GDP per capita (constant 2015 US$) in Faroe Islands
Faroe Islands: GDP per capita (constant 2015 US$) was 59,302 constant 2015 US$ in 2024. ▲ Rising
GDP per capita in Faroe Islands, 2008–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in constant 2015 US$.
Analysis
The most recent figure for gdp per capita in Faroe Islands is 59,302 constant 2015 US$, measured in 2024. That is the highest value across all 17 years on record.
That represents a change of up 0.4% on the previous year and up 12.6% over ten years.
Over the whole period, gdp per capita in Faroe Islands peaked at 59,302 constant 2015 US$ in 2024 and was at its lowest, 42,334 constant 2015 US$, in 2010.
That places Faroe Islands 16th out of 212 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 17 years of available data.
GDP per capita (constant 2015 US$) in Faroe Islands, year by year
| Year | constant 2015 US$ | Change |
|---|---|---|
| 2008 | 44,623 constant 2015 US$ | — |
| 2009 | 42,379 constant 2015 US$ | -5.0% |
| 2010 | 42,334 constant 2015 US$ | -0.1% |
| 2011 | 43,947 constant 2015 US$ | +3.8% |
| 2012 | 47,305 constant 2015 US$ | +7.6% |
| 2013 | 50,122 constant 2015 US$ | +6.0% |
| 2014 | 52,646 constant 2015 US$ | +5.0% |
| 2015 | 52,638 constant 2015 US$ | -0.0% |
| 2016 | 52,758 constant 2015 US$ | +0.2% |
| 2017 | 53,832 constant 2015 US$ | +2.0% |
| 2018 | 54,432 constant 2015 US$ | +1.1% |
| 2019 | 56,032 constant 2015 US$ | +2.9% |
| 2020 | 54,306 constant 2015 US$ | -3.1% |
| 2021 | 56,276 constant 2015 US$ | +3.6% |
| 2022 | 57,785 constant 2015 US$ | +2.7% |
| 2023 | 59,068 constant 2015 US$ | +2.2% |
| 2024 | 59,302 constant 2015 US$ | +0.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 59,302 constant 2015 US$ is above the median for high income countries, which is 34,672 constant 2015 US$, 1.7× the median. (80 countries reporting)
- Faroe Islands's 59,302 constant 2015 US$ is above the median for Europe & Central Asia, which is 20,282 constant 2015 US$, 2.9× the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 43,501 constant 2015 US$ | 42,379 constant 2015 US$ | 44,623 constant 2015 US$ | 2 |
| 2010s | 50,605 constant 2015 US$ | 42,334 constant 2015 US$ | 56,032 constant 2015 US$ | 10 |
| 2020s | 57,347 constant 2015 US$ | 54,306 constant 2015 US$ | 59,302 constant 2015 US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross national expenditure (current US$), per capita 71,683 current US$ per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gdp per capita in Faroe Islands?
- Gdp per capita in Faroe Islands was 59,302 constant 2015 US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gdp per capita recorded in Faroe Islands?
- The highest recorded value was 59,302 constant 2015 US$ in 2024.
- What is the lowest gdp per capita recorded in Faroe Islands?
- The lowest recorded value was 42,334 constant 2015 US$ in 2010.
- How does Faroe Islands rank for gdp per capita?
- Faroe Islands ranks 16th out of 212 countries with data for 2024.
- Is gdp per capita rising or falling in Faroe Islands?
- Over the last ten years it is up 12.6%. The long-run trend across the full record is rising.
- 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 per capita (constant 2015 US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 17 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. The core indicator has been divided by the general population to achieve a per capita estimate.This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.