Gross capital formation in Faroe Islands
Faroe Islands: Gross capital formation was 1.14 billion current US$ in 2024. ▲ Rising
Gross capital formation in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
Faroe Islands recorded 1.14 billion current US$ for gross capital formation in 2024.
The figure is down 7.7% on the previous year and up 80.1% over ten years.
Over the whole period, gross capital formation in Faroe Islands peaked at 1.24 billion current US$ in 2023 and was at its lowest, 244.36 million current US$, in 1998.
That places Faroe Islands 157th out of 187 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross capital formation in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 244.36 million current US$ | — |
| 1999 | 266.83 million current US$ | +9.2% |
| 2000 | 328.86 million current US$ | +23.2% |
| 2001 | 303.07 million current US$ | -7.8% |
| 2002 | 297.01 million current US$ | -2.0% |
| 2003 | 471.73 million current US$ | +58.8% |
| 2004 | 349.00 million current US$ | -26.0% |
| 2005 | 387.43 million current US$ | +11.0% |
| 2006 | 578.53 million current US$ | +49.3% |
| 2007 | 751.91 million current US$ | +30.0% |
| 2008 | 651.51 million current US$ | -13.4% |
| 2009 | 402.70 million current US$ | -38.2% |
| 2010 | 455.19 million current US$ | +13.0% |
| 2011 | 407.38 million current US$ | -10.5% |
| 2012 | 637.33 million current US$ | +56.4% |
| 2013 | 580.95 million current US$ | -8.8% |
| 2014 | 634.03 million current US$ | +9.1% |
| 2015 | 616.91 million current US$ | -2.7% |
| 2016 | 623.53 million current US$ | +1.1% |
| 2017 | 699.12 million current US$ | +12.1% |
| 2018 | 947.37 million current US$ | +35.5% |
| 2019 | 901.98 million current US$ | -4.8% |
| 2020 | 924.56 million current US$ | +2.5% |
| 2021 | 1.07 billion current US$ | +15.5% |
| 2022 | 1.17 billion current US$ | +9.4% |
| 2023 | 1.24 billion current US$ | +5.9% |
| 2024 | 1.14 billion current US$ | -7.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.14 billion current US$ is below the median for high income countries, which is 48.39 billion current US$, 2% of the median. (67 countries reporting)
- Faroe Islands's 1.14 billion current US$ is below the median for Europe & Central Asia, which is 29.72 billion current US$, 4% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 255.60 million current US$ | 244.36 million current US$ | 266.83 million current US$ | 2 |
| 2000s | 452.18 million current US$ | 297.01 million current US$ | 751.91 million current US$ | 10 |
| 2010s | 650.38 million current US$ | 407.38 million current US$ | 947.37 million current US$ | 10 |
| 2020s | 1.11 billion current US$ | 924.56 million current US$ | 1.24 billion current US$ | 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 gross capital formation in Faroe Islands?
- Gross capital formation in Faroe Islands was 1.14 billion current US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross capital formation recorded in Faroe Islands?
- The highest recorded value was 1.24 billion current US$ in 2023.
- What is the lowest gross capital formation recorded in Faroe Islands?
- The lowest recorded value was 244.36 million current US$ in 1998.
- How does Faroe Islands rank for gross capital formation?
- Faroe Islands ranks 157th out of 187 countries with data for 2024.
- Is gross capital formation rising or falling in Faroe Islands?
- Over the last ten years it is up 80.1%. 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 Gross capital formation (current US$). Statizoid updates them automatically from the source API.
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About this data
Gross capital formation includes acquisitions less disposals of produced assets for purposes of fixed capital formation, inventories or valuables. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.