Gross domestic product (GDP) in Faroe Islands
Faroe Islands: Gross domestic product (GDP) was 3.24 billion constant 2015 US$ in 2024. ▲ Rising
Gross domestic product (GDP) in Faroe Islands, 2008–2024
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with minor processing by Our World in Data. Measured in constant 2015 US$.
Analysis
The most recent figure for gross domestic product (gdp) in Faroe Islands is 3.24 billion constant 2015 US$, measured in 2024. That is the highest value across all 17 years on record.
Compared with earlier readings it is up 0.8% on the previous year and up 27.1% over ten years.
Over the whole period, gross domestic product (gdp) in Faroe Islands peaked at 3.24 billion constant 2015 US$ in 2024 and was at its lowest, 2.06 billion constant 2015 US$, in 2010.
Faroe Islands ranks 174th of 209 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 17 years of available data.
Gross domestic product (GDP) in Faroe Islands, year by year
| Year | constant 2015 US$ | Change |
|---|---|---|
| 2008 | 2.17 billion constant 2015 US$ | — |
| 2009 | 2.07 billion constant 2015 US$ | -4.6% |
| 2010 | 2.06 billion constant 2015 US$ | -0.4% |
| 2011 | 2.13 billion constant 2015 US$ | +3.6% |
| 2012 | 2.28 billion constant 2015 US$ | +7.1% |
| 2013 | 2.42 billion constant 2015 US$ | +5.9% |
| 2014 | 2.55 billion constant 2015 US$ | +5.4% |
| 2015 | 2.57 billion constant 2015 US$ | +1.0% |
| 2016 | 2.61 billion constant 2015 US$ | +1.4% |
| 2017 | 2.70 billion constant 2015 US$ | +3.5% |
| 2018 | 2.78 billion constant 2015 US$ | +2.8% |
| 2019 | 2.90 billion constant 2015 US$ | +4.5% |
| 2020 | 2.85 billion constant 2015 US$ | -1.6% |
| 2021 | 3.00 billion constant 2015 US$ | +5.1% |
| 2022 | 3.11 billion constant 2015 US$ | +3.9% |
| 2023 | 3.21 billion constant 2015 US$ | +3.2% |
| 2024 | 3.24 billion constant 2015 US$ | +0.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.24 billion constant 2015 US$ is below the median for high income countries, which is 76.03 billion constant 2015 US$, 4% of the median. (80 countries reporting)
- Faroe Islands's 3.24 billion constant 2015 US$ is below the median for Europe & Central Asia, which is 71.17 billion constant 2015 US$, 5% of the median. (54 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.12 billion constant 2015 US$ | 2.07 billion constant 2015 US$ | 2.17 billion constant 2015 US$ | 2 |
| 2010s | 2.50 billion constant 2015 US$ | 2.06 billion constant 2015 US$ | 2.90 billion constant 2015 US$ | 10 |
| 2020s | 3.08 billion constant 2015 US$ | 2.85 billion constant 2015 US$ | 3.24 billion constant 2015 US$ | 5 |
Countries ranked near Faroe Islands
- 171 United States Virgin Islands 3.90 billion constant 2015 US$ compare
- 172 Aruba 3.67 billion constant 2015 US$ compare
- 173 Andorra 3.51 billion constant 2015 US$ compare
- 175 Bhutan 3.18 billion constant 2015 US$ compare
- 176 Greenland 2.84 billion constant 2015 US$ compare
- 177 Curacao 2.81 billion constant 2015 US$ compare
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 gross domestic product (gdp) in Faroe Islands?
- Gross domestic product (gdp) in Faroe Islands was 3.24 billion constant 2015 US$ in 2024, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with minor processing by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Faroe Islands?
- The highest recorded value was 3.24 billion constant 2015 US$ in 2024.
- What is the lowest gross domestic product (gdp) recorded in Faroe Islands?
- The lowest recorded value was 2.06 billion constant 2015 US$ in 2010.
- How does Faroe Islands rank for gross domestic product (gdp)?
- Faroe Islands ranks 174th out of 209 countries with data for 2024.
- Is gross domestic product (gdp) rising or falling in Faroe Islands?
- Over the last ten years it is up 27.1%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with minor processing by Our World in Data, published as part of Gross domestic product (GDP). Statizoid updates them automatically from the source API.
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About this data
Total economic output of a country or region per year. This data is adjusted by inflation but _does not_ account for differences in living costs between countries.