GDP (current US$), annual growth rate in Faroe Islands
Faroe Islands: GDP (current US$), annual growth rate was 2.78 % change on previous year in 2024. ◆ Volatile
Latest (2024)
2.78 % change on previous year
Change on year
down 69.3%
World rank
179th
of 212 countries
All-time high
49.99 % change on previous year
in 1986
All-time low
-16.62 % change on previous year
in 1993
Years of data
59
1966–2024
GDP (current US$), annual growth rate in Faroe Islands, 1966–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
Faroe Islands recorded 2.78 % change on previous year for gdp (current us$), annual growth rate in 2024.
The figure is down 69.3% on the previous year and down 66.5% over ten years.
Over the whole period, gdp (current us$), annual growth rate in Faroe Islands peaked at 49.99 % change on previous year in 1986 and was at its lowest, -16.62 % change on previous year, in 1993.
That places Faroe Islands 179th out of 212 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GDP (current US$), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1966 | 11.12 % change on previous year | — |
| 1967 | 2.84 % change on previous year | -74.5% |
| 1968 | -1.57 % change on previous year | -155.2% |
| 1969 | 7.55 % change on previous year | -581.2% |
| 1970 | 21.15 % change on previous year | +180.2% |
| 1971 | 16.82 % change on previous year | -20.5% |
| 1972 | 20.28 % change on previous year | +20.5% |
| 1973 | 35.11 % change on previous year | +73.2% |
| 1974 | 22.04 % change on previous year | -37.2% |
| 1975 | 15.57 % change on previous year | -29.4% |
| 1976 | 18.94 % change on previous year | +21.6% |
| 1977 | 28.59 % change on previous year | +51.0% |
| 1978 | 14.39 % change on previous year | -49.7% |
| 1979 | 12.75 % change on previous year | -11.4% |
| 1980 | 9.91 % change on previous year | -22.3% |
| 1981 | -7.46 % change on previous year | -175.3% |
| 1982 | -2.67 % change on previous year | -64.2% |
| 1983 | 9.58 % change on previous year | -458.5% |
| 1984 | -12.45 % change on previous year | -229.9% |
| 1985 | 7.82 % change on previous year | -162.8% |
| 1986 | 49.99 % change on previous year | +539.6% |
| 1987 | 28.68 % change on previous year | -42.6% |
| 1988 | 9.26 % change on previous year | -67.7% |
| 1989 | -9.98 % change on previous year | -207.8% |
| 1990 | 10.19 % change on previous year | -202.2% |
| 1991 | -5.37 % change on previous year | -152.6% |
| 1992 | 0.3758 % change on previous year | -107.0% |
| 1993 | -16.62 % change on previous year | -4523.3% |
| 1994 | -0.2915 % change on previous year | -98.2% |
| 1995 | 18.8 % change on previous year | -6551.0% |
| 1996 | 9.78 % change on previous year | -48.0% |
| 1997 | -5.64 % change on previous year | -157.6% |
| 1998 | 18.31 % change on previous year | -424.9% |
| 1999 | 2.08 % change on previous year | -88.7% |
| 2000 | -5.37 % change on previous year | -358.7% |
| 2001 | 8.73 % change on previous year | -262.5% |
| 2002 | 9.9 % change on previous year | +13.4% |
| 2003 | 17.79 % change on previous year | +79.8% |
| 2004 | 14.84 % change on previous year | -16.6% |
| 2005 | 2.03 % change on previous year | -86.3% |
| 2006 | 14.66 % change on previous year | +622.9% |
| 2007 | 15.93 % change on previous year | +8.7% |
| 2008 | 6.45 % change on previous year | -59.5% |
| 2009 | -7.78 % change on previous year | -220.7% |
| 2010 | 1.56 % change on previous year | -120.0% |
| 2011 | 7.46 % change on previous year | +379.4% |
| 2012 | -3.13 % change on previous year | -142.0% |
| 2013 | 10.83 % change on previous year | -445.6% |
| 2014 | 8.32 % change on previous year | -23.2% |
| 2015 | -11.67 % change on previous year | -240.2% |
| 2016 | 9.3 % change on previous year | -179.7% |
| 2017 | 5.93 % change on previous year | -36.3% |
| 2018 | 7 % change on previous year | +18.0% |
| 2019 | 2.44 % change on previous year | -65.1% |
| 2020 | 0.1647 % change on previous year | -93.3% |
| 2021 | 13.07 % change on previous year | +7837.5% |
| 2022 | -2.28 % change on previous year | -117.4% |
| 2023 | 9.07 % change on previous year | -498.0% |
| 2024 | 2.78 % change on previous year | -69.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 4.98 % change on previous year | -1.57 % change on previous year | 11.12 % change on previous year | 4 |
| 1970s | 20.56 % change on previous year | 12.75 % change on previous year | 35.11 % change on previous year | 10 |
| 1980s | 8.27 % change on previous year | -12.45 % change on previous year | 49.99 % change on previous year | 10 |
| 1990s | 3.16 % change on previous year | -16.62 % change on previous year | 18.8 % change on previous year | 10 |
| 2000s | 7.72 % change on previous year | -7.78 % change on previous year | 17.79 % change on previous year | 10 |
| 2010s | 3.8 % change on previous year | -11.67 % change on previous year | 10.83 % change on previous year | 10 |
| 2020s | 4.56 % change on previous year | -2.28 % change on previous year | 13.07 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 176 Botswana 3.33 % change on previous year compare
- 177 Jamaica 3.14 % change on previous year compare
- 178 French Polynesia 3.03 % change on previous year compare
- 180 Puerto Rico 2.65 % change on previous year compare
- 181 Gabon 2.54 % change on previous year compare
- 182 Dominican Republic 2.51 % change on previous year compare
More economy & growth data for Faroe Islands
- GNI 4.12 billion current US$ (2024)
- GDP per capita growth 0.4% (2024)
- GDP per capita 377,557 constant LCU (2024)
- Gross domestic savings (current US$), per capita 23,387 current US$ per person (2024)
- Gross domestic savings (current LCU), annual growth rate -0.0057 % change on previous year (2024)
- Gross domestic savings 1.28 billion current US$ (2024)
- Gross domestic savings 8.81 billion current LCU (2024)
- Gross domestic savings 31.5% (2024)
- GNI, Atlas method 4.00 billion current US$ (2024)
- Net primary income (Net income from abroad) 68.52 million current US$ (2024)
Frequently asked questions
- What is gdp (current us$), annual growth rate in Faroe Islands?
- Gdp (current us$), annual growth rate in Faroe Islands was 2.78 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gdp (current us$), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 49.99 % change on previous year in 1986.
- What is the lowest gdp (current us$), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -16.62 % change on previous year in 1993.
- How does Faroe Islands rank for gdp (current us$), annual growth rate?
- Faroe Islands ranks 179th out of 212 countries with data for 2024.
- Is gdp (current us$), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is down 66.5%. 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 US$), annual growth rate. Statizoid updates them automatically from the source API.
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How this figure is calculated
The year-on-year percentage change in GDP (current US$). 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 US$). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.