Gross savings in Faroe Islands
Faroe Islands: Gross savings was 721.07 million current US$ in 2011. ▲ Rising
Gross savings in Faroe Islands, 1998–2011
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
The most recent figure for gross savings in Faroe Islands is 721.07 million current US$, measured in 2011. That is the highest value across all 14 years on record.
Compared with earlier readings it is up 32.5% on the previous year and up 58.2% over ten years.
Over the whole period, gross savings in Faroe Islands peaked at 721.07 million current US$ in 2011 and was at its lowest, 274.51 million current US$, in 2009.
Faroe Islands ranks 150th of 178 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 14 years of available data.
Gross savings in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 463.24 million current US$ | — |
| 1999 | 439.28 million current US$ | -5.2% |
| 2000 | 431.71 million current US$ | -1.7% |
| 2001 | 455.72 million current US$ | +5.6% |
| 2002 | 432.79 million current US$ | -5.0% |
| 2003 | 428.25 million current US$ | -1.0% |
| 2004 | 439.63 million current US$ | +2.7% |
| 2005 | 283.56 million current US$ | -35.5% |
| 2006 | 508.95 million current US$ | +79.5% |
| 2007 | 665.67 million current US$ | +30.8% |
| 2008 | 528.94 million current US$ | -20.5% |
| 2009 | 274.51 million current US$ | -48.1% |
| 2010 | 544.35 million current US$ | +98.3% |
| 2011 | 721.07 million current US$ | +32.5% |
Faroe Islands compared with similar countries
- Faroe Islands's 721.07 million current US$ is below the median for high income countries, which is 58.75 billion current US$, 1% of the median. (63 countries reporting)
- Faroe Islands's 721.07 million current US$ is below the median for Europe & Central Asia, which is 24.45 billion current US$, 3% of the median. (50 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 451.26 million current US$ | 439.28 million current US$ | 463.24 million current US$ | 2 |
| 2000s | 444.97 million current US$ | 274.51 million current US$ | 665.67 million current US$ | 10 |
| 2010s | 632.71 million current US$ | 544.35 million current US$ | 721.07 million current US$ | 2 |
Countries ranked near Faroe Islands
- 147 San Marino 782.05 million current US$
- 148 Fiji 779.18 million current US$ compare
- 149 Bhutan 767.68 million current US$ compare
- 151 Belize 651.38 million current US$ compare
- 152 Montenegro 650.78 million current US$ compare
- 153 Cape Verde 646.00 million current US$ compare
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$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gross savings in Faroe Islands?
- Gross savings in Faroe Islands was 721.07 million current US$ in 2011, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest gross savings recorded in Faroe Islands?
- The highest recorded value was 721.07 million current US$ in 2011.
- What is the lowest gross savings recorded in Faroe Islands?
- The lowest recorded value was 274.51 million current US$ in 2009.
- How does Faroe Islands rank for gross savings?
- Faroe Islands ranks 150th out of 178 countries with data for 2011.
- Is gross savings rising or falling in Faroe Islands?
- Over the last ten years it is up 58.2%. 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 Offices (NSOs), published as part of Gross savings (current US$). Statizoid updates them automatically from the source API.
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About this data
Savings is an amount that represents the part of disposable income (adjusted for the change in pension entitlements) that is not spent on final consumption. Gross savings are calculated as gross national income less total consumption, plus net transfers. 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.