GDP per capita, PPP in Faroe Islands
Faroe Islands: GDP per capita, PPP was 82,089 current international $ in 2024. ▲ Rising
GDP per capita, PPP in Faroe Islands, 2008–2024
Source: International Comparison Program (ICP), World Bank (WB). Measured in current international $.
Analysis
In 2024, gdp per capita, ppp in Faroe Islands stood at 82,089 current international $. That is the highest value across all 17 years on record.
That represents a change of up 2.9% on the previous year and up 54.3% over ten years.
Over the whole period, gdp per capita, ppp in Faroe Islands peaked at 82,089 current international $ in 2024 and was at its lowest, 39,331 current international $, in 2009.
Faroe Islands ranks 16th of 203 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 17 years of available data.
GDP per capita, PPP in Faroe Islands, year by year
| Year | current international $ | Change |
|---|---|---|
| 2008 | 41,160 current international $ | — |
| 2009 | 39,331 current international $ | -4.4% |
| 2010 | 39,767 current international $ | +1.1% |
| 2011 | 42,134 current international $ | +6.0% |
| 2012 | 46,198 current international $ | +9.6% |
| 2013 | 49,782 current international $ | +7.8% |
| 2014 | 53,200 current international $ | +6.9% |
| 2015 | 53,686 current international $ | +0.9% |
| 2016 | 54,319 current international $ | +1.2% |
| 2017 | 56,417 current international $ | +3.9% |
| 2018 | 58,932 current international $ | +4.5% |
| 2019 | 62,226 current international $ | +5.6% |
| 2020 | 61,656 current international $ | -0.9% |
| 2021 | 68,433 current international $ | +11.0% |
| 2022 | 75,266 current international $ | +10.0% |
| 2023 | 79,784 current international $ | +6.0% |
| 2024 | 82,089 current international $ | +2.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 40,246 current international $ | 39,331 current international $ | 41,160 current international $ | 2 |
| 2010s | 51,666 current international $ | 39,767 current international $ | 62,226 current international $ | 10 |
| 2020s | 73,446 current international $ | 61,656 current international $ | 82,089 current international $ | 5 |
Countries ranked near Faroe Islands
- 13 Netherlands 87,320 current international $ compare
- 14 Iceland 83,431 current international $ compare
- 15 Denmark 83,218 current international $ compare
- 17 Hong Kong, China 80,423 current international $ compare
- 18 Andorra 79,567 current international $ compare
- 19 United Arab Emirates 79,344 current international $ compare
More economy & growth data for Faroe Islands
- Gross domestic savings 8.81 billion current LCU (2024)
- GDP 20.63 billion constant LCU (2024)
- GDP per capita 74,175 current US$ (2024)
- GDP per capita 511,400 current LCU (2024)
- GDP per capita 59,302 constant 2015 US$ (2024)
- GDP per capita growth 0.4% (2024)
- GDP per capita 377,557 constant LCU (2024)
- Gross domestic savings 1.28 billion current US$ (2024)
- GNI per capita 520,046 current LCU (2024)
- Trade in services 24.0% (2011)
Frequently asked questions
- What is gdp per capita, ppp in Faroe Islands?
- Gdp per capita, ppp in Faroe Islands was 82,089 current international $ in 2024, according to International Comparison Program (ICP), World Bank (WB).
- What is the highest gdp per capita, ppp recorded in Faroe Islands?
- The highest recorded value was 82,089 current international $ in 2024.
- What is the lowest gdp per capita, ppp recorded in Faroe Islands?
- The lowest recorded value was 39,331 current international $ in 2009.
- How does Faroe Islands rank for gdp per capita, ppp?
- Faroe Islands ranks 16th out of 203 countries with data for 2024.
- Is gdp per capita, ppp rising or falling in Faroe Islands?
- Over the last ten years it is up 54.3%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from International Comparison Program (ICP), World Bank (WB), published as part of GDP per capita, PPP (current international $). Statizoid updates them automatically from the source API.
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About this data
This indicator provides values for gross domestic product (GDP) per person expressed in current international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. 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 series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. 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. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.