Insurance and financial services in Faroe Islands
Faroe Islands: Insurance and financial services was 0.8% in 2011. ◆ Volatile
Insurance and financial services in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Faroe Islands recorded 0.8% for insurance and financial services in 2011.
The figure is up 6.2% on the previous year and down 90.3% over ten years.
Over the whole period, insurance and financial services in Faroe Islands peaked at 14.8% in 2002 and was at its lowest, 0.3%, in 2005.
That places Faroe Islands 147th out of 190 countries with data for 2011, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Faroe Islands, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1998 | 5.0% | — |
| 1999 | 7.8% | +55.6% |
| 2000 | 14.5% | +85.8% |
| 2001 | 8.0% | -44.5% |
| 2002 | 14.8% | +85.0% |
| 2003 | 3.9% | -73.5% |
| 2004 | 1.0% | -74.8% |
| 2005 | 0.3% | -66.2% |
| 2006 | 0.5% | +49.7% |
| 2007 | 0.5% | -0.4% |
| 2008 | 0.5% | +1.2% |
| 2009 | 0.8% | +55.0% |
| 2010 | 0.7% | -6.5% |
| 2011 | 0.8% | +6.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8% is below the median for high income countries, which is 5.3%, 15% of the median. (69 countries reporting)
- Faroe Islands's 0.8% is below the median for Europe & Central Asia, which is 3.5%, 22% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.4% | 5.0% | 7.8% | 2 |
| 2000s | 4.5% | 0.3% | 14.8% | 10 |
| 2010s | 0.8% | 0.7% | 0.8% | 2 |
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 insurance and financial services in Faroe Islands?
- Insurance and financial services in Faroe Islands was 0.8% in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Faroe Islands?
- The highest recorded value was 14.8% in 2002.
- What is the lowest insurance and financial services recorded in Faroe Islands?
- The lowest recorded value was 0.3% in 2005.
- How does Faroe Islands rank for insurance and financial services?
- Faroe Islands ranks 147th out of 190 countries with data for 2011.
- Is insurance and financial services rising or falling in Faroe Islands?
- Over the last ten years it is down 90.3%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.