Gross national expenditure (current US$) in Faroe Islands
Faroe Islands: Gross national expenditure (current US$) 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$, in 1998.
Faroe Islands ranks 161st of 186 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross national expenditure (current US$) 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% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.92 billion current US$ is below the median for high income countries, which is 195.11 billion current US$, 2% of the median. (66 countries reporting)
- Faroe Islands's 3.92 billion current US$ is below the median for Europe & Central Asia, which is 143.45 billion current US$, 3% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.12 billion current US$ | 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
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gross national expenditure in Faroe Islands?
- Gross national expenditure in Faroe Islands was 3.92 billion current US$ 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 161st out of 186 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
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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.