Gross value added at basic prices … current LCU annual growth rate in Faroe Islands
Faroe Islands: Gross value added at basic prices … current LCU annual growth rate was 1.67 % change on previous year in 2024. ◆ Volatile
Gross value added at basic prices (GVA) (current LCU), annual growth in Faroe Islands, 1999–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
Faroe Islands recorded 1.67 % change on previous year for gross value added at basic prices (gva) (current lcu), annual growth in 2024.
The figure is down 77.7% on the previous year and down 79.2% over ten years.
Over the whole period, gross value added at basic prices (gva) (current lcu), annual growth in Faroe Islands peaked at 13.23 % change on previous year in 2006 and was at its lowest, -2.64 % change on previous year, in 2020.
That places Faroe Islands 185th out of 205 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Gross value added at basic prices … current LCU annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1999 | 6.24 % change on previous year | — |
| 2000 | 9.83 % change on previous year | +57.6% |
| 2001 | 12.87 % change on previous year | +30.9% |
| 2002 | 3.53 % change on previous year | -72.5% |
| 2003 | -2.56 % change on previous year | -172.3% |
| 2004 | 5.08 % change on previous year | -298.7% |
| 2005 | 1.9 % change on previous year | -62.6% |
| 2006 | 13.23 % change on previous year | +596.0% |
| 2007 | 5.15 % change on previous year | -61.0% |
| 2008 | 0.5105 % change on previous year | -90.1% |
| 2009 | -1.74 % change on previous year | -440.1% |
| 2010 | 6.77 % change on previous year | -489.8% |
| 2011 | 3.11 % change on previous year | -54.1% |
| 2012 | 4.64 % change on previous year | +49.2% |
| 2013 | 8.74 % change on previous year | +88.5% |
| 2014 | 8.03 % change on previous year | -8.1% |
| 2015 | 6.36 % change on previous year | -20.8% |
| 2016 | 9.57 % change on previous year | +50.5% |
| 2017 | 3.74 % change on previous year | -60.9% |
| 2018 | 1.97 % change on previous year | -47.4% |
| 2019 | 8.44 % change on previous year | +328.5% |
| 2020 | -2.64 % change on previous year | -131.2% |
| 2021 | 7.84 % change on previous year | -397.4% |
| 2022 | 10.8 % change on previous year | +37.7% |
| 2023 | 7.47 % change on previous year | -30.8% |
| 2024 | 1.67 % change on previous year | -77.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.67 % change on previous year is below the median for high income countries, which is 5.13 % change on previous year, 33% of the median. (77 countries reporting)
- Faroe Islands's 1.67 % change on previous year is below the median for Europe & Central Asia, which is 5.47 % change on previous year, 31% of the median. (56 countries reporting)
Biggest year-on-year movements
Years where Gross value added at basic prices … current LCU annual growth rate in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2006 | +596.0% | 1.9 % change on previous year | 13.23 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.24 % change on previous year | 6.24 % change on previous year | 6.24 % change on previous year | 1 |
| 2000s | 4.78 % change on previous year | -2.56 % change on previous year | 13.23 % change on previous year | 10 |
| 2010s | 6.14 % change on previous year | 1.97 % change on previous year | 9.57 % change on previous year | 10 |
| 2020s | 5.03 % change on previous year | -2.64 % change on previous year | 10.8 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 182 Azerbaijan 2.26 % change on previous year compare
- 183 Bahamas 1.97 % change on previous year compare
- 184 Saudi Arabia 1.76 % change on previous year compare
- 186 France 1.58 % change on previous year compare
- 187 Thailand 1.55 % change on previous year compare
- 188 Saint Lucia 1.54 % change on previous year compare
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is gross value added at basic prices (gva) (current lcu), annual growth in Faroe Islands?
- Gross value added at basic prices (gva) (current lcu), annual growth in Faroe Islands was 1.67 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gross value added at basic prices (gva) (current lcu), annual growth recorded in Faroe Islands?
- The highest recorded value was 13.23 % change on previous year in 2006.
- What is the lowest gross value added at basic prices (gva) (current lcu), annual growth recorded in Faroe Islands?
- The lowest recorded value was -2.64 % change on previous year in 2020.
- How does Faroe Islands rank for gross value added at basic prices (gva) (current lcu), annual growth?
- Faroe Islands ranks 185th out of 205 countries with data for 2024.
- Is gross value added at basic prices (gva) (current lcu), annual growth rising or falling in Faroe Islands?
- Over the last ten years it is down 79.2%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Gross value added at basic prices (GVA) (current LCU), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 26 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Gross value added at basic prices (GVA) (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Gross value added at basic prices (GVA) Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Gross value added at basic prices (GVA) (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.