, current US$
- 68 Gabon 141.00 million BoP, current US$ compare
More economy & growth data for Faroe Islands
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), per unit of GDP 0.512 current US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Imports of goods and services (current US$), per capita 37,975 current US$ per person (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
Frequently asked questions
- What is current account balance in Faroe Islands?
- Current account balance in Faroe Islands was 194.30 million BoP, current US$ in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest current account balance recorded in Faroe Islands?
- The highest recorded value was 223.97 million BoP, current US$ in 1998.
- What is the lowest current account balance recorded in Faroe Islands?
- The lowest recorded value was -80.57 million BoP, current US$ in 2007.
- How does Faroe Islands rank for current account balance?
- Faroe Islands ranks 65th out of 200 countries with data for 2011.
- Is current account balance rising or falling in Faroe Islands?
- Over the last ten years it is up 32.9%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Current account balance (BoP, current US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 14 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Balance of current transactions (transactions in goods and services, earned income and transfer income) between residents and non-residents. The term current account balance is used in the external accounts and is expressed from the perspective of resident units. The term current external balance is used in the national accounts and is expressed from the perspective of the non-resident units, and therefore with the opposite sign. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.