Households and NPISHs final consumption expenditure in Faroe Islands
Faroe Islands: Households and NPISHs final consumption expenditure was 40.6% in 2024. ▼ Falling
Households and NPISHs final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
The most recent figure for households and npishs final consumption expenditure in Faroe Islands is 40.6%, measured in 2024.
That represents a change of down 16.6% over ten years.
Over the whole period, households and npishs final consumption expenditure in Faroe Islands peaked at 64.6% in 2005 and was at its lowest, 40.6%, in 2023.
Faroe Islands ranks 174th of 190 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 27 years of available data.
Households and NPISHs final consumption expenditure in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 51.0% | — |
| 1999 | 53.4% | +4.7% |
| 2000 | 51.4% | -3.7% |
| 2001 | 50.1% | -2.5% |
| 2002 | 50.6% | +0.9% |
| 2003 | 54.4% | +7.5% |
| 2004 | 56.4% | +3.7% |
| 2005 | 64.6% | +14.5% |
| 2006 | 57.4% | -11.0% |
| 2007 | 54.9% | -4.5% |
| 2008 | 54.0% | -1.6% |
| 2009 | 58.5% | +8.4% |
| 2010 | 51.3% | -12.3% |
| 2011 | 52.1% | +1.5% |
| 2012 | 54.0% | +3.7% |
| 2013 | 51.2% | -5.3% |
| 2014 | 48.7% | -4.9% |
| 2015 | 47.0% | -3.6% |
| 2016 | 45.7% | -2.8% |
| 2017 | 43.5% | -4.8% |
| 2018 | 43.1% | -0.8% |
| 2019 | 41.9% | -2.9% |
| 2020 | 43.6% | +4.0% |
| 2021 | 42.2% | -3.2% |
| 2022 | 40.8% | -3.2% |
| 2023 | 40.6% | -0.6% |
| 2024 | 40.6% | +0.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 52.2% | 51.0% | 53.4% | 2 |
| 2000s | 55.2% | 50.1% | 64.6% | 10 |
| 2010s | 47.8% | 41.9% | 54.0% | 10 |
| 2020s | 41.6% | 40.6% | 43.6% | 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 households and npishs final consumption expenditure in Faroe Islands?
- Households and npishs final consumption expenditure in Faroe Islands was 40.6% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest households and npishs final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 64.6% in 2005.
- What is the lowest households and npishs final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 40.6% in 2023.
- 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 down 16.6%. The long-run trend across the full record is falling.
- 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 Households and NPISHs final consumption expenditure (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.