Inflation, GDP deflator (annual %) in Faroe Islands
Faroe Islands: Inflation, GDP deflator (annual %) was 2.0% in 2024. ◆ Volatile
Inflation, GDP deflator in Faroe Islands, 2009–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in annual %.
Analysis
In 2024, inflation, gdp deflator in Faroe Islands stood at 2.0%.
Compared with earlier readings it is down 32.2% on the previous year and down 25.3% over ten years.
Over the whole period, inflation, gdp deflator in Faroe Islands peaked at 7.9% in 2016 and was at its lowest, -2.4%, in 2012.
Faroe Islands ranks 154th of 214 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Inflation, GDP deflator (annual %) in Faroe Islands, year by year
| Year | annual % | Change |
|---|---|---|
| 2009 | 1.6% | — |
| 2010 | 6.9% | +335.8% |
| 2011 | -1.0% | -113.7% |
| 2012 | -2.4% | +152.1% |
| 2013 | 1.5% | -163.2% |
| 2014 | 2.7% | +76.2% |
| 2015 | 4.9% | +82.6% |
| 2016 | 7.9% | +61.2% |
| 2017 | 0.4% | -95.2% |
| 2018 | -0.4% | -213.2% |
| 2019 | 3.5% | -922.8% |
| 2020 | -0.1% | -103.2% |
| 2021 | 3.4% | -3170.7% |
| 2022 | 5.9% | +72.1% |
| 2023 | 2.9% | -50.1% |
| 2024 | 2.0% | -32.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.0% is below the median for high income countries, which is 2.6%, 76% of the median. (82 countries reporting)
- Faroe Islands's 2.0% is below the median for Europe & Central Asia, which is 3.5%, 57% of the median. (56 countries reporting)
Biggest year-on-year movements
Years where Inflation, GDP deflator (annual %) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2021 | +3170.7% | -0.1% | 3.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 1.6% | 1.6% | 1.6% | 1 |
| 2010s | 2.4% | -2.4% | 7.9% | 10 |
| 2020s | 2.8% | -0.1% | 5.9% | 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 inflation, gdp deflator in Faroe Islands?
- Inflation, gdp deflator in Faroe Islands was 2.0% in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest inflation, gdp deflator recorded in Faroe Islands?
- The highest recorded value was 7.9% in 2016.
- What is the lowest inflation, gdp deflator recorded in Faroe Islands?
- The lowest recorded value was -2.4% in 2012.
- How does Faroe Islands rank for inflation, gdp deflator?
- Faroe Islands ranks 154th out of 214 countries with data for 2024.
- Is inflation, gdp deflator rising or falling in Faroe Islands?
- Over the last ten years it is down 25.3%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Inflation, GDP deflator (annual %). Statizoid updates them automatically from the source API.
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About this data
Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.