Gross savings in Faroe Islands
Faroe Islands: Gross savings was 27.3% in 2011. ▼ Falling
Gross savings in Faroe Islands, 1998–2011
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GNI.
Analysis
The most recent figure for gross savings in Faroe Islands is 27.3%, measured in 2011.
That represents a change of up 18.5% on the previous year and down 28.7% over ten years.
Over the whole period, gross savings in Faroe Islands peaked at 40.7% in 1998 and was at its lowest, 12.2%, in 2009.
Faroe Islands ranks 57th 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 GNI | Change |
|---|---|---|
| 1998 | 40.7% | — |
| 1999 | 37.5% | -7.7% |
| 2000 | 39.0% | +3.8% |
| 2001 | 38.3% | -1.8% |
| 2002 | 32.9% | -14.0% |
| 2003 | 27.5% | -16.4% |
| 2004 | 24.6% | -10.7% |
| 2005 | 15.6% | -36.6% |
| 2006 | 24.4% | +56.7% |
| 2007 | 27.6% | +13.3% |
| 2008 | 21.1% | -23.6% |
| 2009 | 12.2% | -42.1% |
| 2010 | 23.0% | +88.4% |
| 2011 | 27.3% | +18.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 39.1% | 37.5% | 40.7% | 2 |
| 2000s | 26.3% | 12.2% | 39.0% | 10 |
| 2010s | 25.2% | 23.0% | 27.3% | 2 |
Countries ranked near Faroe Islands
- 54 Saudi Arabia 28.7% compare
- 55 Sri Lanka 28.3% compare
- 56 Ecuador 27.9% compare
- 58 Venezuela, Bolivarian Republic of 26.9% compare
- 59 Hong Kong, China 26.6% compare
- 60 Gambia 26.3% compare
More economy & growth data for Faroe Islands
- Industry (including construction), value added (current LCU), per 1.26 current LCU per US$ of GDP (2024)
- Services, value added (current LCU), annual growth rate 7.22 % change on previous year (2024)
- Services, value added (current US$), per capita 39,926 current US$ per person (2024)
- Services, value added (current US$), per unit of GDP 0.5383 current US$ per US$ of GDP (2024)
- Manufacturing, value added (current LCU), per unit of GDP 0.6524 current LCU per US$ of GDP (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Industry (including construction), value added (current LCU), per 93,585 current LCU per person (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 0.183 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is gross savings in Faroe Islands?
- Gross savings in Faroe Islands was 27.3% 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 40.7% in 1998.
- What is the lowest gross savings recorded in Faroe Islands?
- The lowest recorded value was 12.2% in 2009.
- How does Faroe Islands rank for gross savings?
- Faroe Islands ranks 57th 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 28.7%. 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 GNI). 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 National Income (GNI) which is the total income earned by all residents within an economic territory during an accounting period. It is equal to gross domestic product plus earned income receivable from abroad minus earned income payable abroad.