Gross national expenditure in Faroe Islands
Faroe Islands: Gross national expenditure was 3.92 billion current US$ 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 US$.
Analysis
The most recent figure for gross national expenditure in Faroe Islands is 3.92 billion current US$, measured in 2024. That is the highest value across all 27 years on record.
Compared with earlier readings it is up 0.4% on the previous year and up 35.3% over ten years.
Over the whole period, gross national expenditure in Faroe Islands peaked at 3.92 billion current US$ in 2024 and was at its lowest, 1.09 billion current US$, in 1998.
Faroe Islands ranks 160th of 185 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross national expenditure in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 1.09 billion current US$ | — |
| 1999 | 1.16 billion current US$ | +6.9% |
| 2000 | 1.15 billion current US$ | -0.9% |
| 2001 | 1.18 billion current US$ | +2.6% |
| 2002 | 1.28 billion current US$ | +8.5% |
| 2003 | 1.72 billion current US$ | +34.5% |
| 2004 | 1.83 billion current US$ | +6.1% |
| 2005 | 2.06 billion current US$ | +12.5% |
| 2006 | 2.30 billion current US$ | +11.6% |
| 2007 | 2.70 billion current US$ | +17.4% |
| 2008 | 2.78 billion current US$ | +3.0% |
| 2009 | 2.52 billion current US$ | -9.4% |
| 2010 | 2.42 billion current US$ | -3.8% |
| 2011 | 2.53 billion current US$ | +4.6% |
| 2012 | 2.72 billion current US$ | +7.5% |
| 2013 | 2.78 billion current US$ | +2.1% |
| 2014 | 2.89 billion current US$ | +4.3% |
| 2015 | 2.55 billion current US$ | -11.8% |
| 2016 | 2.69 billion current US$ | +5.2% |
| 2017 | 2.82 billion current US$ | +4.9% |
| 2018 | 3.23 billion current US$ | +14.6% |
| 2019 | 3.17 billion current US$ | -1.8% |
| 2020 | 3.32 billion current US$ | +4.6% |
| 2021 | 3.68 billion current US$ | +11.0% |
| 2022 | 3.62 billion current US$ | -1.7% |
| 2023 | 3.90 billion current US$ | +7.8% |
| 2024 | 3.92 billion current US$ | +0.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.12 billion current US$ | 1.09 billion current US$ | 1.16 billion current US$ | 2 |
| 2000s | 1.95 billion current US$ | 1.15 billion current US$ | 2.78 billion current US$ | 10 |
| 2010s | 2.78 billion current US$ | 2.42 billion current US$ | 3.23 billion current US$ | 10 |
| 2020s | 3.69 billion current US$ | 3.32 billion current US$ | 3.92 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Services, value added 53.8% (2024)
- Manufacturing, value added 9.5% (2024)
- Industry (including construction), value added 741.68 million current US$ (2024)
- Industry (including construction), value added 5.11 billion current LCU (2024)
- Industry (including construction), value added 18.3% (2024)
- Services, value added 2.18 billion current US$ (2024)
- Services, value added 15.04 billion current LCU (2024)
- Net secondary income (Net current transfers from abroad) 70.43 million current US$ (2024)
- Taxes less subsidies on products 478.54 million current US$ (2024)
- Taxes less subsidies on products 3.30 billion current LCU (2024)
Frequently asked questions
- What is gross national expenditure in Faroe Islands?
- Gross national expenditure in Faroe Islands was 3.92 billion current US$ 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 3.92 billion current US$ in 2024.
- What is the lowest gross national expenditure recorded in Faroe Islands?
- The lowest recorded value was 1.09 billion current US$ in 1998.
- How does Faroe Islands rank for gross national expenditure?
- Faroe Islands ranks 160th 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 35.3%. 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 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 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 indicator is expressed in United States dollars.