Gross domestic savings (current US$), per unit of GDP (unit GDP US) in Faroe Islands
Faroe Islands: Gross domestic savings (current US$), per unit of GDP (unit GDP US) was 0.3153 current US$ per US$ of GDP in 2024. ▲ Rising
Gross domestic savings (current US$), per unit of GDP in Faroe Islands, 1998–2024
Source: Statizoid (derived). Measured in current US$ per US$ of GDP.
Analysis
The most recent figure for gross domestic savings (current us$), per unit of gdp in Faroe Islands is 0.3153 current US$ per US$ of GDP, measured in 2024.
Compared with earlier readings it is down 2.8% on the previous year and up 40.5% over ten years.
Over the whole period, gross domestic savings (current us$), per unit of gdp in Faroe Islands peaked at 0.3243 current US$ per US$ of GDP in 2023 and was at its lowest, 0.0515 current US$ per US$ of GDP, in 2005.
Faroe Islands ranks 41st of 187 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross domestic savings (current US$), per unit of GDP (unit GDP US) in Faroe Islands, year by year
| Year | current US$ per US$ of GDP | Change |
|---|---|---|
| 1998 | 0.2381 current US$ per US$ of GDP | — |
| 1999 | 0.2069 current US$ per US$ of GDP | -13.1% |
| 2000 | 0.2294 current US$ per US$ of GDP | +10.9% |
| 2001 | 0.2434 current US$ per US$ of GDP | +6.1% |
| 2002 | 0.228 current US$ per US$ of GDP | -6.4% |
| 2003 | 0.1669 current US$ per US$ of GDP | -26.8% |
| 2004 | 0.1422 current US$ per US$ of GDP | -14.8% |
| 2005 | 0.0515 current US$ per US$ of GDP | -63.8% |
| 2006 | 0.1488 current US$ per US$ of GDP | +189.1% |
| 2007 | 0.169 current US$ per US$ of GDP | +13.6% |
| 2008 | 0.1462 current US$ per US$ of GDP | -13.5% |
| 2009 | 0.08 current US$ per US$ of GDP | -45.3% |
| 2010 | 0.1578 current US$ per US$ of GDP | +97.4% |
| 2011 | 0.1528 current US$ per US$ of GDP | -3.2% |
| 2012 | 0.1422 current US$ per US$ of GDP | -6.9% |
| 2013 | 0.1842 current US$ per US$ of GDP | +29.5% |
| 2014 | 0.2244 current US$ per US$ of GDP | +21.9% |
| 2015 | 0.2479 current US$ per US$ of GDP | +10.4% |
| 2016 | 0.2668 current US$ per US$ of GDP | +7.6% |
| 2017 | 0.2895 current US$ per US$ of GDP | +8.5% |
| 2018 | 0.2847 current US$ per US$ of GDP | -1.7% |
| 2019 | 0.3053 current US$ per US$ of GDP | +7.2% |
| 2020 | 0.2689 current US$ per US$ of GDP | -11.9% |
| 2021 | 0.2934 current US$ per US$ of GDP | +9.1% |
| 2022 | 0.3221 current US$ per US$ of GDP | +9.8% |
| 2023 | 0.3243 current US$ per US$ of GDP | +0.7% |
| 2024 | 0.3153 current US$ per US$ of GDP | -2.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.3153 current US$ per US$ of GDP is above the median for high income countries, which is 0.257 current US$ per US$ of GDP, 1.2× the median. (67 countries reporting)
- Faroe Islands's 0.3153 current US$ per US$ of GDP is above the median for Europe & Central Asia, which is 0.2423 current US$ per US$ of GDP, 1.3× the median. (52 countries reporting)
Biggest year-on-year movements
Years where Gross domestic savings (current US$), per unit of GDP (unit GDP US) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2006 | +189.1% | 0.0515 current US$ per US$ of GDP | 0.1488 current US$ per US$ of GDP |
| 2010 | +97.4% | 0.08 current US$ per US$ of GDP | 0.1578 current US$ per US$ of GDP |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 0.2225 current US$ per US$ of GDP | 0.2069 current US$ per US$ of GDP | 0.2381 current US$ per US$ of GDP | 2 |
| 2000s | 0.1605 current US$ per US$ of GDP | 0.0515 current US$ per US$ of GDP | 0.2434 current US$ per US$ of GDP | 10 |
| 2010s | 0.2256 current US$ per US$ of GDP | 0.1422 current US$ per US$ of GDP | 0.3053 current US$ per US$ of GDP | 10 |
| 2020s | 0.3048 current US$ per US$ of GDP | 0.2689 current US$ per US$ of GDP | 0.3243 current US$ per US$ of GDP | 5 |
Countries ranked near Faroe Islands
- 38 Kuwait 0.3262 current US$ per US$ of GDP compare
- 39 Czechia 0.3261 current US$ per US$ of GDP compare
- 40 India 0.3256 current US$ per US$ of GDP compare
- 42 Turkey 0.3143 current US$ per US$ of GDP compare
- 43 Iraq 0.3141 current US$ per US$ of GDP compare
- 44 Democratic Republic of Congo 0.3132 current US$ per US$ of GDP compare
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 30,122 current US$ per person (2024)
- Final consumption expenditure (current LCU), per unit of GDP 4.72 current LCU per US$ of GDP (2024)
- Final consumption expenditure (current LCU), annual growth rate 4.23 % change on previous year (2024)
- Final consumption expenditure (current US$), per capita 50,788 current US$ per person (2024)
- Final consumption expenditure (current US$), per unit of GDP 0.6847 current US$ per US$ of GDP (2024)
- Final consumption expenditure (current US$), annual growth rate 4.16 % change on previous year (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.8 current LCU per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 2.89 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 0.2786 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is gross domestic savings (current us$), per unit of gdp in Faroe Islands?
- Gross domestic savings (current us$), per unit of gdp in Faroe Islands was 0.3153 current US$ per US$ of GDP in 2024, according to Statizoid (derived).
- What is the highest gross domestic savings (current us$), per unit of gdp recorded in Faroe Islands?
- The highest recorded value was 0.3243 current US$ per US$ of GDP in 2023.
- What is the lowest gross domestic savings (current us$), per unit of gdp recorded in Faroe Islands?
- The lowest recorded value was 0.0515 current US$ per US$ of GDP in 2005.
- How does Faroe Islands rank for gross domestic savings (current us$), per unit of gdp?
- Faroe Islands ranks 41st out of 187 countries with data for 2024.
- Is gross domestic savings (current us$), per unit of gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 40.5%. 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 savings (current US$), per unit of GDP. Statizoid updates them automatically from the source API.
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How this figure is calculated
Gross domestic savings (current US$) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
Gross domestic savings (current US$) ÷ GDP (current US$)
Computed from
- Gross domestic savings Country official statistics, National Statistical Organizations and/or Central Banks
- GDP Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
Gross domestic savings (current US$) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.