Final consumption expenditure in Faroe Islands
Faroe Islands: Final consumption expenditure was 68.5% in 2024. ▼ Falling
Final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Faroe Islands recorded 68.5% for final consumption expenditure in 2024.
The figure is up 1.3% on the previous year and down 11.7% over ten years.
Over the whole period, final consumption expenditure in Faroe Islands peaked at 94.9% in 2005 and was at its lowest, 67.6%, in 2023.
That places Faroe Islands 147th out of 187 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 27 years of available data.
Final consumption expenditure in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 76.2% | — |
| 1999 | 79.3% | +4.1% |
| 2000 | 77.1% | -2.8% |
| 2001 | 75.7% | -1.8% |
| 2002 | 77.2% | +2.0% |
| 2003 | 83.3% | +7.9% |
| 2004 | 85.8% | +3.0% |
| 2005 | 94.9% | +10.6% |
| 2006 | 85.1% | -10.3% |
| 2007 | 83.1% | -2.4% |
| 2008 | 85.4% | +2.7% |
| 2009 | 92.0% | +7.8% |
| 2010 | 84.2% | -8.5% |
| 2011 | 84.7% | +0.6% |
| 2012 | 85.8% | +1.3% |
| 2013 | 81.6% | -4.9% |
| 2014 | 77.6% | -4.9% |
| 2015 | 75.2% | -3.0% |
| 2016 | 73.3% | -2.5% |
| 2017 | 71.0% | -3.1% |
| 2018 | 71.5% | +0.7% |
| 2019 | 69.5% | -2.9% |
| 2020 | 73.1% | +5.2% |
| 2021 | 70.7% | -3.4% |
| 2022 | 67.8% | -4.1% |
| 2023 | 67.6% | -0.3% |
| 2024 | 68.5% | +1.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 77.7% | 76.2% | 79.3% | 2 |
| 2000s | 83.9% | 75.7% | 94.9% | 10 |
| 2010s | 77.4% | 69.5% | 85.8% | 10 |
| 2020s | 69.5% | 67.6% | 73.1% | 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 final consumption expenditure in Faroe Islands?
- Final consumption expenditure in Faroe Islands was 68.5% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 94.9% in 2005.
- What is the lowest final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 67.6% in 2023.
- How does Faroe Islands rank for final consumption expenditure?
- Faroe Islands ranks 147th out of 187 countries with data for 2024.
- Is final consumption expenditure rising or falling in Faroe Islands?
- Over the last ten years it is down 11.7%. The long-run trend across the full record is falling.
- 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 Final consumption expenditure (% of GDP). 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 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.