General government final consumption expenditure (current LCU) in Faroe Islands
Faroe Islands: General government final consumption expenditure (current LCU) was 7.79 billion current LCU in 2024. ▲ Rising
General government final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
In 2024, general government final consumption expenditure in Faroe Islands stood at 7.79 billion current LCU. That is the highest value across all 27 years on record.
Compared with earlier readings it is up 6.2% on the previous year and up 64.9% over ten years.
Over the whole period, general government final consumption expenditure in Faroe Islands peaked at 7.79 billion current LCU in 2024 and was at its lowest, 1.86 billion current LCU, in 1998.
Faroe Islands ranks 157th of 187 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
General government final consumption expenditure (current LCU) in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 1.86 billion current LCU | — |
| 1999 | 2.04 billion current LCU | +9.4% |
| 2000 | 2.21 billion current LCU | +8.5% |
| 2001 | 2.46 billion current LCU | +11.5% |
| 2002 | 2.68 billion current LCU | +8.7% |
| 2003 | 2.86 billion current LCU | +6.9% |
| 2004 | 3.04 billion current LCU | +6.1% |
| 2005 | 3.19 billion current LCU | +5.2% |
| 2006 | 3.32 billion current LCU | +3.9% |
| 2007 | 3.60 billion current LCU | +8.3% |
| 2008 | 3.98 billion current LCU | +10.8% |
| 2009 | 4.12 billion current LCU | +3.4% |
| 2010 | 4.31 billion current LCU | +4.6% |
| 2011 | 4.38 billion current LCU | +1.7% |
| 2012 | 4.46 billion current LCU | +1.8% |
| 2013 | 4.59 billion current LCU | +2.9% |
| 2014 | 4.72 billion current LCU | +2.8% |
| 2015 | 4.89 billion current LCU | +3.7% |
| 2016 | 5.24 billion current LCU | +7.0% |
| 2017 | 5.42 billion current LCU | +3.6% |
| 2018 | 5.72 billion current LCU | +5.4% |
| 2019 | 6.01 billion current LCU | +5.2% |
| 2020 | 6.33 billion current LCU | +5.2% |
| 2021 | 6.63 billion current LCU | +4.7% |
| 2022 | 6.89 billion current LCU | +4.0% |
| 2023 | 7.33 billion current LCU | +6.3% |
| 2024 | 7.79 billion current LCU | +6.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 7.79 billion current LCU is below the median for high income countries, which is 90.99 billion current LCU, 9% of the median. (67 countries reporting)
- Faroe Islands's 7.79 billion current LCU is below the median for Europe & Central Asia, which is 108.41 billion current LCU, 7% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.95 billion current LCU | 1.86 billion current LCU | 2.04 billion current LCU | 2 |
| 2000s | 3.15 billion current LCU | 2.21 billion current LCU | 4.12 billion current LCU | 10 |
| 2010s | 4.98 billion current LCU | 4.31 billion current LCU | 6.01 billion current LCU | 10 |
| 2020s | 6.99 billion current LCU | 6.33 billion current LCU | 7.79 billion current LCU | 5 |
Countries ranked near Faroe Islands
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 general government final consumption expenditure in Faroe Islands?
- General government final consumption expenditure in Faroe Islands was 7.79 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest general government final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 7.79 billion current LCU in 2024.
- What is the lowest general government final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 1.86 billion current LCU in 1998.
- How does Faroe Islands rank for general government final consumption expenditure?
- Faroe Islands ranks 157th out of 187 countries with data for 2024.
- Is general government final consumption expenditure rising or falling in Faroe Islands?
- Over the last ten years it is up 64.9%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of General government final consumption expenditure (current LCU). Statizoid updates them automatically from the source API.
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CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Final consumption expenditure is expenditure on goods and services by resident institutional units for the direct satisfaction of human needs or wants, whether individual or collective. General government FCE includes all government current expenditures for purchases of goods and services (including compensation of employees), and most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.