Final consumption expenditure in Faroe Islands
Faroe Islands: Final consumption expenditure was 2.78 billion current US$ in 2024. ▲ Rising
Final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
Faroe Islands recorded 2.78 billion current US$ for final consumption expenditure in 2024. That is the highest value across all 27 years on record.
The figure is up 4.2% on the previous year and up 22.8% over ten years.
Over the whole period, final consumption expenditure in Faroe Islands peaked at 2.78 billion current US$ in 2024 and was at its lowest, 822.29 million current US$, in 2000.
That places Faroe Islands 165th out of 188 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Final consumption expenditure in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 841.72 million current US$ | — |
| 1999 | 894.32 million current US$ | +6.2% |
| 2000 | 822.29 million current US$ | -8.1% |
| 2001 | 877.83 million current US$ | +6.8% |
| 2002 | 984.42 million current US$ | +12.1% |
| 2003 | 1.25 billion current US$ | +27.1% |
| 2004 | 1.48 billion current US$ | +18.2% |
| 2005 | 1.67 billion current US$ | +12.8% |
| 2006 | 1.72 billion current US$ | +2.9% |
| 2007 | 1.94 billion current US$ | +13.2% |
| 2008 | 2.13 billion current US$ | +9.4% |
| 2009 | 2.11 billion current US$ | -0.6% |
| 2010 | 1.96 billion current US$ | -7.0% |
| 2011 | 2.12 billion current US$ | +8.1% |
| 2012 | 2.08 billion current US$ | -1.9% |
| 2013 | 2.19 billion current US$ | +5.4% |
| 2014 | 2.26 billion current US$ | +3.0% |
| 2015 | 1.94 billion current US$ | -14.3% |
| 2016 | 2.06 billion current US$ | +6.5% |
| 2017 | 2.12 billion current US$ | +2.7% |
| 2018 | 2.28 billion current US$ | +7.7% |
| 2019 | 2.27 billion current US$ | -0.5% |
| 2020 | 2.39 billion current US$ | +5.4% |
| 2021 | 2.61 billion current US$ | +9.3% |
| 2022 | 2.45 billion current US$ | -6.2% |
| 2023 | 2.66 billion current US$ | +8.7% |
| 2024 | 2.78 billion current US$ | +4.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.78 billion current US$ is below the median for high income countries, which is 123.73 billion current US$, 2% of the median. (67 countries reporting)
- Faroe Islands's 2.78 billion current US$ is below the median for Europe & Central Asia, which is 110.72 billion current US$, 3% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 868.02 million current US$ | 841.72 million current US$ | 894.32 million current US$ | 2 |
| 2000s | 1.50 billion current US$ | 822.29 million current US$ | 2.13 billion current US$ | 10 |
| 2010s | 2.13 billion current US$ | 1.94 billion current US$ | 2.28 billion current US$ | 10 |
| 2020s | 2.58 billion current US$ | 2.39 billion current US$ | 2.78 billion current US$ | 5 |
Countries ranked near Faroe Islands
- 162 Central African Republic 3.22 billion current US$ compare
- 163 Cape Verde 2.87 billion current US$ compare
- 164 Aruba 2.79 billion current US$ compare
- 166 East Timor 2.69 billion current US$ compare
- 167 Curacao 2.67 billion current US$ compare
- 168 Papua New Guinea 2.62 billion current US$ compare
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 final consumption expenditure in Faroe Islands?
- Final consumption expenditure in Faroe Islands was 2.78 billion current US$ in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 2.78 billion current US$ in 2024.
- What is the lowest final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 822.29 million current US$ in 2000.
- How does Faroe Islands rank for final consumption expenditure?
- Faroe Islands ranks 165th out of 188 countries with data for 2024.
- Is final consumption expenditure rising or falling in Faroe Islands?
- Over the last ten years it is up 22.8%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Final consumption expenditure (current US$). Statizoid updates them automatically from the source API.
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About this data
Final consumption expenditure is expenditure on goods and services by resident institutional units for the direct satisfaction of human needs or wants, whether individual or collective. Final consumption expenditure can be measured for households, general government, the central bank and non-profit institutions serving households. 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.