Gross domestic product (GDP), annual growth rate in Faroe Islands
Faroe Islands: Gross domestic product (GDP), annual growth rate was 0.8438 % change on previous year in 2024. ◆ Volatile
Gross domestic product (GDP), annual growth rate in Faroe Islands, 2009–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
The most recent figure for gross domestic product (gdp), annual growth rate in Faroe Islands is 0.8438 % change on previous year, measured in 2024.
That represents a change of down 73.3% on the previous year and down 84.5% over ten years.
Over the whole period, gross domestic product (gdp), annual growth rate in Faroe Islands peaked at 7.08 % change on previous year in 2012 and was at its lowest, -4.55 % change on previous year, in 2009.
Faroe Islands ranks 169th of 198 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic product (GDP), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 2009 | -4.55 % change on previous year | — |
| 2010 | -0.3798 % change on previous year | -91.7% |
| 2011 | 3.57 % change on previous year | -1039.0% |
| 2012 | 7.08 % change on previous year | +98.6% |
| 2013 | 5.86 % change on previous year | -17.3% |
| 2014 | 5.43 % change on previous year | -7.2% |
| 2015 | 0.958 % change on previous year | -82.4% |
| 2016 | 1.39 % change on previous year | +44.7% |
| 2017 | 3.51 % change on previous year | +153.3% |
| 2018 | 2.76 % change on previous year | -21.3% |
| 2019 | 4.54 % change on previous year | +64.2% |
| 2020 | -1.64 % change on previous year | -136.1% |
| 2021 | 5.07 % change on previous year | -409.4% |
| 2022 | 3.86 % change on previous year | -23.8% |
| 2023 | 3.16 % change on previous year | -18.2% |
| 2024 | 0.8438 % change on previous year | -73.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8438 % change on previous year is below the median for high income countries, which is 2.15 % change on previous year, 39% of the median. (74 countries reporting)
- Faroe Islands's 0.8438 % change on previous year is below the median for Europe & Central Asia, which is 1.95 % change on previous year, 43% of the median. (52 countries reporting)
Biggest year-on-year movements
Years where Gross domestic product (GDP), annual growth rate in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2011 | +1039.0% | -0.3798 % change on previous year | 3.57 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | -4.55 % change on previous year | -4.55 % change on previous year | -4.55 % change on previous year | 1 |
| 2010s | 3.47 % change on previous year | -0.3798 % change on previous year | 7.08 % change on previous year | 10 |
| 2020s | 2.26 % change on previous year | -1.64 % change on previous year | 5.07 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 166 Russia 1 % change on previous year compare
- 167 Belgium 0.9831 % change on previous year compare
- 168 Greenland 0.8659 % change on previous year compare
- 170 France 0.8409 % change on previous year compare
- 171 Slovakia 0.8072 % change on previous year compare
- 172 Romania 0.6779 % change on previous year 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 gross domestic product (gdp), annual growth rate in Faroe Islands?
- Gross domestic product (gdp), annual growth rate in Faroe Islands was 0.8438 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gross domestic product (gdp), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 7.08 % change on previous year in 2012.
- What is the lowest gross domestic product (gdp), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -4.55 % change on previous year in 2009.
- How does Faroe Islands rank for gross domestic product (gdp), annual growth rate?
- Faroe Islands ranks 169th out of 198 countries with data for 2024.
- Is gross domestic product (gdp), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is down 84.5%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Gross domestic product (GDP), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 16 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Gross domestic product (GDP). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Gross domestic product (GDP) Eurostat, OECD, IMF, and World Bank (2026) – with minor processing by Our World in Data
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Gross domestic product (GDP). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.