Households and NPISHs Final consumption expenditure (current US$) (US) in Faroe Islands
Faroe Islands: Households and NPISHs Final consumption expenditure (current US$) (US) was 1.65 billion current US$ in 2024. ▲ Rising
Households and NPISHs Final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
Faroe Islands recorded 1.65 billion current US$ for households and npishs final consumption expenditure in 2024. That is the highest value across all 27 years on record.
The figure is up 2.8% on the previous year and up 16.0% over ten years.
Over the whole period, households and npishs final consumption expenditure in Faroe Islands peaked at 1.65 billion current US$ in 2024 and was at its lowest, 548.82 million current US$, in 2000.
That places Faroe Islands 174th out of 190 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Households and NPISHs Final consumption expenditure (current US$) (US) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 563.68 million current US$ | — |
| 1999 | 602.30 million current US$ | +6.9% |
| 2000 | 548.82 million current US$ | -8.9% |
| 2001 | 581.69 million current US$ | +6.0% |
| 2002 | 644.94 million current US$ | +10.9% |
| 2003 | 816.50 million current US$ | +26.6% |
| 2004 | 972.47 million current US$ | +19.1% |
| 2005 | 1.14 billion current US$ | +16.9% |
| 2006 | 1.16 billion current US$ | +2.0% |
| 2007 | 1.28 billion current US$ | +10.7% |
| 2008 | 1.34 billion current US$ | +4.8% |
| 2009 | 1.34 billion current US$ | -0.0% |
| 2010 | 1.20 billion current US$ | -10.9% |
| 2011 | 1.31 billion current US$ | +9.1% |
| 2012 | 1.31 billion current US$ | +0.4% |
| 2013 | 1.38 billion current US$ | +5.0% |
| 2014 | 1.42 billion current US$ | +3.1% |
| 2015 | 1.21 billion current US$ | -14.8% |
| 2016 | 1.28 billion current US$ | +6.3% |
| 2017 | 1.30 billion current US$ | +0.9% |
| 2018 | 1.38 billion current US$ | +6.1% |
| 2019 | 1.37 billion current US$ | -0.6% |
| 2020 | 1.43 billion current US$ | +4.2% |
| 2021 | 1.56 billion current US$ | +9.5% |
| 2022 | 1.48 billion current US$ | -5.4% |
| 2023 | 1.60 billion current US$ | +8.4% |
| 2024 | 1.65 billion current US$ | +2.8% |
Faroe Islands compared with similar countries
- Faroe Islands's 1.65 billion current US$ is below the median for high income countries, which is 83.58 billion current US$, 2% of the median. (70 countries reporting)
- Faroe Islands's 1.65 billion current US$ is below the median for Europe & Central Asia, which is 83.58 billion current US$, 2% of the median. (52 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 582.99 million current US$ | 563.68 million current US$ | 602.30 million current US$ | 2 |
| 2000s | 983.12 million current US$ | 548.82 million current US$ | 1.34 billion current US$ | 10 |
| 2010s | 1.31 billion current US$ | 1.20 billion current US$ | 1.42 billion current US$ | 10 |
| 2020s | 1.54 billion current US$ | 1.43 billion current US$ | 1.65 billion current US$ | 5 |
Countries ranked near Faroe Islands
- 171 Bhutan 1.80 billion current US$ compare
- 172 Burundi 1.72 billion current US$ compare
- 173 Seychelles 1.65 billion current US$ compare
- 175 Suriname 1.57 billion current US$ compare
- 176 East Timor 1.56 billion current US$ compare
- 177 Solomon Islands 1.30 billion current US$ compare
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$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is households and npishs final consumption expenditure in Faroe Islands?
- Households and npishs final consumption expenditure in Faroe Islands was 1.65 billion current US$ in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest households and npishs final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 1.65 billion current US$ in 2024.
- What is the lowest households and npishs final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 548.82 million current US$ in 2000.
- How does Faroe Islands rank for households and npishs final consumption expenditure?
- Faroe Islands ranks 174th out of 190 countries with data for 2024.
- Is households and npishs final consumption expenditure rising or falling in Faroe Islands?
- Over the last ten years it is up 16.0%. 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 Households and NPISHs Final consumption expenditure (current US$). Statizoid updates them automatically from the source API.
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About this data
This field includes expenditure on goods and services by the Household and NPISH sector for the direct satisfaction of human needs or wants, whether individual or collective. 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.