Gross domestic savings in Faroe Islands
Faroe Islands: Gross domestic savings was 31.5% in 2024. ▲ Rising
Gross domestic savings in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
In 2024, gross domestic savings in Faroe Islands stood at 31.5%.
The figure is down 2.8% on the previous year and up 40.5% over ten years.
Over the whole period, gross domestic savings in Faroe Islands peaked at 32.4% in 2023 and was at its lowest, 5.1%, in 2005.
Faroe Islands ranks 41st of 188 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 in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 23.8% | — |
| 1999 | 20.7% | -13.1% |
| 2000 | 22.9% | +10.9% |
| 2001 | 24.3% | +6.1% |
| 2002 | 22.8% | -6.4% |
| 2003 | 16.7% | -26.8% |
| 2004 | 14.2% | -14.8% |
| 2005 | 5.1% | -63.8% |
| 2006 | 14.9% | +189.1% |
| 2007 | 16.9% | +13.6% |
| 2008 | 14.6% | -13.5% |
| 2009 | 8.0% | -45.3% |
| 2010 | 15.8% | +97.4% |
| 2011 | 15.3% | -3.2% |
| 2012 | 14.2% | -6.9% |
| 2013 | 18.4% | +29.5% |
| 2014 | 22.4% | +21.9% |
| 2015 | 24.8% | +10.4% |
| 2016 | 26.7% | +7.6% |
| 2017 | 29.0% | +8.5% |
| 2018 | 28.5% | -1.7% |
| 2019 | 30.5% | +7.2% |
| 2020 | 26.9% | -11.9% |
| 2021 | 29.3% | +9.1% |
| 2022 | 32.2% | +9.8% |
| 2023 | 32.4% | +0.7% |
| 2024 | 31.5% | -2.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 22.3% | 20.7% | 23.8% | 2 |
| 2000s | 16.1% | 5.1% | 24.3% | 10 |
| 2010s | 22.6% | 14.2% | 30.5% | 10 |
| 2020s | 30.5% | 26.9% | 32.4% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is gross domestic savings in Faroe Islands?
- Gross domestic savings in Faroe Islands was 31.5% 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 32.4% in 2023.
- What is the lowest gross domestic savings recorded in Faroe Islands?
- The lowest recorded value was 5.1% in 2005.
- How does Faroe Islands rank for gross domestic savings?
- Faroe Islands ranks 41st 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 40.5%. The long-run trend across the full record is rising.
- 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 (% of GDP). Statizoid updates them automatically from the source API.
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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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.