GDP per capita in Faroe Islands
Faroe Islands: GDP per capita was 74,175 current US$ in 2024. ◆ Volatile
GDP per capita in Faroe Islands, 1965–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
In 2024, gdp per capita in Faroe Islands stood at 74,175 current US$. That is the highest value across all 60 years on record.
Compared with earlier readings it is up 2.3% on the previous year and up 23.3% over ten years.
Over the whole period, gdp per capita in Faroe Islands peaked at 74,175 current US$ in 2024 and was at its lowest, 1,594 current US$, in 1965.
Faroe Islands ranks 16th of 214 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
GDP per capita in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1965 | 1,594 current US$ | — |
| 1966 | 1,749 current US$ | +9.7% |
| 1967 | 1,780 current US$ | +1.8% |
| 1968 | 1,736 current US$ | -2.5% |
| 1969 | 1,849 current US$ | +6.6% |
| 1970 | 2,219 current US$ | +20.0% |
| 1971 | 2,564 current US$ | +15.5% |
| 1972 | 3,046 current US$ | +18.8% |
| 1973 | 4,068 current US$ | +33.5% |
| 1974 | 4,906 current US$ | +20.6% |
| 1975 | 5,606 current US$ | +14.3% |
| 1976 | 6,594 current US$ | +17.6% |
| 1977 | 8,387 current US$ | +27.2% |
| 1978 | 9,479 current US$ | +13.0% |
| 1979 | 10,549 current US$ | +11.3% |
| 1980 | 11,446 current US$ | +8.5% |
| 1981 | 10,458 current US$ | -8.6% |
| 1982 | 10,053 current US$ | -3.9% |
| 1983 | 10,893 current US$ | +8.4% |
| 1984 | 9,437 current US$ | -13.4% |
| 1985 | 10,048 current US$ | +6.5% |
| 1986 | 14,934 current US$ | +48.6% |
| 1987 | 18,982 current US$ | +27.1% |
| 1988 | 20,453 current US$ | +7.7% |
| 1989 | 18,181 current US$ | -11.1% |
| 1990 | 20,125 current US$ | +10.7% |
| 1991 | 19,164 current US$ | -4.8% |
| 1992 | 19,301 current US$ | +0.7% |
| 1993 | 16,374 current US$ | -15.2% |
| 1994 | 16,976 current US$ | +3.7% |
| 1995 | 20,669 current US$ | +21.8% |
| 1996 | 22,706 current US$ | +9.9% |
| 1997 | 21,158 current US$ | -6.8% |
| 1998 | 24,729 current US$ | +16.9% |
| 1999 | 24,979 current US$ | +1.0% |
| 2000 | 23,323 current US$ | -6.6% |
| 2001 | 24,880 current US$ | +6.7% |
| 2002 | 26,938 current US$ | +8.3% |
| 2003 | 31,270 current US$ | +16.1% |
| 2004 | 35,648 current US$ | +14.0% |
| 2005 | 36,389 current US$ | +2.1% |
| 2006 | 41,744 current US$ | +14.7% |
| 2007 | 48,349 current US$ | +15.8% |
| 2008 | 51,288 current US$ | +6.1% |
| 2009 | 47,060 current US$ | -8.2% |
| 2010 | 47,924 current US$ | +1.8% |
| 2011 | 51,620 current US$ | +7.7% |
| 2012 | 50,263 current US$ | -2.6% |
| 2013 | 55,759 current US$ | +10.9% |
| 2014 | 60,173 current US$ | +7.9% |
| 2015 | 52,638 current US$ | -12.5% |
| 2016 | 56,876 current US$ | +8.1% |
| 2017 | 59,388 current US$ | +4.4% |
| 2018 | 62,525 current US$ | +5.3% |
| 2019 | 63,071 current US$ | +0.9% |
| 2020 | 62,248 current US$ | -1.3% |
| 2021 | 69,422 current US$ | +11.5% |
| 2022 | 67,069 current US$ | -3.4% |
| 2023 | 72,487 current US$ | +8.1% |
| 2024 | 74,175 current US$ | +2.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 74,175 current US$ is above the median for high income countries, which is 39,041 current US$, 1.9× the median. (82 countries reporting)
- Faroe Islands's 74,175 current US$ is above the median for Europe & Central Asia, which is 32,520 current US$, 2.3× the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 1,742 current US$ | 1,594 current US$ | 1,849 current US$ | 5 |
| 1970s | 5,742 current US$ | 2,219 current US$ | 10,549 current US$ | 10 |
| 1980s | 13,489 current US$ | 9,437 current US$ | 20,453 current US$ | 10 |
| 1990s | 20,618 current US$ | 16,374 current US$ | 24,979 current US$ | 10 |
| 2000s | 36,689 current US$ | 23,323 current US$ | 51,288 current US$ | 10 |
| 2010s | 56,024 current US$ | 47,924 current US$ | 63,071 current US$ | 10 |
| 2020s | 69,080 current US$ | 62,248 current US$ | 74,175 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 per capita in Faroe Islands?
- Gdp per capita in Faroe Islands was 74,175 current 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 74,175 current US$ in 2024.
- What is the lowest gdp per capita recorded in Faroe Islands?
- The lowest recorded value was 1,594 current US$ in 1965.
- How does Faroe Islands rank for gdp per capita?
- Faroe Islands ranks 16th out of 214 countries with data for 2024.
- Is gdp per capita rising or falling in Faroe Islands?
- Over the last ten years it is up 23.3%. 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 per capita (current US$). Statizoid updates them automatically from the source API.
Download this data
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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. The core indicator has been divided by the general population to achieve a per capita estimate.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.