Gross domestic product (GDP) in Faroe Islands
Faroe Islands: Gross domestic product (GDP) was 3.94 billion international-$ in 2021 prices in 2024. ▲ Rising
Latest (2024)
3.94 billion international-$ in 2021 prices
Change on year
up 0.8%
World rank
177th
of 198 countries
All-time high
3.94 billion international-$ in 2021 prices
in 2024
All-time low
2.50 billion international-$ in 2021 prices
in 2010
Years of data
17
2008–2024
Gross domestic product (GDP) in Faroe Islands, 2008–2024
Source: Eurostat, OECD, IMF, and World Bank (2026) – with minor processing by Our World in Data. Measured in international-$ in 2021 prices.
Analysis
In 2024, gross domestic product (gdp) in Faroe Islands stood at 3.94 billion international-$ in 2021 prices. That is the highest value across all 17 years on record.
That represents a change of 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 3.94 billion international-$ in 2021 prices in 2024 and was at its lowest, 2.50 billion international-$ in 2021 prices, in 2010.
That places Faroe Islands 177th out of 198 countries with data for 2024, putting it 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 | international-$ in 2021 prices | Change |
|---|---|---|
| 2008 | 2.63 billion international-$ in 2021 prices | — |
| 2009 | 2.51 billion international-$ in 2021 prices | -4.6% |
| 2010 | 2.50 billion international-$ in 2021 prices | -0.4% |
| 2011 | 2.59 billion international-$ in 2021 prices | +3.6% |
| 2012 | 2.78 billion international-$ in 2021 prices | +7.1% |
| 2013 | 2.94 billion international-$ in 2021 prices | +5.9% |
| 2014 | 3.10 billion international-$ in 2021 prices | +5.4% |
| 2015 | 3.13 billion international-$ in 2021 prices | +1.0% |
| 2016 | 3.17 billion international-$ in 2021 prices | +1.4% |
| 2017 | 3.28 billion international-$ in 2021 prices | +3.5% |
| 2018 | 3.38 billion international-$ in 2021 prices | +2.8% |
| 2019 | 3.53 billion international-$ in 2021 prices | +4.5% |
| 2020 | 3.47 billion international-$ in 2021 prices | -1.6% |
| 2021 | 3.65 billion international-$ in 2021 prices | +5.1% |
| 2022 | 3.79 billion international-$ in 2021 prices | +3.9% |
| 2023 | 3.91 billion international-$ in 2021 prices | +3.2% |
| 2024 | 3.94 billion international-$ in 2021 prices | +0.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.94 billion international-$ in 2021 prices is below the median for high income countries, which is 209.44 billion international-$ in 2021 prices, 2% of the median. (74 countries reporting)
- Faroe Islands's 3.94 billion international-$ in 2021 prices is below the median for Europe & Central Asia, which is 249.10 billion international-$ in 2021 prices, 2% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.57 billion international-$ in 2021 prices | 2.51 billion international-$ in 2021 prices | 2.63 billion international-$ in 2021 prices | 2 |
| 2010s | 3.04 billion international-$ in 2021 prices | 2.50 billion international-$ in 2021 prices | 3.53 billion international-$ in 2021 prices | 10 |
| 2020s | 3.75 billion international-$ in 2021 prices | 3.47 billion international-$ in 2021 prices | 3.94 billion international-$ in 2021 prices | 5 |
Countries ranked near Faroe Islands
- 174 Curacao 4.49 billion international-$ in 2021 prices compare
- 175 Saint Lucia 4.41 billion international-$ in 2021 prices compare
- 176 Greenland 4.04 billion international-$ in 2021 prices compare
- 178 Seychelles 3.76 billion international-$ in 2021 prices compare
- 179 Comoros 3.20 billion international-$ in 2021 prices compare
- 180 Antigua and Barbuda 2.88 billion international-$ in 2021 prices 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 gross domestic product (gdp) in Faroe Islands?
- Gross domestic product (gdp) in Faroe Islands was 3.94 billion international-$ in 2021 prices in 2024, according to Eurostat, OECD, IMF, and World Bank (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 3.94 billion international-$ in 2021 prices in 2024.
- What is the lowest gross domestic product (gdp) recorded in Faroe Islands?
- The lowest recorded value was 2.50 billion international-$ in 2021 prices in 2010.
- How does Faroe Islands rank for gross domestic product (gdp)?
- Faroe Islands ranks 177th out of 198 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 Eurostat, OECD, IMF, and World Bank (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 for inflation and differences in living costs between countries.