GDP, PPP in Faroe Islands
Faroe Islands: GDP, PPP was 4.49 billion current international $ in 2024. ▲ Rising
GDP, PPP in Faroe Islands, 2008–2024
Source: International Comparison Program (ICP), World Bank (WB). Measured in current international $.
Analysis
Faroe Islands recorded 4.49 billion current international $ for gdp, ppp in 2024. That is the highest value across all 17 years on record.
The figure is up 3.3% on the previous year and up 74.1% over ten years.
Over the whole period, gdp, ppp in Faroe Islands peaked at 4.49 billion current international $ in 2024 and was at its lowest, 1.92 billion current international $, in 2009.
Faroe Islands ranks 183rd of 204 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 17 years of available data.
GDP, PPP in Faroe Islands, year by year
| Year | current international $ | Change |
|---|---|---|
| 2008 | 2.00 billion current international $ | — |
| 2009 | 1.92 billion current international $ | -4.0% |
| 2010 | 1.93 billion current international $ | +0.8% |
| 2011 | 2.05 billion current international $ | +5.7% |
| 2012 | 2.23 billion current international $ | +9.1% |
| 2013 | 2.40 billion current international $ | +7.7% |
| 2014 | 2.58 billion current international $ | +7.3% |
| 2015 | 2.63 billion current international $ | +1.9% |
| 2016 | 2.69 billion current international $ | +2.3% |
| 2017 | 2.83 billion current international $ | +5.4% |
| 2018 | 3.01 billion current international $ | +6.2% |
| 2019 | 3.22 billion current international $ | +7.2% |
| 2020 | 3.24 billion current international $ | +0.6% |
| 2021 | 3.65 billion current international $ | +12.5% |
| 2022 | 4.06 billion current international $ | +11.2% |
| 2023 | 4.34 billion current international $ | +7.0% |
| 2024 | 4.49 billion current international $ | +3.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 4.49 billion current international $ is below the median for high income countries, which is 249.67 billion current international $, 2% of the median. (74 countries reporting)
- Faroe Islands's 4.49 billion current international $ is below the median for Europe & Central Asia, which is 285.97 billion current international $, 2% of the median. (53 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 1.96 billion current international $ | 1.92 billion current international $ | 2.00 billion current international $ | 2 |
| 2010s | 2.56 billion current international $ | 1.93 billion current international $ | 3.22 billion current international $ | 10 |
| 2020s | 3.95 billion current international $ | 3.24 billion current international $ | 4.49 billion current international $ | 5 |
Countries ranked near Faroe Islands
- 180 Saint Lucia 5.17 billion current international $ compare
- 181 Curacao 5.11 billion current international $ compare
- 182 Greenland 4.49 billion current international $ compare
- 184 Seychelles 4.40 billion current international $ compare
- 185 Comoros 3.74 billion current international $ compare
- 186 Antigua and Barbuda 3.38 billion current international $ compare
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gdp, ppp in Faroe Islands?
- Gdp, ppp in Faroe Islands was 4.49 billion current international $ in 2024, according to International Comparison Program (ICP), World Bank (WB).
- What is the highest gdp, ppp recorded in Faroe Islands?
- The highest recorded value was 4.49 billion current international $ in 2024.
- What is the lowest gdp, ppp recorded in Faroe Islands?
- The lowest recorded value was 1.92 billion current international $ in 2009.
- How does Faroe Islands rank for gdp, ppp?
- Faroe Islands ranks 183rd out of 204 countries with data for 2024.
- Is gdp, ppp rising or falling in Faroe Islands?
- Over the last ten years it is up 74.1%. 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, PPP (current international $). Statizoid updates them automatically from the source API.
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CSV · JSON — 17 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
This indicator provides values for gross domestic product (GDP) 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. 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.