GDP growth in Faroe Islands
Faroe Islands: GDP growth was 0.8% in 2024. ◆ Volatile
GDP growth in Faroe Islands, 2009–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in annual %.
Analysis
In 2024, gdp growth in Faroe Islands stood at 0.8%.
Compared with earlier readings it is down 73.3% on the previous year and down 84.5% over ten years.
Over the whole period, gdp growth in Faroe Islands peaked at 7.1% in 2012 and was at its lowest, -4.6%, in 2009.
Faroe Islands ranks 178th of 213 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 growth in Faroe Islands, year by year
| Year | annual % | Change |
|---|---|---|
| 2009 | -4.6% | — |
| 2010 | -0.4% | -91.7% |
| 2011 | 3.6% | -1039.0% |
| 2012 | 7.1% | +98.6% |
| 2013 | 5.9% | -17.3% |
| 2014 | 5.4% | -7.2% |
| 2015 | 1.0% | -82.4% |
| 2016 | 1.4% | +44.7% |
| 2017 | 3.5% | +153.3% |
| 2018 | 2.8% | -21.3% |
| 2019 | 4.5% | +64.2% |
| 2020 | -1.6% | -136.1% |
| 2021 | 5.1% | -409.4% |
| 2022 | 3.9% | -23.8% |
| 2023 | 3.2% | -18.2% |
| 2024 | 0.8% | -73.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -4.6% | -4.6% | -4.6% | 1 |
| 2010s | 3.5% | -0.4% | 7.1% | 10 |
| 2020s | 2.3% | -1.6% | 5.1% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Net primary income (Net income from abroad) 68.52 million current US$ (2024)
- Net secondary income (Net current transfers from abroad) 70.43 million current US$ (2024)
- Taxes less subsidies on products 3.30 billion current LCU (2024)
- Taxes less subsidies on products 478.54 million current US$ (2024)
- Net primary income (Net income from abroad) 472.40 million current LCU (2024)
- GNI per capita, Atlas method 73,120 current US$ (2024)
- GNI 4.12 billion current US$ (2024)
- GNI 28.42 billion current LCU (2024)
- Trade in services 24.0% (2011)
- GNI per capita 520,046 current LCU (2024)
Frequently asked questions
- What is gdp growth in Faroe Islands?
- Gdp growth in Faroe Islands was 0.8% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gdp growth recorded in Faroe Islands?
- The highest recorded value was 7.1% in 2012.
- What is the lowest gdp growth recorded in Faroe Islands?
- The lowest recorded value was -4.6% in 2009.
- How does Faroe Islands rank for gdp growth?
- Faroe Islands ranks 178th out of 213 countries with data for 2024.
- Is gdp growth rising or falling in Faroe Islands?
- Over the last ten years it is down 84.5%. 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 growth (annual %). 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 denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.