GDP in Faroe Islands
Faroe Islands: GDP was 27.94 billion current LCU in 2024. ◆ Volatile
GDP in Faroe Islands, 1962–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
Faroe Islands recorded 27.94 billion current LCU for gdp in 2024. That is the highest value across all 63 years on record.
That represents a change of up 2.9% on the previous year and up 70.9% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 27.94 billion current LCU in 2024 and was at its lowest, 259.90 million current LCU, in 1962.
That places Faroe Islands 168th out of 213 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.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 405.82 million current LCU | 259.90 million current LCU | 525.80 million current LCU | 8 |
| 1970s | 1.40 billion current LCU | 637.00 million current LCU | 2.36 billion current LCU | 10 |
| 1980s | 4.80 billion current LCU | 2.78 billion current LCU | 6.52 billion current LCU | 10 |
| 1990s | 5.93 billion current LCU | 4.83 billion current LCU | 7.87 billion current LCU | 10 |
| 2000s | 10.89 billion current LCU | 8.63 billion current LCU | 12.73 billion current LCU | 10 |
| 2010s | 16.99 billion current LCU | 13.11 billion current LCU | 21.79 billion current LCU | 10 |
| 2020s | 25.07 billion current LCU | 21.40 billion current LCU | 27.94 billion current LCU | 5 |
Countries ranked near Faroe Islands
- 165 Cyprus 36.48 billion current LCU compare
- 166 Seychelles 35.15 billion current LCU compare
- 167 Eritrea 31.75 billion current LCU compare
- 170 Greenland 22.92 billion current LCU compare
- 171 Sao Tome and Principe 21.28 billion current LCU compare
More economy & growth data for Faroe Islands
- External balance on goods and services 938.80 million current LCU (2024)
- Gross capital formation 28.2% (2024)
- Imports of goods and services 2.07 billion current US$ (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
- Imports of goods and services 51.2% (2024)
- External balance on goods and services 136.17 million current US$ (2024)
- Trade 105.8% (2024)
- Manufacturing, value added 383.50 million current US$ (2024)
- Agriculture, forestry, and fishing, value added 4.49 billion current LCU (2024)
- Gross capital formation 7.87 billion current LCU (2024)
Frequently asked questions
- What is gdp in Faroe Islands?
- Gdp in Faroe Islands was 27.94 billion current 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 27.94 billion current LCU in 2024.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 259.90 million current LCU in 1962.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 168th out of 213 countries with data for 2024.
- Is gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 70.9%. The long-run trend across the full record is volatile.
- 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 (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 63 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 current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.