Gross domestic savings (current US$) in Faroe Islands
Faroe Islands: Gross domestic savings (current US$) 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$, in 2005.
Faroe Islands ranks 135th of 188 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Gross domestic savings (current US$) 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% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.28 billion current US$ is below the median for high income countries, which is 52.49 billion current US$, 2% of the median. (67 countries reporting)
- Faroe Islands's 1.28 billion current US$ is below the median for Europe & Central Asia, which is 28.55 billion current US$, 4% of the median. (52 countries reporting)
Biggest year-on-year movements
Years where Gross domestic savings (current US$) 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 | +231.5% | 90.56 million current US$ | 300.18 million current US$ |
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
- Households and NPISHs Final consumption expenditure (current LCU) 207,672 current LCU per person (2024)
- Final consumption expenditure (current LCU), per capita 350,156 current LCU per person (2024)
- Final consumption expenditure (current LCU), per unit of GDP 4.72 current LCU per US$ of GDP (2024)
- General government final consumption expenditure (current US$), per 0.2786 current US$ 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)
- General government final consumption expenditure (current US$), per 20,666 current US$ per person (2024)
- Final consumption expenditure (current US$), annual growth rate 4.16 % change on previous year (2024)
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (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 188 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.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.