Inflation, GDP deflator in Faroe Islands
Faroe Islands: Inflation, GDP deflator 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 152nd of 212 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 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% |
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
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 6.08 current LCU per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current LCU), annual growth 1.67 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), per capita 65,417 current US$ per person (2024)
- Gross value added at basic prices (GVA) (current US$), per unit of GDP 0.8819 current US$ per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current US$), annual growth 1.6 % change on previous year (2024)
- GNI 4.12 billion current US$ (2024)
- GDP per capita growth 0.4% (2024)
- GDP per capita 377,557 constant LCU (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 152nd out of 212 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.
Download this data
CSV · JSON — 16 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.