GDP in Faroe Islands
Faroe Islands: GDP was 20.63 billion constant LCU in 2024. ▲ Rising
GDP in Faroe Islands, 2008–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in constant LCU.
Analysis
The most recent figure for gdp in Faroe Islands is 20.63 billion constant LCU, measured in 2024. That is the highest value across all 17 years on record.
The figure is up 0.8% on the previous year and up 27.1% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 20.63 billion constant LCU in 2024 and was at its lowest, 13.11 billion constant LCU, in 2010.
Faroe Islands ranks 163rd of 215 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 LCU | Change |
|---|---|---|
| 2008 | 13.79 billion constant LCU | — |
| 2009 | 13.16 billion constant LCU | -4.6% |
| 2010 | 13.11 billion constant LCU | -0.4% |
| 2011 | 13.58 billion constant LCU | +3.6% |
| 2012 | 14.54 billion constant LCU | +7.1% |
| 2013 | 15.40 billion constant LCU | +5.9% |
| 2014 | 16.23 billion constant LCU | +5.4% |
| 2015 | 16.39 billion constant LCU | +1.0% |
| 2016 | 16.61 billion constant LCU | +1.4% |
| 2017 | 17.20 billion constant LCU | +3.5% |
| 2018 | 17.67 billion constant LCU | +2.8% |
| 2019 | 18.48 billion constant LCU | +4.5% |
| 2020 | 18.17 billion constant LCU | -1.6% |
| 2021 | 19.09 billion constant LCU | +5.1% |
| 2022 | 19.83 billion constant LCU | +3.9% |
| 2023 | 20.46 billion constant LCU | +3.2% |
| 2024 | 20.63 billion constant LCU | +0.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 20.63 billion constant LCU is below the median for high income countries, which is 153.70 billion constant LCU, 13% of the median. (83 countries reporting)
- Faroe Islands's 20.63 billion constant LCU is below the median for Europe & Central Asia, which is 330.26 billion constant LCU, 6% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 13.48 billion constant LCU | 13.16 billion constant LCU | 13.79 billion constant LCU | 2 |
| 2010s | 15.92 billion constant LCU | 13.11 billion constant LCU | 18.48 billion constant LCU | 10 |
| 2020s | 19.64 billion constant LCU | 18.17 billion constant LCU | 20.63 billion constant LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gdp in Faroe Islands?
- Gdp in Faroe Islands was 20.63 billion constant LCU 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 20.63 billion constant LCU in 2024.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 13.11 billion constant LCU in 2010.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 163rd out of 215 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 LCU). Statizoid updates them automatically from the source API.
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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 varies by country. This series is expressed in local currency units.