Gross domestic product (GDP), per unit of GDP in Faroe Islands
Faroe Islands: Gross domestic product (GDP), per unit of GDP was 0.9722 international-$ in 2021 prices per US$ of GDP in 2024. ▼ Falling
Gross domestic product (GDP), per unit of GDP in Faroe Islands, 2008–2024
Source: Statizoid (derived). Measured in international-$ in 2021 prices per US$ of GDP.
Analysis
In 2024, gross domestic product (gdp), per unit of gdp in Faroe Islands stood at 0.9722 international-$ in 2021 prices per US$ of GDP. That is the lowest value across all 17 years on record.
Compared with earlier readings it is down 1.9% on the previous year and down 8.6% over ten years.
Over the whole period, gross domestic product (gdp), per unit of gdp in Faroe Islands peaked at 1.22 international-$ in 2021 prices per US$ of GDP in 2015 and was at its lowest, 0.9722 international-$ in 2021 prices per US$ of GDP, in 2024.
That places Faroe Islands 179th out of 198 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 17 years of available data.
Gross domestic product (GDP), per unit of GDP in Faroe Islands, year by year
| Year | international-$ in 2021 prices per US$ of GDP | Change |
|---|---|---|
| 2008 | 1.06 international-$ in 2021 prices per US$ of GDP | — |
| 2009 | 1.1 international-$ in 2021 prices per US$ of GDP | +3.5% |
| 2010 | 1.07 international-$ in 2021 prices per US$ of GDP | -1.9% |
| 2011 | 1.04 international-$ in 2021 prices per US$ of GDP | -3.6% |
| 2012 | 1.14 international-$ in 2021 prices per US$ of GDP | +10.5% |
| 2013 | 1.09 international-$ in 2021 prices per US$ of GDP | -4.5% |
| 2014 | 1.06 international-$ in 2021 prices per US$ of GDP | -2.7% |
| 2015 | 1.22 international-$ in 2021 prices per US$ of GDP | +14.3% |
| 2016 | 1.13 international-$ in 2021 prices per US$ of GDP | -7.2% |
| 2017 | 1.1 international-$ in 2021 prices per US$ of GDP | -2.3% |
| 2018 | 1.06 international-$ in 2021 prices per US$ of GDP | -4.0% |
| 2019 | 1.08 international-$ in 2021 prices per US$ of GDP | +2.0% |
| 2020 | 1.06 international-$ in 2021 prices per US$ of GDP | -1.8% |
| 2021 | 0.9858 international-$ in 2021 prices per US$ of GDP | -7.1% |
| 2022 | 1.05 international-$ in 2021 prices per US$ of GDP | +6.3% |
| 2023 | 0.9909 international-$ in 2021 prices per US$ of GDP | -5.4% |
| 2024 | 0.9722 international-$ in 2021 prices per US$ of GDP | -1.9% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.9722 international-$ in 2021 prices per US$ of GDP is below the median for high income countries, which is 1.24 international-$ in 2021 prices per US$ of GDP, 78% of the median. (74 countries reporting)
- Faroe Islands's 0.9722 international-$ in 2021 prices per US$ of GDP is below the median for Europe & Central Asia, which is 1.42 international-$ in 2021 prices per US$ of GDP, 68% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 1.08 international-$ in 2021 prices per US$ of GDP | 1.06 international-$ in 2021 prices per US$ of GDP | 1.1 international-$ in 2021 prices per US$ of GDP | 2 |
| 2010s | 1.1 international-$ in 2021 prices per US$ of GDP | 1.04 international-$ in 2021 prices per US$ of GDP | 1.22 international-$ in 2021 prices per US$ of GDP | 10 |
| 2020s | 1.01 international-$ in 2021 prices per US$ of GDP | 0.9722 international-$ in 2021 prices per US$ of GDP | 1.06 international-$ in 2021 prices per US$ of GDP | 5 |
Countries ranked near Faroe Islands
- 176 Haiti 0.994 international-$ in 2021 prices per US$ of GDP compare
- 177 Finland 0.9926 international-$ in 2021 prices per US$ of GDP compare
- 178 New Zealand 0.9726 international-$ in 2021 prices per US$ of GDP compare
- 180 Netherlands 0.9687 international-$ in 2021 prices per US$ of GDP compare
- 181 Vanuatu 0.9575 international-$ in 2021 prices per US$ of GDP compare
- 182 Tuvalu 0.9561 international-$ in 2021 prices per US$ of GDP 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 unit of gdp in Faroe Islands?
- Gross domestic product (gdp), per unit of gdp in Faroe Islands was 0.9722 international-$ in 2021 prices per US$ of GDP in 2024, according to Statizoid (derived).
- What is the highest gross domestic product (gdp), per unit of gdp recorded in Faroe Islands?
- The highest recorded value was 1.22 international-$ in 2021 prices per US$ of GDP in 2015.
- What is the lowest gross domestic product (gdp), per unit of gdp recorded in Faroe Islands?
- The lowest recorded value was 0.9722 international-$ in 2021 prices per US$ of GDP in 2024.
- How does Faroe Islands rank for gross domestic product (gdp), per unit of gdp?
- Faroe Islands ranks 179th out of 198 countries with data for 2024.
- Is gross domestic product (gdp), per unit of gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 8.6%. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Gross domestic product (GDP), per unit of GDP. Statizoid updates them automatically from the source API.
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How this figure is calculated
Gross domestic product (GDP) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
Gross domestic product (GDP) ÷ GDP (current US$)
Computed from
- Gross domestic product (GDP) Eurostat, OECD, IMF, and World Bank (2026) – with minor processing by Our World in Data
- GDP Country official statistics, National Statistical Organizations and/or Central Banks
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 GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.