GDP (current LCU), annual growth rate (Country official) in Faroe Islands
Faroe Islands: GDP (current LCU), annual growth rate (Country official) 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 (Country official) 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% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.86 % change on previous year is below the median for high income countries, which is 5.03 % change on previous year, 57% of the median. (82 countries reporting)
- Faroe Islands's 2.86 % change on previous year is below the median for Europe & Central Asia, which is 5.91 % change on previous year, 48% of the median. (56 countries reporting)
Biggest year-on-year movements
Years where GDP (current LCU), annual growth rate (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 |
|---|---|---|---|
| 1985 | +1307.7% | -0.8539 % change on previous year | 10.31 % change on previous year |
| 2009 | -884.7% | -0.3079 % change on previous year | -3.03 % change on previous year |
| 2021 | +596.0% | -1.75 % change on previous year | 8.67 % change on previous year |
| 2006 | +544.0% | 2.13 % change on previous year | 13.7 % change on previous year |
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
- 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 (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.