Gross national expenditure in Faroe Islands
Faroe Islands: Gross national expenditure was 27.00 billion current LCU in 2024. ▲ Rising
Gross national expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
In 2024, gross national expenditure in Faroe Islands stood at 27.00 billion current LCU. That is the highest value across all 27 years on record.
Compared with earlier readings it is up 0.5% on the previous year and up 66.3% over ten years.
Over the whole period, gross national expenditure in Faroe Islands peaked at 27.00 billion current LCU in 2024 and was at its lowest, 7.28 billion current LCU, in 1998.
Faroe Islands ranks 159th of 185 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross national expenditure in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 7.28 billion current LCU | — |
| 1999 | 8.10 billion current LCU | +11.3% |
| 2000 | 9.30 billion current LCU | +14.9% |
| 2001 | 9.83 billion current LCU | +5.6% |
| 2002 | 10.12 billion current LCU | +2.9% |
| 2003 | 11.35 billion current LCU | +12.2% |
| 2004 | 10.95 billion current LCU | -3.5% |
| 2005 | 12.33 billion current LCU | +12.6% |
| 2006 | 13.65 billion current LCU | +10.7% |
| 2007 | 14.67 billion current LCU | +7.5% |
| 2008 | 14.16 billion current LCU | -3.5% |
| 2009 | 13.48 billion current LCU | -4.8% |
| 2010 | 13.60 billion current LCU | +0.9% |
| 2011 | 13.58 billion current LCU | -0.1% |
| 2012 | 15.75 billion current LCU | +16.0% |
| 2013 | 15.59 billion current LCU | -1.0% |
| 2014 | 16.24 billion current LCU | +4.2% |
| 2015 | 17.17 billion current LCU | +5.7% |
| 2016 | 18.08 billion current LCU | +5.3% |
| 2017 | 18.60 billion current LCU | +2.8% |
| 2018 | 20.38 billion current LCU | +9.6% |
| 2019 | 21.15 billion current LCU | +3.8% |
| 2020 | 21.70 billion current LCU | +2.6% |
| 2021 | 23.15 billion current LCU | +6.7% |
| 2022 | 25.61 billion current LCU | +10.6% |
| 2023 | 26.88 billion current LCU | +5.0% |
| 2024 | 27.00 billion current LCU | +0.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 7.69 billion current LCU | 7.28 billion current LCU | 8.10 billion current LCU | 2 |
| 2000s | 11.99 billion current LCU | 9.30 billion current LCU | 14.67 billion current LCU | 10 |
| 2010s | 17.02 billion current LCU | 13.58 billion current LCU | 21.15 billion current LCU | 10 |
| 2020s | 24.87 billion current LCU | 21.70 billion current LCU | 27.00 billion current LCU | 5 |
Countries ranked near Faroe Islands
- 156 Turkmenistan 39.34 billion current LCU compare
- 157 Cyprus 34.42 billion current LCU compare
- 158 Oman 34.07 billion current LCU compare
- 160 Sao Tome and Principe 25.55 billion current LCU compare
- 161 Greenland 25.28 billion current LCU compare
- 162 Palestine, State of 22.87 billion current LCU compare
More economy & growth data for Faroe Islands
- Taxes less subsidies on products 478.54 million current US$ (2024)
- Gross domestic savings 31.5% (2024)
- GNI, Atlas method 4.00 billion current US$ (2024)
- GNI 4.12 billion current US$ (2024)
- GNI 28.42 billion current LCU (2024)
- GNI per capita, Atlas method 73,120 current US$ (2024)
- GNI per capita 520,046 current LCU (2024)
- Net primary income (Net income from abroad) 68.52 million current US$ (2024)
- Trade in services 24.0% (2011)
- Gdp worldbank constant usd 3.24 billion (2024)
Frequently asked questions
- What is gross national expenditure in Faroe Islands?
- Gross national expenditure in Faroe Islands was 27.00 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross national expenditure recorded in Faroe Islands?
- The highest recorded value was 27.00 billion current LCU in 2024.
- What is the lowest gross national expenditure recorded in Faroe Islands?
- The lowest recorded value was 7.28 billion current LCU in 1998.
- How does Faroe Islands rank for gross national expenditure?
- Faroe Islands ranks 159th out of 185 countries with data for 2024.
- Is gross national expenditure rising or falling in Faroe Islands?
- Over the last ten years it is up 66.3%. 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 national expenditure (current LCU). 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 national expenditure is the sum of household final consumption expenditure, general government final consumption expenditure, and gross capital formation. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.