GNI per capita in Faroe Islands
Faroe Islands: GNI per capita was 68,236 US$ in 2020. ▲ Rising
GNI per capita in Faroe Islands, 1998–2020
Source: World Bank national accounts data, and OECD National Accounts data files. Measured in US$.
Analysis
In 2020, gni per capita in Faroe Islands stood at 68,236 US$.
Compared with earlier readings it is down 2.4% on the previous year and up 38.7% over ten years.
Over the whole period, gni per capita in Faroe Islands peaked at 69,915 US$ in 2019 and was at its lowest, 23,733 US$, in 2000.
Faroe Islands ranks 8th of 207 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 23 years of available data.
GNI per capita in Faroe Islands, year by year
| Year | US$ | Change |
|---|---|---|
| 1998 | 24,910 US$ | — |
| 1999 | 25,294 US$ | +1.5% |
| 2000 | 23,733 US$ | -6.2% |
| 2001 | 25,376 US$ | +6.9% |
| 2002 | 27,869 US$ | +9.8% |
| 2003 | 32,782 US$ | +17.6% |
| 2004 | 37,270 US$ | +13.7% |
| 2005 | 38,031 US$ | +2.0% |
| 2006 | 43,564 US$ | +14.5% |
| 2007 | 50,223 US$ | +15.3% |
| 2008 | 52,357 US$ | +4.2% |
| 2009 | 46,927 US$ | -10.4% |
| 2010 | 49,212 US$ | +4.9% |
| 2011 | 55,095 US$ | +12.0% |
| 2012 | 53,103 US$ | -3.6% |
| 2013 | 58,959 US$ | +11.0% |
| 2014 | 62,671 US$ | +6.3% |
| 2015 | 54,760 US$ | -12.6% |
| 2016 | 60,356 US$ | +10.2% |
| 2017 | 63,528 US$ | +5.3% |
| 2018 | 67,449 US$ | +6.2% |
| 2019 | 69,915 US$ | +3.7% |
| 2020 | 68,236 US$ | -2.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 68,236 US$ is above the median for high income countries, which is 26,430 US$, 2.6× the median. (75 countries reporting)
- Faroe Islands's 68,236 US$ is above the median for Europe & Central Asia, which is 19,050 US$, 3.6× the median. (53 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 25,102 US$ | 24,910 US$ | 25,294 US$ | 2 |
| 2000s | 37,813 US$ | 23,733 US$ | 52,357 US$ | 10 |
| 2010s | 59,505 US$ | 49,212 US$ | 69,915 US$ | 10 |
| 2020s | 68,236 US$ | 68,236 US$ | 68,236 US$ | 1 |
Countries ranked near Faroe Islands
- 5 Luxembourg 82,174 US$ compare
- 6 Channel Islands 70,413 US$ compare
- 7 Norway 70,026 US$ compare
- 9 Ireland 65,003 US$ compare
- 10 United States 64,213 US$ compare
- 11 Cayman Islands 63,316 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 gni per capita in Faroe Islands?
- Gni per capita in Faroe Islands was 68,236 US$ in 2020, according to World Bank national accounts data, and OECD National Accounts data files.
- What is the highest gni per capita recorded in Faroe Islands?
- The highest recorded value was 69,915 US$ in 2019.
- What is the lowest gni per capita recorded in Faroe Islands?
- The lowest recorded value was 23,733 US$ in 2000.
- How does Faroe Islands rank for gni per capita?
- Faroe Islands ranks 8th out of 207 countries with data for 2020.
- Is gni per capita rising or falling in Faroe Islands?
- Over the last ten years it is up 38.7%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from World Bank national accounts data, and OECD National Accounts data files, published as part of GNI per capita (US$). Statizoid updates them automatically from the source API.
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About this data
GNI per capita is gross national income divided by midyear population. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars.