Gross value added at basic prices (GVA) (current US$), annual growth in Faroe Islands
Faroe Islands: Gross value added at basic prices (GVA) (current US$), annual growth was 1.6 % change on previous year in 2024. ◆ Volatile
Gross value added at basic prices (GVA) (current US$), annual growth in Faroe Islands, 1999–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
In 2024, gross value added at basic prices (gva) (current us$), annual growth in Faroe Islands stood at 1.6 % change on previous year.
The figure is down 84.6% on the previous year and down 80.3% over ten years.
Over the whole period, gross value added at basic prices (gva) (current us$), annual growth in Faroe Islands peaked at 16.78 % change on previous year in 2003 and was at its lowest, -11.27 % change on previous year, in 2015.
That places Faroe Islands 182nd out of 205 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Gross value added at basic prices (GVA) (current US$), annual growth in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1999 | 2.04 % change on previous year | — |
| 2000 | -5.21 % change on previous year | -354.9% |
| 2001 | 9.62 % change on previous year | -284.6% |
| 2002 | 9.15 % change on previous year | -4.9% |
| 2003 | 16.78 % change on previous year | +83.4% |
| 2004 | 15.54 % change on previous year | -7.3% |
| 2005 | 1.8 % change on previous year | -88.4% |
| 2006 | 14.18 % change on previous year | +687.5% |
| 2007 | 14.87 % change on previous year | +4.8% |
| 2008 | 7.32 % change on previous year | -50.8% |
| 2009 | -6.55 % change on previous year | -189.5% |
| 2010 | 1.77 % change on previous year | -127.0% |
| 2011 | 8.01 % change on previous year | +352.1% |
| 2012 | -3.02 % change on previous year | -137.7% |
| 2013 | 12.15 % change on previous year | -502.6% |
| 2014 | 8.1 % change on previous year | -33.3% |
| 2015 | -11.27 % change on previous year | -239.2% |
| 2016 | 9.51 % change on previous year | -184.3% |
| 2017 | 5.77 % change on previous year | -39.4% |
| 2018 | 6.62 % change on previous year | +14.9% |
| 2019 | 2.67 % change on previous year | -59.7% |
| 2020 | -0.7417 % change on previous year | -127.8% |
| 2021 | 12.22 % change on previous year | -1747.0% |
| 2022 | -1.56 % change on previous year | -112.7% |
| 2023 | 10.38 % change on previous year | -766.8% |
| 2024 | 1.6 % change on previous year | -84.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 2.04 % change on previous year | 2.04 % change on previous year | 2.04 % change on previous year | 1 |
| 2000s | 7.75 % change on previous year | -6.55 % change on previous year | 16.78 % change on previous year | 10 |
| 2010s | 4.03 % change on previous year | -11.27 % change on previous year | 12.15 % change on previous year | 10 |
| 2020s | 4.38 % change on previous year | -1.56 % change on previous year | 12.22 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 179 Isle of Man 1.97 % change on previous year compare
- 180 Bahamas 1.97 % change on previous year compare
- 181 Saudi Arabia 1.76 % change on previous year compare
- 183 Saint Lucia 1.54 % change on previous year compare
- 184 Trinidad and Tobago 1.24 % change on previous year compare
- 185 Papua New Guinea 0.2146 % change on previous year compare
More economy & growth data for Faroe Islands
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 6.08 current LCU per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current LCU), annual growth 1.67 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), per capita 65,417 current US$ per person (2024)
- Gross value added at basic prices (GVA) (current US$), per unit of GDP 0.8819 current US$ per US$ of GDP (2024)
- GDP growth 0.8% (2024)
- Discrepancy in expenditure estimate of GDP 100,000 current LCU (2024)
- Gross value added at basic prices (GVA) 3.57 billion current US$ (2024)
- Gross value added at basic prices (GVA) 24.64 billion current LCU (2024)
Frequently asked questions
- What is gross value added at basic prices (gva) (current us$), annual growth in Faroe Islands?
- Gross value added at basic prices (gva) (current us$), annual growth in Faroe Islands was 1.6 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest gross value added at basic prices (gva) (current us$), annual growth recorded in Faroe Islands?
- The highest recorded value was 16.78 % change on previous year in 2003.
- What is the lowest gross value added at basic prices (gva) (current us$), annual growth recorded in Faroe Islands?
- The lowest recorded value was -11.27 % change on previous year in 2015.
- How does Faroe Islands rank for gross value added at basic prices (gva) (current us$), annual growth?
- Faroe Islands ranks 182nd out of 205 countries with data for 2024.
- Is gross value added at basic prices (gva) (current us$), annual growth rising or falling in Faroe Islands?
- Over the last ten years it is down 80.3%. 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 US$), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 26 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Gross value added at basic prices (GVA) (current US$). 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 Offices (NSOs)
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 US$). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.