GNI in Faroe Islands
Faroe Islands: GNI was 28.42 billion current LCU in 2024. ◆ Volatile
Latest (2024)
28.42 billion current LCU
Change on year
up 3.9%
World rank
168th
of 210 countries
All-time high
28.42 billion current LCU
in 2024
All-time low
194.50 million current LCU
in 1960
Years of data
55
1960–2024
GNI in Faroe Islands, 1960–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
Faroe Islands recorded 28.42 billion current LCU for gni in 2024. That is the highest value across all 55 years on record.
The figure is up 3.9% on the previous year and up 67.7% over ten years.
Over the whole period, gni in Faroe Islands peaked at 28.42 billion current LCU in 2024 and was at its lowest, 194.50 million current LCU, in 1960.
That places Faroe Islands 168th out of 210 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GNI in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1960 | 194.50 million current LCU | — |
| 1961 | 216.10 million current LCU | +11.1% |
| 1962 | 234.80 million current LCU | +8.7% |
| 1963 | 280.50 million current LCU | +19.5% |
| 1964 | 318.80 million current LCU | +13.7% |
| 1965 | 360.20 million current LCU | +13.0% |
| 1966 | 401.20 million current LCU | +11.4% |
| 1967 | 415.90 million current LCU | +3.7% |
| 1968 | 441.40 million current LCU | +6.1% |
| 1969 | 469.10 million current LCU | +6.3% |
| 1970 | 570.60 million current LCU | +21.6% |
| 1971 | 658.70 million current LCU | +15.4% |
| 1972 | 745.50 million current LCU | +13.2% |
| 1973 | 872.20 million current LCU | +17.0% |
| 1974 | 1.09 billion current LCU | +24.8% |
| 1975 | 1.19 billion current LCU | +9.4% |
| 1976 | 1.46 billion current LCU | +22.9% |
| 1977 | 1.86 billion current LCU | +27.3% |
| 1978 | 1.95 billion current LCU | +4.7% |
| 1979 | 2.08 billion current LCU | +6.7% |
| 1980 | 2.47 billion current LCU | +18.8% |
| 1981 | 2.83 billion current LCU | +14.3% |
| 1982 | 3.29 billion current LCU | +16.6% |
| 1983 | 3.98 billion current LCU | +20.9% |
| 1984 | 4.27 billion current LCU | +7.1% |
| 1985 | 4.67 billion current LCU | +9.4% |
| 1986 | 5.21 billion current LCU | +11.7% |
| 1987 | 5.62 billion current LCU | +7.9% |
| 1998 | 7.63 billion current LCU | +35.7% |
| 1999 | 8.17 billion current LCU | +7.0% |
| 2000 | 8.96 billion current LCU | +9.7% |
| 2001 | 9.91 billion current LCU | +10.7% |
| 2002 | 10.38 billion current LCU | +4.8% |
| 2003 | 10.26 billion current LCU | -1.2% |
| 2004 | 10.73 billion current LCU | +4.6% |
| 2005 | 10.92 billion current LCU | +1.8% |
| 2006 | 12.40 billion current LCU | +13.6% |
| 2007 | 13.11 billion current LCU | +5.7% |
| 2008 | 12.77 billion current LCU | -2.6% |
| 2009 | 12.03 billion current LCU | -5.8% |
| 2010 | 13.28 billion current LCU | +10.4% |
| 2011 | 14.18 billion current LCU | +6.7% |
| 2012 | 14.79 billion current LCU | +4.3% |
| 2013 | 15.93 billion current LCU | +7.7% |
| 2014 | 16.94 billion current LCU | +6.3% |
| 2015 | 17.79 billion current LCU | +5.0% |
| 2016 | 19.63 billion current LCU | +10.4% |
| 2017 | 20.34 billion current LCU | +3.6% |
| 2018 | 20.71 billion current LCU | +1.8% |
| 2019 | 22.41 billion current LCU | +8.2% |
| 2020 | 21.92 billion current LCU | -2.2% |
| 2021 | 24.06 billion current LCU | +9.8% |
| 2022 | 26.21 billion current LCU | +9.0% |
| 2023 | 27.36 billion current LCU | +4.4% |
| 2024 | 28.42 billion current LCU | +3.9% |
Faroe Islands compared with similar countries
- Faroe Islands's 28.42 billion current LCU is below the median for high income countries, which is 291.94 billion current LCU, 10% of the median. (78 countries reporting)
- Faroe Islands's 28.42 billion current LCU is below the median for Europe & Central Asia, which is 437.80 billion current LCU, 6% of the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 333.25 million current LCU | 194.50 million current LCU | 469.10 million current LCU | 10 |
| 1970s | 1.25 billion current LCU | 570.60 million current LCU | 2.08 billion current LCU | 10 |
| 1980s | 4.04 billion current LCU | 2.47 billion current LCU | 5.62 billion current LCU | 8 |
| 1990s | 7.90 billion current LCU | 7.63 billion current LCU | 8.17 billion current LCU | 2 |
| 2000s | 11.15 billion current LCU | 8.96 billion current LCU | 13.11 billion current LCU | 10 |
| 2010s | 17.60 billion current LCU | 13.28 billion current LCU | 22.41 billion current LCU | 10 |
| 2020s | 25.59 billion current LCU | 21.92 billion current LCU | 28.42 billion current LCU | 5 |
Countries ranked near Faroe Islands
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 gni in Faroe Islands?
- Gni in Faroe Islands was 28.42 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gni recorded in Faroe Islands?
- The highest recorded value was 28.42 billion current LCU in 2024.
- What is the lowest gni recorded in Faroe Islands?
- The lowest recorded value was 194.50 million current LCU in 1960.
- How does Faroe Islands rank for gni?
- Faroe Islands ranks 168th out of 210 countries with data for 2024.
- Is gni rising or falling in Faroe Islands?
- Over the last ten years it is up 67.7%. The long-run trend across the full record is volatile.
- 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 GNI (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 55 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Gross national income is the total income earned by all residents within an economic territory during an accounting period. It is equal to gross domestic product plus earned income receivable from abroad minus earned income payable abroad. 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.