GDP, PPP (current international $), annual growth rate in Faroe Islands
Faroe Islands: GDP, PPP (current international $), annual growth rate was 3.35 % change on previous year in 2024. ◆ Volatile
GDP, PPP (current international $), annual growth rate in Faroe Islands, 2009–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
In 2024, gdp, ppp (current international $), annual growth rate in Faroe Islands stood at 3.35 % change on previous year.
Compared with earlier readings it is down 52.0% on the previous year and down 53.9% over ten years.
Over the whole period, gdp, ppp (current international $), annual growth rate in Faroe Islands peaked at 12.53 % change on previous year in 2021 and was at its lowest, -3.96 % change on previous year, in 2009.
Faroe Islands ranks 161st of 204 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, PPP (current international $), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 2009 | -3.96 % change on previous year | — |
| 2010 | 0.8306 % change on previous year | -121.0% |
| 2011 | 5.7 % change on previous year | +586.6% |
| 2012 | 9.08 % change on previous year | +59.1% |
| 2013 | 7.66 % change on previous year | -15.6% |
| 2014 | 7.27 % change on previous year | -5.1% |
| 2015 | 1.89 % change on previous year | -73.9% |
| 2016 | 2.35 % change on previous year | +24.0% |
| 2017 | 5.37 % change on previous year | +128.3% |
| 2018 | 6.16 % change on previous year | +14.8% |
| 2019 | 7.23 % change on previous year | +17.4% |
| 2020 | 0.5585 % change on previous year | -92.3% |
| 2021 | 12.53 % change on previous year | +2144.1% |
| 2022 | 11.25 % change on previous year | -10.3% |
| 2023 | 6.98 % change on previous year | -38.0% |
| 2024 | 3.35 % change on previous year | -52.0% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.35 % change on previous year is below the median for high income countries, which is 4.51 % change on previous year, 74% of the median. (74 countries reporting)
- Faroe Islands's 3.35 % change on previous year is below the median for Europe & Central Asia, which is 3.63 % change on previous year, 92% of the median. (53 countries reporting)
Biggest year-on-year movements
Years where GDP, PPP (current international $), annual growth rate in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2021 | +2144.1% | 0.5585 % change on previous year | 12.53 % change on previous year |
| 2011 | +586.6% | 0.8306 % change on previous year | 5.7 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -3.96 % change on previous year | -3.96 % change on previous year | -3.96 % change on previous year | 1 |
| 2010s | 5.35 % change on previous year | 0.8306 % change on previous year | 9.08 % change on previous year | 10 |
| 2020s | 6.93 % change on previous year | 0.5585 % change on previous year | 12.53 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 158 Brunei 3.49 % change on previous year compare
- 159 New Zealand 3.46 % change on previous year compare
- 160 Denmark 3.37 % change on previous year compare
- 162 South Korea 3.26 % change on previous year compare
- 163 Puerto Rico 3.13 % change on previous year compare
- 164 United Kingdom 3.12 % change on previous year compare
More economy & growth data for Faroe Islands
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), per unit of GDP 0.512 current US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Imports of goods and services (current US$), per capita 37,975 current US$ per person (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
Frequently asked questions
- What is gdp, ppp (current international $), annual growth rate in Faroe Islands?
- Gdp, ppp (current international $), annual growth rate in Faroe Islands was 3.35 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gdp, ppp (current international $), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 12.53 % change on previous year in 2021.
- What is the lowest gdp, ppp (current international $), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -3.96 % change on previous year in 2009.
- How does Faroe Islands rank for gdp, ppp (current international $), annual growth rate?
- Faroe Islands ranks 161st out of 204 countries with data for 2024.
- Is gdp, ppp (current international $), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is down 53.9%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of GDP, PPP (current international $), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 16 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in GDP, PPP (current international $). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- GDP, PPP International Comparison Program (ICP), World Bank (WB)
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in GDP, PPP (current international $). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.