Gross domestic product (GDP), per capita in Faroe Islands
Faroe Islands: Gross domestic product (GDP), per capita was 72,114 international-$ in 2021 prices per person in 2024. ▲ Rising
Gross domestic product (GDP), per capita in Faroe Islands, 2008–2024
Source: Statizoid (derived). Measured in international-$ in 2021 prices per person.
Analysis
Faroe Islands recorded 72,114 international-$ in 2021 prices per person for gross domestic product (gdp), per capita in 2024. That is the highest value across all 17 years on record.
The figure is up 0.4% on the previous year and up 12.6% over ten years.
Over the whole period, gross domestic product (gdp), per capita in Faroe Islands peaked at 72,114 international-$ in 2021 prices per person in 2024 and was at its lowest, 51,480 international-$ in 2021 prices per person, in 2010.
That places Faroe Islands 14th out of 198 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 17 years of available data.
Gross domestic product (GDP), per capita in Faroe Islands, year by year
| Year | international-$ in 2021 prices per person | Change |
|---|---|---|
| 2008 | 54,263 international-$ in 2021 prices per person | — |
| 2009 | 51,534 international-$ in 2021 prices per person | -5.0% |
| 2010 | 51,480 international-$ in 2021 prices per person | -0.1% |
| 2011 | 53,441 international-$ in 2021 prices per person | +3.8% |
| 2012 | 57,524 international-$ in 2021 prices per person | +7.6% |
| 2013 | 60,950 international-$ in 2021 prices per person | +6.0% |
| 2014 | 64,020 international-$ in 2021 prices per person | +5.0% |
| 2015 | 64,010 international-$ in 2021 prices per person | -0.0% |
| 2016 | 64,156 international-$ in 2021 prices per person | +0.2% |
| 2017 | 65,462 international-$ in 2021 prices per person | +2.0% |
| 2018 | 66,192 international-$ in 2021 prices per person | +1.1% |
| 2019 | 68,137 international-$ in 2021 prices per person | +2.9% |
| 2020 | 66,038 international-$ in 2021 prices per person | -3.1% |
| 2021 | 68,433 international-$ in 2021 prices per person | +3.6% |
| 2022 | 70,268 international-$ in 2021 prices per person | +2.7% |
| 2023 | 71,828 international-$ in 2021 prices per person | +2.2% |
| 2024 | 72,114 international-$ in 2021 prices per person | +0.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 72,114 international-$ in 2021 prices per person is above the median for high income countries, which is 49,192 international-$ in 2021 prices per person, 1.5× the median. (74 countries reporting)
- Faroe Islands's 72,114 international-$ in 2021 prices per person is above the median for Europe & Central Asia, which is 42,830 international-$ in 2021 prices per person, 1.7× the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 52,899 international-$ in 2021 prices per person | 51,534 international-$ in 2021 prices per person | 54,263 international-$ in 2021 prices per person | 2 |
| 2010s | 61,537 international-$ in 2021 prices per person | 51,480 international-$ in 2021 prices per person | 68,137 international-$ in 2021 prices per person | 10 |
| 2020s | 69,736 international-$ in 2021 prices per person | 66,038 international-$ in 2021 prices per person | 72,114 international-$ in 2021 prices per person | 5 |
Countries ranked near Faroe Islands
- 11 Brunei 78,985 international-$ in 2021 prices per person compare
- 12 United States 76,931 international-$ in 2021 prices per person compare
- 13 Denmark 72,723 international-$ in 2021 prices per person compare
- 15 Netherlands 71,379 international-$ in 2021 prices per person compare
- 16 Greenland 71,038 international-$ in 2021 prices per person compare
- 17 San Marino 70,952 international-$ in 2021 prices per person compare
More economy & growth data for Faroe Islands
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), per unit of GDP 0.512 current US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Imports of goods and services (current US$), per capita 37,975 current US$ per person (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
Frequently asked questions
- What is gross domestic product (gdp), per capita in Faroe Islands?
- Gross domestic product (gdp), per capita in Faroe Islands was 72,114 international-$ in 2021 prices per person in 2024, according to Statizoid (derived).
- What is the highest gross domestic product (gdp), per capita recorded in Faroe Islands?
- The highest recorded value was 72,114 international-$ in 2021 prices per person in 2024.
- What is the lowest gross domestic product (gdp), per capita recorded in Faroe Islands?
- The lowest recorded value was 51,480 international-$ in 2021 prices per person in 2010.
- How does Faroe Islands rank for gross domestic product (gdp), per capita?
- Faroe Islands ranks 14th out of 198 countries with data for 2024.
- Is gross domestic product (gdp), per capita rising or falling in Faroe Islands?
- Over the last ten years it is up 12.6%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Gross domestic product (GDP), per capita. Statizoid updates them automatically from the source API.
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CSV · JSON — 17 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
Gross domestic product (GDP) divided by Population, total, matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
Gross domestic product (GDP) ÷ Population, total
Computed from
- Gross domestic product (GDP) Eurostat, OECD, IMF, and World Bank (2026) – with minor processing by Our World in Data
- Population, total World Population Prospects, United Nations (UN)
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
Gross domestic product (GDP) divided by Population, total, matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.