Gross value added at basic prices (GVA) in Faroe Islands
Faroe Islands: Gross value added at basic prices (GVA) was 24.64 billion current LCU in 2024. ▲ Rising
Gross value added at basic prices (GVA) in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
The most recent figure for gross value added at basic prices (gva) in Faroe Islands is 24.64 billion current LCU, measured in 2024. That is the highest value across all 27 years on record.
Compared with earlier readings it is up 1.7% on the previous year and up 69.9% over ten years.
Over the whole period, gross value added at basic prices (gva) in Faroe Islands peaked at 24.64 billion current LCU in 2024 and was at its lowest, 6.41 billion current LCU, in 1998.
Faroe Islands ranks 165th of 207 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross value added at basic prices (GVA) in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 6.41 billion current LCU | — |
| 1999 | 6.81 billion current LCU | +6.2% |
| 2000 | 7.47 billion current LCU | +9.8% |
| 2001 | 8.44 billion current LCU | +12.9% |
| 2002 | 8.73 billion current LCU | +3.5% |
| 2003 | 8.51 billion current LCU | -2.6% |
| 2004 | 8.94 billion current LCU | +5.1% |
| 2005 | 9.11 billion current LCU | +1.9% |
| 2006 | 10.32 billion current LCU | +13.2% |
| 2007 | 10.85 billion current LCU | +5.2% |
| 2008 | 10.91 billion current LCU | +0.5% |
| 2009 | 10.72 billion current LCU | -1.7% |
| 2010 | 11.44 billion current LCU | +6.8% |
| 2011 | 11.80 billion current LCU | +3.1% |
| 2012 | 12.35 billion current LCU | +4.6% |
| 2013 | 13.42 billion current LCU | +8.7% |
| 2014 | 14.50 billion current LCU | +8.0% |
| 2015 | 15.42 billion current LCU | +6.4% |
| 2016 | 16.90 billion current LCU | +9.6% |
| 2017 | 17.53 billion current LCU | +3.7% |
| 2018 | 17.88 billion current LCU | +2.0% |
| 2019 | 19.39 billion current LCU | +8.4% |
| 2020 | 18.88 billion current LCU | -2.6% |
| 2021 | 20.36 billion current LCU | +7.8% |
| 2022 | 22.55 billion current LCU | +10.8% |
| 2023 | 24.24 billion current LCU | +7.5% |
| 2024 | 24.64 billion current LCU | +1.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 24.64 billion current LCU is below the median for high income countries, which is 266.17 billion current LCU, 9% of the median. (77 countries reporting)
- Faroe Islands's 24.64 billion current LCU is below the median for Europe & Central Asia, which is 380.52 billion current LCU, 6% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.61 billion current LCU | 6.41 billion current LCU | 6.81 billion current LCU | 2 |
| 2000s | 9.40 billion current LCU | 7.47 billion current LCU | 10.91 billion current LCU | 10 |
| 2010s | 15.06 billion current LCU | 11.44 billion current LCU | 19.39 billion current LCU | 10 |
| 2020s | 22.13 billion current LCU | 18.88 billion current LCU | 24.64 billion current LCU | 5 |
Countries ranked near Faroe Islands
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 value added at basic prices (gva) in Faroe Islands?
- Gross value added at basic prices (gva) in Faroe Islands was 24.64 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross value added at basic prices (gva) recorded in Faroe Islands?
- The highest recorded value was 24.64 billion current LCU in 2024.
- What is the lowest gross value added at basic prices (gva) recorded in Faroe Islands?
- The lowest recorded value was 6.41 billion current LCU in 1998.
- How does Faroe Islands rank for gross value added at basic prices (gva)?
- Faroe Islands ranks 165th out of 207 countries with data for 2024.
- Is gross value added at basic prices (gva) rising or falling in Faroe Islands?
- Over the last ten years it is up 69.9%. 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 Organizations and/or Central Banks, published as part of Gross value added at basic prices (GVA) (current LCU). Statizoid updates them automatically from the source API.
Download this data
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About this data
Gross value added at basic prices reflects the price of products receivable by the producer exclusive of taxes payable on products and inclusive of subsidies receivable on products, less intermediate consumption valued at purchasers' prices. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.