Gross savings in Faroe Islands
Faroe Islands: Gross savings was 28.8% in 2011. ▼ Falling
Gross savings in Faroe Islands, 1998–2011
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
In 2011, gross savings in Faroe Islands stood at 28.8%.
That represents a change of up 23.3% on the previous year and down 26.7% over ten years.
Over the whole period, gross savings in Faroe Islands peaked at 41.9% in 1998 and was at its lowest, 12.0%, in 2009.
Faroe Islands ranks 48th of 178 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 14 years of available data.
Gross savings in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 41.9% | — |
| 1999 | 39.0% | -7.1% |
| 2000 | 40.5% | +3.9% |
| 2001 | 39.3% | -2.9% |
| 2002 | 33.9% | -13.6% |
| 2003 | 28.5% | -16.0% |
| 2004 | 25.5% | -10.6% |
| 2005 | 16.1% | -36.8% |
| 2006 | 25.2% | +56.5% |
| 2007 | 28.5% | +12.8% |
| 2008 | 21.2% | -25.4% |
| 2009 | 12.0% | -43.7% |
| 2010 | 23.3% | +95.3% |
| 2011 | 28.8% | +23.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 40.4% | 39.0% | 41.9% | 2 |
| 2000s | 27.1% | 12.0% | 40.5% | 10 |
| 2010s | 26.1% | 23.3% | 28.8% | 2 |
Countries ranked near Faroe Islands
- 45 Kazakhstan 29.0% compare
- 46 Saudi Arabia 28.9% compare
- 47 Netherlands 28.8% compare
- 49 Congo, Democratic Republic of the 28.7% compare
- 50 Russian Federation 28.6% compare
- 51 Nicaragua 28.5% compare
More economy & growth data for Faroe Islands
- Manufacturing, value added (current LCU), per unit of GDP 0.6524 current LCU per US$ of GDP (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Industry (including construction), value added (current LCU), per 93,585 current LCU per person (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Industry (including construction), value added (current LCU), annual -5.07 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Industry (including construction), value added (current US$), per 0.183 current US$ per US$ of GDP (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Manufacturing, value added (current LCU), per capita 48,390 current LCU per person (2024)
- External balance on goods and services (current LCU), annual growth 228.14 % change on previous year (2024)
Frequently asked questions
- What is gross savings in Faroe Islands?
- Gross savings in Faroe Islands was 28.8% 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 41.9% in 1998.
- What is the lowest gross savings recorded in Faroe Islands?
- The lowest recorded value was 12.0% in 2009.
- How does Faroe Islands rank for gross savings?
- Faroe Islands ranks 48th out of 178 countries with data for 2011.
- Is gross savings rising or falling in Faroe Islands?
- Over the last ten years it is down 26.7%. 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 Offices (NSOs), published as part of Gross savings (% of GDP). 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 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.