GDP in Faroe Islands
Faroe Islands: GDP was 3.24 billion constant 2015 US$ in 2024. ▲ Rising
GDP in Faroe Islands, 2008–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in constant 2015 US$.
Analysis
Faroe Islands recorded 3.24 billion constant 2015 US$ for gdp in 2024. That is the highest value across all 17 years on record.
That represents a change of up 0.8% on the previous year and up 27.1% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 3.24 billion constant 2015 US$ in 2024 and was at its lowest, 2.06 billion constant 2015 US$, in 2010.
Faroe Islands ranks 177th of 212 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 17 years of available data.
GDP in Faroe Islands, year by year
| Year | constant 2015 US$ | Change |
|---|---|---|
| 2008 | 2.17 billion constant 2015 US$ | — |
| 2009 | 2.07 billion constant 2015 US$ | -4.6% |
| 2010 | 2.06 billion constant 2015 US$ | -0.4% |
| 2011 | 2.13 billion constant 2015 US$ | +3.6% |
| 2012 | 2.28 billion constant 2015 US$ | +7.1% |
| 2013 | 2.42 billion constant 2015 US$ | +5.9% |
| 2014 | 2.55 billion constant 2015 US$ | +5.4% |
| 2015 | 2.57 billion constant 2015 US$ | +1.0% |
| 2016 | 2.61 billion constant 2015 US$ | +1.4% |
| 2017 | 2.70 billion constant 2015 US$ | +3.5% |
| 2018 | 2.78 billion constant 2015 US$ | +2.8% |
| 2019 | 2.90 billion constant 2015 US$ | +4.5% |
| 2020 | 2.85 billion constant 2015 US$ | -1.6% |
| 2021 | 3.00 billion constant 2015 US$ | +5.1% |
| 2022 | 3.11 billion constant 2015 US$ | +3.9% |
| 2023 | 3.21 billion constant 2015 US$ | +3.2% |
| 2024 | 3.24 billion constant 2015 US$ | +0.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.24 billion constant 2015 US$ is below the median for high income countries, which is 76.03 billion constant 2015 US$, 4% of the median. (80 countries reporting)
- Faroe Islands's 3.24 billion constant 2015 US$ is below the median for Europe & Central Asia, which is 70.96 billion constant 2015 US$, 5% of the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.12 billion constant 2015 US$ | 2.07 billion constant 2015 US$ | 2.17 billion constant 2015 US$ | 2 |
| 2010s | 2.50 billion constant 2015 US$ | 2.06 billion constant 2015 US$ | 2.90 billion constant 2015 US$ | 10 |
| 2020s | 3.08 billion constant 2015 US$ | 2.85 billion constant 2015 US$ | 3.24 billion constant 2015 US$ | 5 |
Countries ranked near Faroe Islands
- 174 United States Virgin Islands 3.90 billion constant 2015 US$ compare
- 175 Aruba 3.67 billion constant 2015 US$ compare
- 176 Andorra 3.51 billion constant 2015 US$ compare
- 178 Bhutan 3.18 billion constant 2015 US$ compare
- 179 Greenland 2.84 billion constant 2015 US$ compare
- 180 Curacao 2.81 billion constant 2015 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 gdp in Faroe Islands?
- Gdp in Faroe Islands was 3.24 billion constant 2015 US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gdp recorded in Faroe Islands?
- The highest recorded value was 3.24 billion constant 2015 US$ in 2024.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 2.06 billion constant 2015 US$ in 2010.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 177th out of 212 countries with data for 2024.
- Is gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 27.1%. 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 Organizations and/or Central Banks, published as part of GDP (constant 2015 US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 17 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.