Industry (including construction), value added in Faroe Islands
Faroe Islands: Industry (including construction), value added was 5.11 billion current LCU in 2024. ▲ Rising
Industry (including construction), value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
Faroe Islands recorded 5.11 billion current LCU for industry (including construction), value added in 2024.
The figure is down 5.1% on the previous year and up 99.6% over ten years.
Over the whole period, industry (including construction), value added in Faroe Islands peaked at 5.39 billion current LCU in 2023 and was at its lowest, 1.27 billion current LCU, in 1998.
That places Faroe Islands 167th out of 209 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.
Industry (including construction), value added in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 1.27 billion current LCU | — |
| 1999 | 1.44 billion current LCU | +13.1% |
| 2000 | 1.54 billion current LCU | +7.2% |
| 2001 | 1.80 billion current LCU | +16.8% |
| 2002 | 1.95 billion current LCU | +8.5% |
| 2003 | 1.86 billion current LCU | -4.5% |
| 2004 | 1.87 billion current LCU | +0.6% |
| 2005 | 1.82 billion current LCU | -2.8% |
| 2006 | 2.03 billion current LCU | +11.7% |
| 2007 | 2.15 billion current LCU | +5.7% |
| 2008 | 2.20 billion current LCU | +2.4% |
| 2009 | 1.96 billion current LCU | -10.6% |
| 2010 | 1.87 billion current LCU | -5.0% |
| 2011 | 1.92 billion current LCU | +3.1% |
| 2012 | 2.00 billion current LCU | +3.7% |
| 2013 | 2.09 billion current LCU | +4.6% |
| 2014 | 2.56 billion current LCU | +22.8% |
| 2015 | 2.85 billion current LCU | +11.4% |
| 2016 | 2.95 billion current LCU | +3.5% |
| 2017 | 3.41 billion current LCU | +15.3% |
| 2018 | 3.60 billion current LCU | +5.8% |
| 2019 | 4.16 billion current LCU | +15.6% |
| 2020 | 4.49 billion current LCU | +7.9% |
| 2021 | 4.51 billion current LCU | +0.4% |
| 2022 | 4.54 billion current LCU | +0.6% |
| 2023 | 5.39 billion current LCU | +18.8% |
| 2024 | 5.11 billion current LCU | -5.1% |
Faroe Islands compared with similar countries
- Faroe Islands's 5.11 billion current LCU is below the median for high income countries, which is 60.84 billion current LCU, 8% of the median. (77 countries reporting)
- Faroe Islands's 5.11 billion current LCU is below the median for Europe & Central Asia, which is 108.46 billion current LCU, 5% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.35 billion current LCU | 1.27 billion current LCU | 1.44 billion current LCU | 2 |
| 2000s | 1.92 billion current LCU | 1.54 billion current LCU | 2.20 billion current LCU | 10 |
| 2010s | 2.74 billion current LCU | 1.87 billion current LCU | 4.16 billion current LCU | 10 |
| 2020s | 4.81 billion current LCU | 4.49 billion current LCU | 5.39 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 industry (including construction), value added in Faroe Islands?
- Industry (including construction), value added in Faroe Islands was 5.11 billion current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest industry (including construction), value added recorded in Faroe Islands?
- The highest recorded value was 5.39 billion current LCU in 2023.
- What is the lowest industry (including construction), value added recorded in Faroe Islands?
- The lowest recorded value was 1.27 billion current LCU in 1998.
- How does Faroe Islands rank for industry (including construction), value added?
- Faroe Islands ranks 167th out of 209 countries with data for 2024.
- Is industry (including construction), value added rising or falling in Faroe Islands?
- Over the last ten years it is up 99.6%. 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 Industry (including construction), value added (current LCU). Statizoid updates them automatically from the source API.
Download this data
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About this data
Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. 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.