Gross national expenditure in Faroe Islands
Faroe Islands: Gross national expenditure was 96.6% in 2024. ▼ Falling
Gross national expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Faroe Islands recorded 96.6% for gross national expenditure in 2024.
That represents a change of down 2.3% on the previous year and down 2.7% over ten years.
Over the whole period, gross national expenditure in Faroe Islands peaked at 116.9% in 2005 and was at its lowest, 94.5%, in 2017.
Faroe Islands ranks 132nd of 186 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 27 years of available data.
Gross national expenditure in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 98.3% | — |
| 1999 | 103.0% | +4.7% |
| 2000 | 107.9% | +4.8% |
| 2001 | 101.8% | -5.7% |
| 2002 | 100.5% | -1.3% |
| 2003 | 114.7% | +14.1% |
| 2004 | 106.0% | -7.6% |
| 2005 | 116.9% | +10.2% |
| 2006 | 113.8% | -2.6% |
| 2007 | 115.2% | +1.3% |
| 2008 | 111.5% | -3.2% |
| 2009 | 109.5% | -1.8% |
| 2010 | 103.7% | -5.3% |
| 2011 | 101.0% | -2.7% |
| 2012 | 112.0% | +11.0% |
| 2013 | 103.2% | -7.9% |
| 2014 | 99.3% | -3.7% |
| 2015 | 99.2% | -0.1% |
| 2016 | 95.5% | -3.7% |
| 2017 | 94.5% | -1.0% |
| 2018 | 101.2% | +7.1% |
| 2019 | 97.1% | -4.1% |
| 2020 | 101.4% | +4.4% |
| 2021 | 99.5% | -1.8% |
| 2022 | 100.1% | +0.6% |
| 2023 | 98.9% | -1.2% |
| 2024 | 96.6% | -2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 100.6% | 98.3% | 103.0% | 2 |
| 2000s | 109.8% | 100.5% | 116.9% | 10 |
| 2010s | 100.7% | 94.5% | 112.0% | 10 |
| 2020s | 99.3% | 96.6% | 101.4% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Imports of goods and services (current LCU), per unit of GDP 3.53 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per capita 144,061 current LCU per person (2024)
- Imports of goods and services (current US$), annual growth rate -6.27 % change on previous year (2024)
- Imports of goods and services (current US$), per unit of GDP 0.512 current US$ per US$ of GDP (2024)
- Imports of goods and services (current US$), per capita 37,975 current US$ per person (2024)
- Imports of goods and services (current LCU), annual growth rate -6.2 % change on previous year (2024)
- Agriculture, forestry, and fishing, value added (current LCU), per 82,165 current LCU per person (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
Frequently asked questions
- What is gross national expenditure in Faroe Islands?
- Gross national expenditure in Faroe Islands was 96.6% 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 116.9% in 2005.
- What is the lowest gross national expenditure recorded in Faroe Islands?
- The lowest recorded value was 94.5% in 2017.
- How does Faroe Islands rank for gross national expenditure?
- Faroe Islands ranks 132nd 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 down 2.7%. The long-run trend across the full record is falling.
- 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 (% of GDP). Statizoid updates them automatically from the source API.
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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 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.