GDP in Faroe Islands
Faroe Islands: GDP was 4.05 billion current US$ in 2024. ◆ Volatile
Latest (2024)
4.05 billion current US$
Change on year
up 2.8%
World rank
178th
of 214 countries
All-time high
4.05 billion current US$
in 2024
All-time low
57.95 million current US$
in 1965
Years of data
60
1965–2024
GDP in Faroe Islands, 1965–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
In 2024, gdp in Faroe Islands stood at 4.05 billion current US$. That is the highest value across all 60 years on record.
Compared with earlier readings it is up 2.8% on the previous year and up 39.1% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 4.05 billion current US$ in 2024 and was at its lowest, 57.95 million current US$, in 1965.
Faroe Islands ranks 178th of 214 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GDP in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1965 | 57.95 million current US$ | — |
| 1966 | 64.40 million current US$ | +11.1% |
| 1967 | 66.23 million current US$ | +2.8% |
| 1968 | 65.19 million current US$ | -1.6% |
| 1969 | 70.11 million current US$ | +7.5% |
| 1970 | 84.93 million current US$ | +21.1% |
| 1971 | 99.22 million current US$ | +16.8% |
| 1972 | 119.34 million current US$ | +20.3% |
| 1973 | 161.24 million current US$ | +35.1% |
| 1974 | 196.77 million current US$ | +22.0% |
| 1975 | 227.40 million current US$ | +15.6% |
| 1976 | 270.47 million current US$ | +18.9% |
| 1977 | 347.80 million current US$ | +28.6% |
| 1978 | 397.83 million current US$ | +14.4% |
| 1979 | 448.57 million current US$ | +12.8% |
| 1980 | 493.01 million current US$ | +9.9% |
| 1981 | 456.25 million current US$ | -7.5% |
| 1982 | 444.05 million current US$ | -2.7% |
| 1983 | 486.61 million current US$ | +9.6% |
| 1984 | 426.01 million current US$ | -12.5% |
| 1985 | 459.31 million current US$ | +7.8% |
| 1986 | 688.91 million current US$ | +50.0% |
| 1987 | 886.51 million current US$ | +28.7% |
| 1988 | 968.58 million current US$ | +9.3% |
| 1989 | 871.93 million current US$ | -10.0% |
| 1990 | 960.80 million current US$ | +10.2% |
| 1991 | 909.25 million current US$ | -5.4% |
| 1992 | 912.67 million current US$ | +0.4% |
| 1993 | 760.96 million current US$ | -16.6% |
| 1994 | 758.74 million current US$ | -0.3% |
| 1995 | 901.40 million current US$ | +18.8% |
| 1996 | 989.54 million current US$ | +9.8% |
| 1997 | 933.76 million current US$ | -5.6% |
| 1998 | 1.10 billion current US$ | +18.3% |
| 1999 | 1.13 billion current US$ | +2.1% |
| 2000 | 1.07 billion current US$ | -5.4% |
| 2001 | 1.16 billion current US$ | +8.7% |
| 2002 | 1.28 billion current US$ | +9.9% |
| 2003 | 1.50 billion current US$ | +17.8% |
| 2004 | 1.72 billion current US$ | +14.8% |
| 2005 | 1.76 billion current US$ | +2.0% |
| 2006 | 2.02 billion current US$ | +14.7% |
| 2007 | 2.34 billion current US$ | +15.9% |
| 2008 | 2.49 billion current US$ | +6.4% |
| 2009 | 2.30 billion current US$ | -7.8% |
| 2010 | 2.33 billion current US$ | +1.6% |
| 2011 | 2.51 billion current US$ | +7.5% |
| 2012 | 2.43 billion current US$ | -3.1% |
| 2013 | 2.69 billion current US$ | +10.8% |
| 2014 | 2.91 billion current US$ | +8.3% |
| 2015 | 2.57 billion current US$ | -11.7% |
| 2016 | 2.81 billion current US$ | +9.3% |
| 2017 | 2.98 billion current US$ | +5.9% |
| 2018 | 3.19 billion current US$ | +7.0% |
| 2019 | 3.27 billion current US$ | +2.4% |
| 2020 | 3.27 billion current US$ | +0.2% |
| 2021 | 3.70 billion current US$ | +13.1% |
| 2022 | 3.62 billion current US$ | -2.3% |
| 2023 | 3.94 billion current US$ | +9.1% |
| 2024 | 4.05 billion current US$ | +2.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 4.05 billion current US$ is below the median for high income countries, which is 102.03 billion current US$, 4% of the median. (82 countries reporting)
- Faroe Islands's 4.05 billion current US$ is below the median for Europe & Central Asia, which is 103.11 billion current US$, 4% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 64.77 million current US$ | 57.95 million current US$ | 70.11 million current US$ | 5 |
| 1970s | 235.36 million current US$ | 84.93 million current US$ | 448.57 million current US$ | 10 |
| 1980s | 618.12 million current US$ | 426.01 million current US$ | 968.58 million current US$ | 10 |
| 1990s | 935.95 million current US$ | 758.74 million current US$ | 1.13 billion current US$ | 10 |
| 2000s | 1.76 billion current US$ | 1.07 billion current US$ | 2.49 billion current US$ | 10 |
| 2010s | 2.77 billion current US$ | 2.33 billion current US$ | 3.27 billion current US$ | 10 |
| 2020s | 3.72 billion current US$ | 3.27 billion current US$ | 4.05 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is gdp in Faroe Islands?
- Gdp in Faroe Islands was 4.05 billion current US$ 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 4.05 billion current US$ in 2024.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 57.95 million current US$ in 1965.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 178th out of 214 countries with data for 2024.
- Is gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 39.1%. 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 US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 60 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 indicator is expressed in United States dollars.