General government final consumption expenditure in Faroe Islands
Faroe Islands: General government final consumption expenditure was 27.9% in 2024. ▬ Flat
General government final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
In 2024, general government final consumption expenditure in Faroe Islands stood at 27.9%.
The figure is up 3.3% on the previous year and down 3.5% over ten years.
Over the whole period, general government final consumption expenditure in Faroe Islands peaked at 33.5% in 2009 and was at its lowest, 25.2%, in 1998.
Faroe Islands ranks 13th of 187 countries on this measure, in the top 10%.
General government final consumption expenditure in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 25.2% | — |
| 1999 | 25.9% | +2.9% |
| 2000 | 25.6% | -1.0% |
| 2001 | 25.5% | -0.4% |
| 2002 | 26.6% | +4.3% |
| 2003 | 28.9% | +8.7% |
| 2004 | 29.4% | +1.6% |
| 2005 | 30.3% | +3.0% |
| 2006 | 27.7% | -8.6% |
| 2007 | 28.2% | +2.1% |
| 2008 | 31.4% | +11.1% |
| 2009 | 33.5% | +6.7% |
| 2010 | 32.9% | -1.8% |
| 2011 | 32.6% | -0.9% |
| 2012 | 31.8% | -2.6% |
| 2013 | 30.4% | -4.3% |
| 2014 | 28.9% | -5.1% |
| 2015 | 28.3% | -2.1% |
| 2016 | 27.7% | -2.1% |
| 2017 | 27.6% | -0.3% |
| 2018 | 28.4% | +3.0% |
| 2019 | 27.6% | -2.8% |
| 2020 | 29.6% | +7.0% |
| 2021 | 28.5% | -3.6% |
| 2022 | 26.9% | -5.4% |
| 2023 | 27.0% | +0.1% |
| 2024 | 27.9% | +3.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 25.5% | 25.2% | 25.9% | 2 |
| 2000s | 28.7% | 25.5% | 33.5% | 10 |
| 2010s | 29.6% | 27.6% | 32.9% | 10 |
| 2020s | 28.0% | 26.9% | 29.6% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (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)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Gross capital formation (current US$), 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 27.9% in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest general government final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 33.5% in 2009.
- What is the lowest general government final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 25.2% in 1998.
- How does Faroe Islands rank for general government final consumption expenditure?
- Faroe Islands ranks 13th 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 down 3.5%. The long-run trend across the full record is flat.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of General government final consumption expenditure (% of GDP). Statizoid updates them automatically from the source API.
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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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.