External balance on goods and services in Faroe Islands
Faroe Islands: External balance on goods and services was 3.4% in 2024. ◆ Volatile
External balance on goods and services in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Faroe Islands recorded 3.4% for external balance on goods and services in 2024.
Compared with earlier readings it is up 219.0% on the previous year and up 389.7% over ten years.
Over the whole period, external balance on goods and services in Faroe Islands peaked at 15.1% in 1991 and was at its lowest, -23.6%, in 1984.
Faroe Islands ranks 53rd of 193 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1962 | -5.7% | — |
| 1963 | -2.8% | -51.3% |
| 1964 | -8.9% | +219.8% |
| 1965 | -3.6% | -59.5% |
| 1966 | -11.5% | +218.4% |
| 1967 | -1.9% | -83.4% |
| 1968 | -11.7% | +513.6% |
| 1969 | -9.9% | -15.1% |
| 1970 | 3.5% | -135.7% |
| 1971 | -3.0% | -185.8% |
| 1972 | -0.4% | -85.7% |
| 1973 | 6.1% | -1495.8% |
| 1974 | -12.6% | -307.7% |
| 1975 | -14.3% | +13.9% |
| 1976 | -9.7% | -32.5% |
| 1977 | -2.3% | -75.9% |
| 1978 | -9.6% | +312.7% |
| 1979 | -12.3% | +27.6% |
| 1980 | -8.8% | -28.3% |
| 1981 | -10.5% | +18.8% |
| 1982 | -11.9% | +13.7% |
| 1983 | -14.3% | +20.0% |
| 1984 | -23.6% | +65.0% |
| 1985 | -14.2% | -39.9% |
| 1986 | -15.1% | +6.3% |
| 1987 | -13.5% | -10.4% |
| 1988 | -12.9% | -4.0% |
| 1989 | 0.5% | -103.9% |
| 1990 | 8.8% | +1648.7% |
| 1991 | 15.1% | +71.8% |
| 1992 | 11.9% | -20.9% |
| 1993 | 14.9% | +24.9% |
| 1994 | 11.4% | -23.5% |
| 1995 | 5.8% | -49.4% |
| 1996 | 0.9% | -84.0% |
| 1997 | -0.1% | -115.8% |
| 1998 | 1.7% | -1258.9% |
| 1999 | -3.0% | -275.5% |
| 2000 | -7.9% | +165.3% |
| 2001 | -1.8% | -77.4% |
| 2002 | -0.5% | -72.1% |
| 2003 | -14.7% | +2868.2% |
| 2004 | -6.0% | -59.1% |
| 2005 | -16.9% | +180.6% |
| 2006 | -13.8% | -18.2% |
| 2007 | -15.2% | +10.5% |
| 2008 | -11.5% | -24.3% |
| 2009 | -9.5% | -17.3% |
| 2010 | -3.7% | -60.8% |
| 2011 | -1.0% | -73.8% |
| 2012 | -12.0% | +1131.7% |
| 2013 | -3.2% | -73.6% |
| 2014 | 0.7% | -121.6% |
| 2015 | 0.8% | +19.9% |
| 2016 | 4.5% | +449.7% |
| 2017 | 5.5% | +21.5% |
| 2018 | -1.2% | -122.6% |
| 2019 | 2.9% | -335.4% |
| 2020 | -1.4% | -146.9% |
| 2021 | 0.5% | -134.6% |
| 2022 | -0.1% | -124.2% |
| 2023 | 1.1% | -1019.5% |
| 2024 | 3.4% | +219.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -7.0% | -11.7% | -1.9% | 8 |
| 1970s | -5.5% | -14.3% | 6.1% | 10 |
| 1980s | -12.4% | -23.6% | 0.5% | 10 |
| 1990s | 6.7% | -3.0% | 15.1% | 10 |
| 2000s | -9.8% | -16.9% | -0.5% | 10 |
| 2010s | -0.7% | -12.0% | 5.5% | 10 |
| 2020s | 0.7% | -1.4% | 3.4% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is external balance on goods and services in Faroe Islands?
- External balance on goods and services in Faroe Islands was 3.4% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Faroe Islands?
- The highest recorded value was 15.1% in 1991.
- What is the lowest external balance on goods and services recorded in Faroe Islands?
- The lowest recorded value was -23.6% in 1984.
- How does Faroe Islands rank for external balance on goods and services?
- Faroe Islands ranks 53rd out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Faroe Islands?
- Over the last ten years it is up 389.7%. The long-run trend across the full record is volatile.
- 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 External balance on goods and services (% of GDP). Statizoid updates them automatically from the source API.
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About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. 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.