Industry (including construction), value added in Faroe Islands
Faroe Islands: Industry (including construction), value added was 18.3% in 2024. ▬ Flat
Industry (including construction), value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
Faroe Islands recorded 18.3% for industry (including construction), value added in 2024.
The figure is down 7.7% on the previous year and up 16.8% over ten years.
Over the whole period, industry (including construction), value added in Faroe Islands peaked at 21.0% in 2020 and was at its lowest, 13.8%, in 2013.
That places Faroe Islands 142nd out of 209 countries with data for 2024, putting it in the middle of the range.
Industry (including construction), value added in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 17.1% | — |
| 1999 | 18.2% | +6.4% |
| 2000 | 17.8% | -2.2% |
| 2001 | 18.6% | +4.4% |
| 2002 | 19.4% | +4.0% |
| 2003 | 18.8% | -2.9% |
| 2004 | 18.1% | -3.7% |
| 2005 | 17.2% | -4.9% |
| 2006 | 16.9% | -1.7% |
| 2007 | 16.9% | -0.4% |
| 2008 | 17.3% | +2.7% |
| 2009 | 16.0% | -7.9% |
| 2010 | 14.2% | -10.8% |
| 2011 | 14.3% | +0.5% |
| 2012 | 14.2% | -0.8% |
| 2013 | 13.8% | -2.7% |
| 2014 | 15.7% | +13.4% |
| 2015 | 16.5% | +5.2% |
| 2016 | 15.6% | -5.4% |
| 2017 | 17.3% | +10.9% |
| 2018 | 17.9% | +3.4% |
| 2019 | 19.1% | +6.9% |
| 2020 | 21.0% | +9.8% |
| 2021 | 19.4% | -7.6% |
| 2022 | 17.7% | -8.5% |
| 2023 | 19.8% | +11.8% |
| 2024 | 18.3% | -7.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 17.7% | 17.1% | 18.2% | 2 |
| 2000s | 17.7% | 16.0% | 19.4% | 10 |
| 2010s | 15.9% | 13.8% | 19.1% | 10 |
| 2020s | 19.2% | 17.7% | 21.0% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Industry (including construction), value added (current LCU), per 1.26 current LCU per US$ of GDP (2024)
- Services, value added (current LCU), annual growth rate 7.22 % change on previous year (2024)
- Services, value added (current US$), per capita 39,926 current US$ per person (2024)
- Services, value added (current US$), per unit of GDP 0.5383 current US$ per US$ of GDP (2024)
- Manufacturing, value added (current LCU), per unit of GDP 0.6524 current LCU per US$ of GDP (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Industry (including construction), value added (current LCU), per 93,585 current LCU per person (2024)
- Industry (including construction), value added (current US$), per 13,574 current US$ per person (2024)
- Industry (including construction), value added (current US$), annual -5.14 % change on previous year (2024)
- Industry (including construction), value added (current US$), per 0.183 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 18.3% 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 21.0% in 2020.
- What is the lowest industry (including construction), value added recorded in Faroe Islands?
- The lowest recorded value was 13.8% in 2013.
- How does Faroe Islands rank for industry (including construction), value added?
- Faroe Islands ranks 142nd 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 16.8%. The long-run trend across the full record is flat.
- 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 (% of GDP). 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 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.