GDP in Faroe Islands
Faroe Islands: GDP was 27.94 billion current LCU in 2024. ◆ Volatile
Latest (2024)
27.94 billion current LCU
Change on year
up 2.9%
World rank
168th
of 214 countries
All-time high
27.94 billion current LCU
in 2024
All-time low
259.90 million current LCU
in 1962
Years of data
63
1962–2024
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 214 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 in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1962 | 259.90 million current LCU | — |
| 1963 | 311.40 million current LCU | +19.8% |
| 1964 | 354.80 million current LCU | +13.9% |
| 1965 | 400.30 million current LCU | +12.8% |
| 1966 | 444.80 million current LCU | +11.1% |
| 1967 | 460.70 million current LCU | +3.6% |
| 1968 | 488.90 million current LCU | +6.1% |
| 1969 | 525.80 million current LCU | +7.5% |
| 1970 | 637.00 million current LCU | +21.1% |
| 1971 | 735.90 million current LCU | +15.5% |
| 1972 | 829.30 million current LCU | +12.7% |
| 1973 | 975.40 million current LCU | +17.6% |
| 1974 | 1.20 billion current LCU | +23.0% |
| 1975 | 1.31 billion current LCU | +9.0% |
| 1976 | 1.64 billion current LCU | +25.1% |
| 1977 | 2.09 billion current LCU | +27.7% |
| 1978 | 2.19 billion current LCU | +5.1% |
| 1979 | 2.36 billion current LCU | +7.6% |
| 1980 | 2.78 billion current LCU | +17.7% |
| 1981 | 3.25 billion current LCU | +17.0% |
| 1982 | 3.70 billion current LCU | +13.8% |
| 1983 | 4.45 billion current LCU | +20.3% |
| 1984 | 4.41 billion current LCU | -0.9% |
| 1985 | 4.87 billion current LCU | +10.3% |
| 1986 | 5.57 billion current LCU | +14.5% |
| 1987 | 6.06 billion current LCU | +8.8% |
| 1988 | 6.52 billion current LCU | +7.5% |
| 1989 | 6.37 billion current LCU | -2.2% |
| 1990 | 5.95 billion current LCU | -6.7% |
| 1991 | 5.82 billion current LCU | -2.2% |
| 1992 | 5.51 billion current LCU | -5.3% |
| 1993 | 4.93 billion current LCU | -10.4% |
| 1994 | 4.83 billion current LCU | -2.2% |
| 1995 | 5.05 billion current LCU | +4.6% |
| 1996 | 5.74 billion current LCU | +13.6% |
| 1997 | 6.17 billion current LCU | +7.5% |
| 1998 | 7.40 billion current LCU | +20.0% |
| 1999 | 7.87 billion current LCU | +6.3% |
| 2000 | 8.63 billion current LCU | +9.6% |
| 2001 | 9.66 billion current LCU | +12.0% |
| 2002 | 10.07 billion current LCU | +4.2% |
| 2003 | 9.89 billion current LCU | -1.7% |
| 2004 | 10.33 billion current LCU | +4.4% |
| 2005 | 10.55 billion current LCU | +2.1% |
| 2006 | 12.00 billion current LCU | +13.7% |
| 2007 | 12.73 billion current LCU | +6.1% |
| 2008 | 12.69 billion current LCU | -0.3% |
| 2009 | 12.31 billion current LCU | -3.0% |
| 2010 | 13.11 billion current LCU | +6.5% |
| 2011 | 13.45 billion current LCU | +2.6% |
| 2012 | 14.06 billion current LCU | +4.5% |
| 2013 | 15.11 billion current LCU | +7.5% |
| 2014 | 16.35 billion current LCU | +8.2% |
| 2015 | 17.32 billion current LCU | +5.9% |
| 2016 | 18.94 billion current LCU | +9.4% |
| 2017 | 19.68 billion current LCU | +3.9% |
| 2018 | 20.13 billion current LCU | +2.3% |
| 2019 | 21.79 billion current LCU | +8.2% |
| 2020 | 21.40 billion current LCU | -1.7% |
| 2021 | 23.26 billion current LCU | +8.7% |
| 2022 | 25.58 billion current LCU | +10.0% |
| 2023 | 27.17 billion current LCU | +6.2% |
| 2024 | 27.94 billion current LCU | +2.9% |
Faroe Islands compared with similar countries
- Faroe Islands's 27.94 billion current LCU is below the median for high income countries, which is 211.72 billion current LCU, 13% of the median. (82 countries reporting)
- Faroe Islands's 27.94 billion current LCU is below the median for Europe & Central Asia, which is 433.17 billion current LCU, 6% of the median. (56 countries reporting)
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
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 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 214 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.
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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 current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.