GDP (constant LCU), annual growth rate (GDP Country official) in Faroe Islands
Faroe Islands: GDP (constant LCU), annual growth rate (GDP Country official) was 0.8437 % change on previous year in 2024. ◆ Volatile
GDP (constant LCU), annual growth rate in Faroe Islands, 2009–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
Faroe Islands recorded 0.8437 % change on previous year for gdp (constant lcu), annual growth rate in 2024.
Compared with earlier readings it is down 73.3% on the previous year and down 84.5% over ten years.
Over the whole period, gdp (constant lcu), annual growth rate in Faroe Islands peaked at 7.08 % change on previous year in 2012 and was at its lowest, -4.55 % change on previous year, in 2009.
Faroe Islands ranks 178th of 213 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GDP (constant LCU), annual growth rate (GDP Country official) in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 2009 | -4.55 % change on previous year | — |
| 2010 | -0.3798 % change on previous year | -91.7% |
| 2011 | 3.57 % change on previous year | -1039.0% |
| 2012 | 7.08 % change on previous year | +98.6% |
| 2013 | 5.86 % change on previous year | -17.3% |
| 2014 | 5.43 % change on previous year | -7.2% |
| 2015 | 0.958 % change on previous year | -82.4% |
| 2016 | 1.39 % change on previous year | +44.7% |
| 2017 | 3.51 % change on previous year | +153.3% |
| 2018 | 2.76 % change on previous year | -21.3% |
| 2019 | 4.54 % change on previous year | +64.2% |
| 2020 | -1.64 % change on previous year | -136.1% |
| 2021 | 5.07 % change on previous year | -409.4% |
| 2022 | 3.86 % change on previous year | -23.8% |
| 2023 | 3.16 % change on previous year | -18.2% |
| 2024 | 0.8437 % change on previous year | -73.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8437 % change on previous year is below the median for high income countries, which is 2.14 % change on previous year, 39% of the median. (83 countries reporting)
- Faroe Islands's 0.8437 % change on previous year is below the median for Europe & Central Asia, which is 1.95 % change on previous year, 43% of the median. (56 countries reporting)
Biggest year-on-year movements
Years where GDP (constant LCU), annual growth rate (GDP Country official) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2011 | +1039.0% | -0.3798 % change on previous year | 3.57 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -4.55 % change on previous year | -4.55 % change on previous year | -4.55 % change on previous year | 1 |
| 2010s | 3.47 % change on previous year | -0.3798 % change on previous year | 7.08 % change on previous year | 10 |
| 2020s | 2.26 % change on previous year | -1.64 % change on previous year | 5.07 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 175 Russia 1 % change on previous year compare
- 176 Belgium 0.9831 % change on previous year compare
- 177 Greenland 0.866 % change on previous year compare
- 179 France 0.841 % change on previous year compare
- 180 Slovakia 0.8073 % change on previous year compare
- 181 Yemen 0.7526 % change on previous year compare
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gdp (constant lcu), annual growth rate in Faroe Islands?
- Gdp (constant lcu), annual growth rate in Faroe Islands was 0.8437 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gdp (constant lcu), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 7.08 % change on previous year in 2012.
- What is the lowest gdp (constant lcu), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -4.55 % change on previous year in 2009.
- How does Faroe Islands rank for gdp (constant lcu), annual growth rate?
- Faroe Islands ranks 178th out of 213 countries with data for 2024.
- Is gdp (constant lcu), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is down 84.5%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of GDP (constant LCU), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 16 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in GDP (constant LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- GDP Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in GDP (constant LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.