Industry (including construction), value added in Faroe Islands
Faroe Islands: Industry (including construction), value added was 741.68 million current US$ in 2024. ▲ Rising
Industry (including construction), value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
The most recent figure for industry (including construction), value added in Faroe Islands is 741.68 million current US$, measured in 2024.
Compared with earlier readings it is down 5.1% on the previous year and up 62.4% over ten years.
Over the whole period, industry (including construction), value added in Faroe Islands peaked at 781.85 million current US$ in 2023 and was at its lowest, 189.42 million current US$, in 1998.
That places Faroe Islands 167th out of 209 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Industry (including construction), value added in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 189.42 million current US$ | — |
| 1999 | 205.78 million current US$ | +8.6% |
| 2000 | 190.36 million current US$ | -7.5% |
| 2001 | 216.01 million current US$ | +13.5% |
| 2002 | 246.99 million current US$ | +14.3% |
| 2003 | 282.63 million current US$ | +14.4% |
| 2004 | 312.52 million current US$ | +10.6% |
| 2005 | 303.34 million current US$ | -2.9% |
| 2006 | 341.83 million current US$ | +12.7% |
| 2007 | 394.55 million current US$ | +15.4% |
| 2008 | 431.33 million current US$ | +9.3% |
| 2009 | 366.53 million current US$ | -15.0% |
| 2010 | 331.95 million current US$ | -9.4% |
| 2011 | 358.39 million current US$ | +8.0% |
| 2012 | 344.52 million current US$ | -3.9% |
| 2013 | 371.60 million current US$ | +7.9% |
| 2014 | 456.57 million current US$ | +22.9% |
| 2015 | 424.32 million current US$ | -7.1% |
| 2016 | 438.89 million current US$ | +3.4% |
| 2017 | 515.74 million current US$ | +17.5% |
| 2018 | 570.38 million current US$ | +10.6% |
| 2019 | 624.33 million current US$ | +9.5% |
| 2020 | 686.72 million current US$ | +10.0% |
| 2021 | 717.29 million current US$ | +4.5% |
| 2022 | 641.03 million current US$ | -10.6% |
| 2023 | 781.85 million current US$ | +22.0% |
| 2024 | 741.68 million current US$ | -5.1% |
Faroe Islands compared with similar countries
- Faroe Islands's 741.68 million current US$ is below the median for high income countries, which is 25.19 billion current US$, 3% of the median. (77 countries reporting)
- Faroe Islands's 741.68 million current US$ is below the median for Europe & Central Asia, which is 28.62 billion current US$, 3% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 197.60 million current US$ | 189.42 million current US$ | 205.78 million current US$ | 2 |
| 2000s | 308.61 million current US$ | 190.36 million current US$ | 431.33 million current US$ | 10 |
| 2010s | 443.67 million current US$ | 331.95 million current US$ | 624.33 million current US$ | 10 |
| 2020s | 713.71 million current US$ | 641.03 million current US$ | 781.85 million 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 industry (including construction), value added in Faroe Islands?
- Industry (including construction), value added in Faroe Islands was 741.68 million current US$ 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 781.85 million current US$ in 2023.
- What is the lowest industry (including construction), value added recorded in Faroe Islands?
- The lowest recorded value was 189.42 million current US$ 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 62.4%. 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 US$). Statizoid updates them automatically from the source API.
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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 indicator is expressed in United States dollars.