External balance on goods and services (current LCU), annual growth in Faroe Islands
Faroe Islands: External balance on goods and services (current LCU), annual growth was 228.14 % change on previous year in 2024. ◆ Volatile
External balance on goods and services (current LCU), annual growth in Faroe Islands, 1963–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
Faroe Islands recorded 228.14 % change on previous year for external balance on goods and services (current lcu), annual growth in 2024.
The figure is up 280.2% on the previous year and up 84.9% over ten years.
Over the whole period, external balance on goods and services (current lcu), annual growth in Faroe Islands peaked at 501.12 % change on previous year in 2016 and was at its lowest, -551.14 % change on previous year, in 1968.
Faroe Islands ranks 8th of 192 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services (current LCU), annual growth in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1963 | 41.61 % change on previous year | — |
| 1964 | -264.37 % change on previous year | -735.3% |
| 1965 | 54.26 % change on previous year | -120.5% |
| 1966 | -253.79 % change on previous year | -567.7% |
| 1967 | 82.85 % change on previous year | -132.6% |
| 1968 | -551.14 % change on previous year | -765.3% |
| 1969 | 8.73 % change on previous year | -101.6% |
| 1970 | 143.21 % change on previous year | +1541.2% |
| 1971 | -199.12 % change on previous year | -239.0% |
| 1972 | 83.93 % change on previous year | -142.2% |
| 1974 | -355.33 % change on previous year | -523.4% |
| 1975 | -24.06 % change on previous year | -93.2% |
| 1976 | 15.54 % change on previous year | -164.6% |
| 1977 | 69.2 % change on previous year | +345.1% |
| 1978 | -333.68 % change on previous year | -582.2% |
| 1979 | -37.22 % change on previous year | -88.8% |
| 1980 | 15.53 % change on previous year | -141.7% |
| 1981 | -38.97 % change on previous year | -351.0% |
| 1982 | -29.39 % change on previous year | -24.6% |
| 1983 | -44.32 % change on previous year | +50.8% |
| 1984 | -63.62 % change on previous year | +43.6% |
| 1985 | 33.72 % change on previous year | -153.0% |
| 1986 | -21.77 % change on previous year | -164.6% |
| 1987 | 2.5 % change on previous year | -111.5% |
| 1988 | -3.18 % change on previous year | -227.0% |
| 1989 | 103.79 % change on previous year | -3365.4% |
| 1991 | 68.01 % change on previous year | -34.5% |
| 1992 | -25.09 % change on previous year | -136.9% |
| 1993 | 11.87 % change on previous year | -147.3% |
| 1994 | -25.17 % change on previous year | -312.0% |
| 1995 | -47.09 % change on previous year | +87.1% |
| 1996 | -81.79 % change on previous year | +73.7% |
| 1997 | -116.98 % change on previous year | +43.0% |
| 1999 | -286.5 % change on previous year | +144.9% |
| 2000 | -190.88 % change on previous year | -33.4% |
| 2001 | 74.72 % change on previous year | -139.1% |
| 2002 | 70.94 % change on previous year | -5.1% |
| 2004 | 57.33 % change on previous year | -19.2% |
| 2005 | -186.61 % change on previous year | -425.5% |
| 2006 | 7.03 % change on previous year | -103.8% |
| 2007 | -17.28 % change on previous year | -346.0% |
| 2008 | 24.5 % change on previous year | -241.8% |
| 2009 | 19.85 % change on previous year | -19.0% |
| 2010 | 58.28 % change on previous year | +193.5% |
| 2011 | 73.17 % change on previous year | +25.5% |
| 2013 | 71.65 % change on previous year | -2.1% |
| 2014 | 123.38 % change on previous year | +72.2% |
| 2015 | 26.92 % change on previous year | -78.2% |
| 2016 | 501.12 % change on previous year | +1761.8% |
| 2017 | 26.24 % change on previous year | -94.8% |
| 2018 | -123.08 % change on previous year | -569.1% |
| 2019 | 354.73 % change on previous year | -388.2% |
| 2020 | -146.07 % change on previous year | -141.2% |
| 2021 | 137.58 % change on previous year | -194.2% |
| 2022 | -126.64 % change on previous year | -192.0% |
| 2024 | 228.14 % change on previous year | -280.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 228.14 % change on previous year is above the median for high income countries, which is 0.3851 % change on previous year, 592.3× the median. (72 countries reporting)
- Faroe Islands's 228.14 % change on previous year is above the median for Europe & Central Asia, which is -10.38 % change on previous year. (52 countries reporting)
Biggest year-on-year movements
Years where External balance on goods and services (current LCU), annual growth 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 |
|---|---|---|---|
| 1989 | +3365.4% | -3.18 % change on previous year | 103.79 % change on previous year |
| 2016 | +1761.8% | 26.92 % change on previous year | 501.12 % change on previous year |
| 1970 | +1541.2% | 8.73 % change on previous year | 143.21 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -125.98 % change on previous year | -551.14 % change on previous year | 82.85 % change on previous year | 7 |
| 1970s | -70.83 % change on previous year | -355.33 % change on previous year | 143.21 % change on previous year | 9 |
| 1980s | -4.57 % change on previous year | -63.62 % change on previous year | 103.79 % change on previous year | 10 |
| 1990s | -62.84 % change on previous year | -286.5 % change on previous year | 68.01 % change on previous year | 8 |
| 2000s | -15.6 % change on previous year | -190.88 % change on previous year | 74.72 % change on previous year | 9 |
| 2010s | 123.6 % change on previous year | -123.08 % change on previous year | 501.12 % change on previous year | 9 |
| 2020s | 23.25 % change on previous year | -146.07 % change on previous year | 228.14 % change on previous year | 4 |
Countries ranked near Faroe Islands
- 5 Burkina Faso 269.55 % change on previous year compare
- 6 Finland 259.63 % change on previous year compare
- 7 Estonia 234.5 % change on previous year compare
- 9 Zambia 155.74 % change on previous year compare
- 10 Venezuela 120.25 % change on previous year compare
- 11 Eswatini 101.19 % change on previous year compare
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 LCU), annual growth rate 0.4583 % change on previous year (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is external balance on goods and services (current lcu), annual growth in Faroe Islands?
- External balance on goods and services (current lcu), annual growth in Faroe Islands was 228.14 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest external balance on goods and services (current lcu), annual growth recorded in Faroe Islands?
- The highest recorded value was 501.12 % change on previous year in 2016.
- What is the lowest external balance on goods and services (current lcu), annual growth recorded in Faroe Islands?
- The lowest recorded value was -551.14 % change on previous year in 1968.
- How does Faroe Islands rank for external balance on goods and services (current lcu), annual growth?
- Faroe Islands ranks 8th out of 192 countries with data for 2024.
- Is external balance on goods and services (current lcu), annual growth rising or falling in Faroe Islands?
- Over the last ten years it is up 84.9%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of External balance on goods and services (current LCU), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 56 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in External balance on goods and services (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- External balance on goods and services Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in External balance on goods and services (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.