GDP (constant LCU) (Country official) in Faroe Islands
Faroe Islands: GDP (constant LCU) (Country official) 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 (constant LCU) (Country official) 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% |
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
- Final consumption expenditure (current LCU), per unit of GDP 4.72 current LCU per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
- Final consumption expenditure (current US$), annual growth rate 4.16 % change on previous year (2024)
- Final consumption expenditure (current US$), per unit of GDP 0.6847 current US$ per US$ of GDP (2024)
- Final consumption expenditure (current US$), per capita 50,788 current US$ per person (2024)
- Final consumption expenditure (current LCU), annual growth rate 4.23 % change on previous year (2024)
- Gross national expenditure (current US$), annual growth rate 0.3888 % change on previous year (2024)
- Gross national expenditure (current US$), per capita 71,683 current US$ per person (2024)
- Gross national expenditure (current US$), per unit of GDP 0.9664 current US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (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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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.