Gross value added at basic prices (GVA) in Faroe Islands
Faroe Islands: Gross value added at basic prices (GVA) was 3.57 billion current US$ in 2024. ▲ Rising
Gross value added at basic prices (GVA) in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
The most recent figure for gross value added at basic prices (gva) in Faroe Islands is 3.57 billion current US$, measured in 2024. That is the highest value across all 27 years on record.
Compared with earlier readings it is up 1.6% on the previous year and up 38.3% over ten years.
Over the whole period, gross value added at basic prices (gva) in Faroe Islands peaked at 3.57 billion current US$ in 2024 and was at its lowest, 924.69 million current US$, in 2000.
Faroe Islands ranks 171st of 207 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Gross value added at basic prices (GVA) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 955.97 million current US$ | — |
| 1999 | 975.51 million current US$ | +2.0% |
| 2000 | 924.69 million current US$ | -5.2% |
| 2001 | 1.01 billion current US$ | +9.6% |
| 2002 | 1.11 billion current US$ | +9.1% |
| 2003 | 1.29 billion current US$ | +16.8% |
| 2004 | 1.49 billion current US$ | +15.5% |
| 2005 | 1.52 billion current US$ | +1.8% |
| 2006 | 1.74 billion current US$ | +14.2% |
| 2007 | 1.99 billion current US$ | +14.9% |
| 2008 | 2.14 billion current US$ | +7.3% |
| 2009 | 2.00 billion current US$ | -6.6% |
| 2010 | 2.03 billion current US$ | +1.8% |
| 2011 | 2.20 billion current US$ | +8.0% |
| 2012 | 2.13 billion current US$ | -3.0% |
| 2013 | 2.39 billion current US$ | +12.2% |
| 2014 | 2.58 billion current US$ | +8.1% |
| 2015 | 2.29 billion current US$ | -11.3% |
| 2016 | 2.51 billion current US$ | +9.5% |
| 2017 | 2.66 billion current US$ | +5.8% |
| 2018 | 2.83 billion current US$ | +6.6% |
| 2019 | 2.91 billion current US$ | +2.7% |
| 2020 | 2.89 billion current US$ | -0.7% |
| 2021 | 3.24 billion current US$ | +12.2% |
| 2022 | 3.19 billion current US$ | -1.6% |
| 2023 | 3.52 billion current US$ | +10.4% |
| 2024 | 3.57 billion current US$ | +1.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.57 billion current US$ is below the median for high income countries, which is 110.20 billion current US$, 3% of the median. (77 countries reporting)
- Faroe Islands's 3.57 billion current US$ is below the median for Europe & Central Asia, which is 89.25 billion current US$, 4% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 965.74 million current US$ | 955.97 million current US$ | 975.51 million current US$ | 2 |
| 2000s | 1.52 billion current US$ | 924.69 million current US$ | 2.14 billion current US$ | 10 |
| 2010s | 2.45 billion current US$ | 2.03 billion current US$ | 2.91 billion current US$ | 10 |
| 2020s | 3.28 billion current US$ | 2.89 billion current US$ | 3.57 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (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 3.57 billion current US$ in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest gross value added at basic prices (gva) recorded in Faroe Islands?
- The highest recorded value was 3.57 billion current US$ in 2024.
- What is the lowest gross value added at basic prices (gva) recorded in Faroe Islands?
- The lowest recorded value was 924.69 million current US$ in 2000.
- How does Faroe Islands rank for gross value added at basic prices (gva)?
- Faroe Islands ranks 171st 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 38.3%. 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 Offices (NSOs), published as part of Gross value added at basic prices (GVA) (current US$). Statizoid updates them automatically from the source API.
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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 indicator is expressed in United States dollars.