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$, in 2010.
Faroe Islands ranks 174th of 209 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 17 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.12 billion constant 2015 US$ | 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
- 171 United States Virgin Islands 3.90 billion constant 2015 US$ compare
- 172 Aruba 3.67 billion constant 2015 US$ compare
- 173 Andorra 3.51 billion constant 2015 US$ compare
- 175 Bhutan 3.18 billion constant 2015 US$ compare
- 176 Greenland 2.84 billion constant 2015 US$ compare
- 177 Curacao 2.81 billion constant 2015 US$ compare
More economy & growth data for Faroe Islands
- External balance on goods and services 938.80 million current LCU (2024)
- Gross capital formation 28.2% (2024)
- Imports of goods and services 2.07 billion current US$ (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
- Imports of goods and services 51.2% (2024)
- External balance on goods and services 136.17 million current US$ (2024)
- Trade 105.8% (2024)
- Manufacturing, value added 383.50 million current US$ (2024)
- Agriculture, forestry, and fishing, value added 4.49 billion current LCU (2024)
- Gross capital formation 7.87 billion current LCU (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 174th out of 209 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.
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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.