GDP (current LCU), annual growth rate in Faroe Islands
Faroe Islands: GDP (current LCU), annual growth rate was 2.86 % change on previous year in 2024. ◆ Volatile
Latest (2024)
2.86 % change on previous year
Change on year
down 53.9%
World rank
186th
of 212 countries
All-time high
27.7 % change on previous year
in 1977
All-time low
-10.44 % change on previous year
in 1993
Years of data
62
1963–2024
GDP (current LCU), annual growth rate in Faroe Islands, 1963–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
The most recent figure for gdp (current lcu), annual growth rate in Faroe Islands is 2.86 % change on previous year, measured in 2024.
Compared with earlier readings it is down 53.9% on the previous year and down 65.4% over ten years.
Over the whole period, gdp (current lcu), annual growth rate in Faroe Islands peaked at 27.7 % change on previous year in 1977 and was at its lowest, -10.44 % change on previous year, in 1993.
That places Faroe Islands 186th out of 212 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GDP (current LCU), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1963 | 19.82 % change on previous year | — |
| 1964 | 13.94 % change on previous year | -29.7% |
| 1965 | 12.82 % change on previous year | -8.0% |
| 1966 | 11.12 % change on previous year | -13.3% |
| 1967 | 3.57 % change on previous year | -67.8% |
| 1968 | 6.12 % change on previous year | +71.2% |
| 1969 | 7.55 % change on previous year | +23.3% |
| 1970 | 21.15 % change on previous year | +180.2% |
| 1971 | 15.53 % change on previous year | -26.6% |
| 1972 | 12.69 % change on previous year | -18.3% |
| 1973 | 17.62 % change on previous year | +38.8% |
| 1974 | 22.95 % change on previous year | +30.3% |
| 1975 | 8.96 % change on previous year | -61.0% |
| 1976 | 25.12 % change on previous year | +180.6% |
| 1977 | 27.7 % change on previous year | +10.3% |
| 1978 | 5.08 % change on previous year | -81.7% |
| 1979 | 7.57 % change on previous year | +49.0% |
| 1980 | 17.74 % change on previous year | +134.5% |
| 1981 | 16.97 % change on previous year | -4.4% |
| 1982 | 13.85 % change on previous year | -18.4% |
| 1983 | 20.27 % change on previous year | +46.4% |
| 1984 | -0.8539 % change on previous year | -104.2% |
| 1985 | 10.31 % change on previous year | -1307.7% |
| 1986 | 14.53 % change on previous year | +40.9% |
| 1987 | 8.79 % change on previous year | -39.5% |
| 1988 | 7.52 % change on previous year | -14.5% |
| 1989 | -2.24 % change on previous year | -129.8% |
| 1990 | -6.71 % change on previous year | +199.9% |
| 1991 | -2.19 % change on previous year | -67.4% |
| 1992 | -5.28 % change on previous year | +141.4% |
| 1993 | -10.44 % change on previous year | +97.7% |
| 1994 | -2.19 % change on previous year | -79.0% |
| 1995 | 4.64 % change on previous year | -312.0% |
| 1996 | 13.62 % change on previous year | +193.5% |
| 1997 | 7.48 % change on previous year | -45.1% |
| 1998 | 20.04 % change on previous year | +168.0% |
| 1999 | 6.27 % change on previous year | -68.7% |
| 2000 | 9.64 % change on previous year | +53.7% |
| 2001 | 11.95 % change on previous year | +24.0% |
| 2002 | 4.24 % change on previous year | -64.5% |
| 2003 | -1.71 % change on previous year | -140.3% |
| 2004 | 4.44 % change on previous year | -359.3% |
| 2005 | 2.13 % change on previous year | -52.0% |
| 2006 | 13.7 % change on previous year | +544.0% |
| 2007 | 6.12 % change on previous year | -55.3% |
| 2008 | -0.3079 % change on previous year | -105.0% |
| 2009 | -3.03 % change on previous year | +884.7% |
| 2010 | 6.54 % change on previous year | -315.8% |
| 2011 | 2.58 % change on previous year | -60.6% |
| 2012 | 4.51 % change on previous year | +74.8% |
| 2013 | 7.46 % change on previous year | +65.4% |
| 2014 | 8.25 % change on previous year | +10.6% |
| 2015 | 5.88 % change on previous year | -28.7% |
| 2016 | 9.36 % change on previous year | +59.1% |
| 2017 | 3.9 % change on previous year | -58.3% |
| 2018 | 2.33 % change on previous year | -40.4% |
| 2019 | 8.2 % change on previous year | +252.3% |
| 2020 | -1.75 % change on previous year | -121.3% |
| 2021 | 8.67 % change on previous year | -596.0% |
| 2022 | 9.99 % change on previous year | +15.2% |
| 2023 | 6.2 % change on previous year | -38.0% |
| 2024 | 2.86 % change on previous year | -53.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 10.71 % change on previous year | 3.57 % change on previous year | 19.82 % change on previous year | 7 |
| 1970s | 16.44 % change on previous year | 5.08 % change on previous year | 27.7 % change on previous year | 10 |
| 1980s | 10.69 % change on previous year | -2.24 % change on previous year | 20.27 % change on previous year | 10 |
| 1990s | 2.52 % change on previous year | -10.44 % change on previous year | 20.04 % change on previous year | 10 |
| 2000s | 4.72 % change on previous year | -3.03 % change on previous year | 13.7 % change on previous year | 10 |
| 2010s | 5.9 % change on previous year | 2.33 % change on previous year | 9.36 % change on previous year | 10 |
| 2020s | 5.19 % change on previous year | -1.75 % change on previous year | 9.99 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 183 Singapore 3.14 % change on previous year compare
- 184 French Polynesia 3 % change on previous year compare
- 185 Botswana 2.87 % change on previous year compare
- 187 Sweden 2.79 % change on previous year compare
- 188 Greenland 2.75 % change on previous year compare
- 189 Puerto Rico 2.65 % change on previous year compare
More economy & growth data for Faroe Islands
- GDP growth 0.8% (2024)
- Discrepancy in expenditure estimate of GDP 100,000 current LCU (2024)
- Gross value added at basic prices (GVA) 3.57 billion current US$ (2024)
- Gross value added at basic prices (GVA) 24.64 billion current LCU (2024)
- GDP 4.05 billion current US$ (2024)
- GDP 27.94 billion current LCU (2024)
- Taxes less subsidies on products (current US$), per capita 8,758 current US$ per person (2024)
- GDP 3.24 billion constant 2015 US$ (2024)
- GDP per capita 59,302 constant 2015 US$ (2024)
- GDP per capita 511,400 current LCU (2024)
Frequently asked questions
- What is gdp (current lcu), annual growth rate in Faroe Islands?
- Gdp (current lcu), annual growth rate in Faroe Islands was 2.86 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gdp (current lcu), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 27.7 % change on previous year in 1977.
- What is the lowest gdp (current lcu), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -10.44 % change on previous year in 1993.
- How does Faroe Islands rank for gdp (current lcu), annual growth rate?
- Faroe Islands ranks 186th out of 212 countries with data for 2024.
- Is gdp (current lcu), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is down 65.4%. 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 (current LCU), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 62 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 (current 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 (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.