Gross domestic savings in Faroe Islands
Faroe Islands: Gross domestic savings was 1.28 billion current US$ in 2024. ◆ Volatile
Gross domestic savings in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
Faroe Islands recorded 1.28 billion current US$ for gross domestic savings in 2024.
The figure is down 0.1% on the previous year and up 95.4% over ten years.
Over the whole period, gross domestic savings in Faroe Islands peaked at 1.28 billion current US$ in 2023 and was at its lowest, 90.56 million current US$, in 2005.
Faroe Islands ranks 135th of 187 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic savings in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 263.03 million current US$ | — |
| 1999 | 233.36 million current US$ | -11.3% |
| 2000 | 244.82 million current US$ | +4.9% |
| 2001 | 282.44 million current US$ | +15.4% |
| 2002 | 290.68 million current US$ | +2.9% |
| 2003 | 250.73 million current US$ | -13.7% |
| 2004 | 245.32 million current US$ | -2.2% |
| 2005 | 90.56 million current US$ | -63.1% |
| 2006 | 300.18 million current US$ | +231.5% |
| 2007 | 395.28 million current US$ | +31.7% |
| 2008 | 364.02 million current US$ | -7.9% |
| 2009 | 183.59 million current US$ | -49.6% |
| 2010 | 368.04 million current US$ | +100.5% |
| 2011 | 382.88 million current US$ | +4.0% |
| 2012 | 345.12 million current US$ | -9.9% |
| 2013 | 495.50 million current US$ | +43.6% |
| 2014 | 654.03 million current US$ | +32.0% |
| 2015 | 638.06 million current US$ | -2.4% |
| 2016 | 750.70 million current US$ | +17.7% |
| 2017 | 862.76 million current US$ | +14.9% |
| 2018 | 907.88 million current US$ | +5.2% |
| 2019 | 997.25 million current US$ | +9.8% |
| 2020 | 879.76 million current US$ | -11.8% |
| 2021 | 1.09 billion current US$ | +23.4% |
| 2022 | 1.16 billion current US$ | +7.3% |
| 2023 | 1.28 billion current US$ | +9.8% |
| 2024 | 1.28 billion current US$ | -0.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 248.20 million current US$ | 233.36 million current US$ | 263.03 million current US$ | 2 |
| 2000s | 264.76 million current US$ | 90.56 million current US$ | 395.28 million current US$ | 10 |
| 2010s | 640.22 million current US$ | 345.12 million current US$ | 997.25 million current US$ | 10 |
| 2020s | 1.14 billion current US$ | 879.76 million current US$ | 1.28 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Net primary income (Net income from abroad) 68.52 million current US$ (2024)
- Net secondary income (Net current transfers from abroad) 70.43 million current US$ (2024)
- Taxes less subsidies on products 3.30 billion current LCU (2024)
- Taxes less subsidies on products 478.54 million current US$ (2024)
- Net primary income (Net income from abroad) 472.40 million current LCU (2024)
- GNI per capita, Atlas method 73,120 current US$ (2024)
- GNI 4.12 billion current US$ (2024)
- GNI 28.42 billion current LCU (2024)
- Trade in services 24.0% (2011)
- GNI per capita 520,046 current LCU (2024)
Frequently asked questions
- What is gross domestic savings in Faroe Islands?
- Gross domestic savings in Faroe Islands was 1.28 billion current US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross domestic savings recorded in Faroe Islands?
- The highest recorded value was 1.28 billion current US$ in 2023.
- What is the lowest gross domestic savings recorded in Faroe Islands?
- The lowest recorded value was 90.56 million current US$ in 2005.
- How does Faroe Islands rank for gross domestic savings?
- Faroe Islands ranks 135th out of 187 countries with data for 2024.
- Is gross domestic savings rising or falling in Faroe Islands?
- Over the last ten years it is up 95.4%. The long-run trend across the full record is volatile.
- 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 domestic savings (current US$). Statizoid updates them automatically from the source API.
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About this data
Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption). 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.