Discrepancy in expenditure estimate of GDP in Faroe Islands
Faroe Islands: Discrepancy in expenditure estimate of GDP was 100,000 current LCU in 2024. ◆ Volatile
Discrepancy in expenditure estimate of GDP in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
Faroe Islands recorded 100,000 current LCU for discrepancy in expenditure estimate of gdp in 2024.
Compared with earlier readings it is unchanged over five years.
Over the whole period, discrepancy in expenditure estimate of gdp in Faroe Islands peaked at 200,000 current LCU in 2012 and was at its lowest, -400,000 current LCU, in 2020.
That places Faroe Islands 52nd out of 185 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Discrepancy in expenditure estimate of GDP in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | -100,000 current LCU | — |
| 1999 | 0 current LCU | -100.0% |
| 2000 | -100,000 current LCU | — |
| 2001 | 0 current LCU | -100.0% |
| 2002 | -100,000 current LCU | — |
| 2003 | -100,000 current LCU | -0.0% |
| 2004 | 0 current LCU | -100.0% |
| 2005 | 100,000 current LCU | — |
| 2006 | 0 current LCU | -100.0% |
| 2007 | 0 current LCU | — |
| 2008 | 0 current LCU | — |
| 2009 | 100,000 current LCU | — |
| 2010 | 0 current LCU | -100.0% |
| 2011 | 0 current LCU | — |
| 2012 | 200,000 current LCU | — |
| 2013 | 0 current LCU | -100.0% |
| 2014 | 0 current LCU | — |
| 2015 | -100,000 current LCU | — |
| 2016 | 100,000 current LCU | -200.0% |
| 2017 | -100,000 current LCU | -200.0% |
| 2018 | 0 current LCU | -100.0% |
| 2019 | 100,000 current LCU | — |
| 2020 | -400,000 current LCU | -500.0% |
| 2021 | -100,000 current LCU | -75.0% |
| 2022 | 100,000 current LCU | -200.0% |
| 2023 | 100,000 current LCU | +0.0% |
| 2024 | 100,000 current LCU | +0.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | -50,000 current LCU | -100,000 current LCU | 0 current LCU | 2 |
| 2000s | -10,000 current LCU | -100,000 current LCU | 100,000 current LCU | 10 |
| 2010s | 20,000 current LCU | -100,000 current LCU | 200,000 current LCU | 10 |
| 2020s | -40,000 current LCU | -400,000 current LCU | 100,000 current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Industry (including construction), value added (current LCU), per 93,585 current LCU per person (2024)
- Services, value added (current LCU), per unit of GDP 3.71 current LCU per US$ of GDP (2024)
- Services, value added (current LCU), annual growth rate 7.22 % change on previous year (2024)
- Services, value added (current US$), per capita 39,926 current US$ per person (2024)
- Services, value added (current US$), per unit of GDP 0.5383 current US$ per US$ of GDP (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 0.183 current US$ per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
Frequently asked questions
- What is discrepancy in expenditure estimate of gdp in Faroe Islands?
- Discrepancy in expenditure estimate of gdp in Faroe Islands was 100,000 current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest discrepancy in expenditure estimate of gdp recorded in Faroe Islands?
- The highest recorded value was 200,000 current LCU in 2012.
- What is the lowest discrepancy in expenditure estimate of gdp recorded in Faroe Islands?
- The lowest recorded value was -400,000 current LCU in 2020.
- How does Faroe Islands rank for discrepancy in expenditure estimate of gdp?
- Faroe Islands ranks 52nd out of 185 countries with data for 2024.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of Discrepancy in expenditure estimate of GDP (current LCU). Statizoid updates them automatically from the source API.
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About this data
Although the SNA ensures there is perfect consistency between the three measures of GDP, this is a conceptual consistency that in general does not emerge naturally from data compilations. This is because of the wide disparity of data sources that must be called on and the fact that any error in any source will lead to a difference between at least two of the GDP measures. In practice it is inevitable that many such data errors will exist and will become apparent in exercises such as the balancing of supply and use tables. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.