Current account balance in Faroe Islands
Faroe Islands: Current account balance was 7.8% 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 % of GDP.
Analysis
The most recent figure for current account balance in Faroe Islands is 7.8%, measured in 2011.
Compared with earlier readings it is up 25.3% on the previous year and down 38.5% over ten years.
Over the whole period, current account balance in Faroe Islands peaked at 20.3% in 1998 and was at its lowest, -3.4%, in 2007.
Faroe Islands ranks 25th of 200 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 in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 20.3% | — |
| 1999 | 15.6% | -23.0% |
| 2000 | 9.3% | -40.5% |
| 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% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 17.9% | 15.6% | 20.3% | 2 |
| 2000s | 3.6% | -3.4% | 12.6% | 10 |
| 2010s | 7.0% | 6.2% | 7.8% | 2 |
Countries ranked near Faroe Islands
- 22 Netherlands 9.1% compare
- 23 Ghana 8.2% compare
- 24 South Sudan 7.9%
- 26 French Polynesia 7.5% compare
- 27 Malta 7.1% compare
- 28 Micronesia, Federated States of 7.1%
More economy & growth data for Faroe Islands
- Manufacturing, value added (current US$), per unit of GDP 0.0946 current US$ per US$ of GDP (2024)
- External balance on goods and services (current US$), annual growth 227.91 % change on previous year (2024)
- External balance on goods and services (current LCU), annual growth 228.14 % change on previous year (2024)
- Agriculture, forestry, and fishing, value added (current LCU), annual -6.93 % change on previous year (2024)
- Agriculture, forestry, and fishing, value added (current LCU), per 1.11 current LCU per US$ of GDP (2024)
- Agriculture, forestry, and fishing, value added (current LCU), per 82,165 current LCU per person (2024)
- Manufacturing, value added (current LCU), per capita 48,390 current LCU per person (2024)
- Industry (including construction), value added (current US$), per 0.183 current US$ per US$ of GDP (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Imports of goods and services (current LCU), per capita 261,819 current LCU per person (2024)
Frequently asked questions
- What is current account balance in Faroe Islands?
- Current account balance in Faroe Islands was 7.8% 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 20.3% in 1998.
- What is the lowest current account balance recorded in Faroe Islands?
- The lowest recorded value was -3.4% in 2007.
- How does Faroe Islands rank for current account balance?
- Faroe Islands ranks 25th 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 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 Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Current account balance (% of GDP). 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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.