Manufacturing, value added in Faroe Islands
Faroe Islands: Manufacturing, value added was 2.64 billion current LCU in 2024. ▲ Rising
Manufacturing, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
In 2024, manufacturing, value added in Faroe Islands stood at 2.64 billion current LCU.
That represents a change of down 14.6% on the previous year and up 78.0% over ten years.
Over the whole period, manufacturing, value added in Faroe Islands peaked at 3.10 billion current LCU in 2023 and was at its lowest, 747.70 million current LCU, in 1998.
Faroe Islands ranks 156th of 204 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 800.30 million current LCU | 747.70 million current LCU | 852.90 million current LCU | 2 |
| 2000s | 1.05 billion current LCU | 908.30 million current LCU | 1.14 billion current LCU | 10 |
| 2010s | 1.50 billion current LCU | 1.07 billion current LCU | 2.27 billion current LCU | 10 |
| 2020s | 2.62 billion current LCU | 2.31 billion current LCU | 3.10 billion current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- External balance on goods and services 938.80 million current LCU (2024)
- Gross capital formation 28.2% (2024)
- Imports of goods and services 2.07 billion current US$ (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
- Imports of goods and services 51.2% (2024)
- External balance on goods and services 136.17 million current US$ (2024)
- Trade 105.8% (2024)
- Manufacturing, value added 383.50 million current US$ (2024)
- Agriculture, forestry, and fishing, value added 4.49 billion current LCU (2024)
- Gross capital formation 7.87 billion current LCU (2024)
Frequently asked questions
- What is manufacturing, value added in Faroe Islands?
- Manufacturing, value added in Faroe Islands was 2.64 billion current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest manufacturing, value added recorded in Faroe Islands?
- The highest recorded value was 3.10 billion current LCU in 2023.
- What is the lowest manufacturing, value added recorded in Faroe Islands?
- The lowest recorded value was 747.70 million current LCU in 1998.
- How does Faroe Islands rank for manufacturing, value added?
- Faroe Islands ranks 156th out of 204 countries with data for 2024.
- Is manufacturing, value added rising or falling in Faroe Islands?
- Over the last ten years it is up 78.0%. 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 Manufacturing, value added (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Manufacturing includes industries classified in ISIC (Rev. 3) major division C and is defined as the physical or chemical transformation of materials or components into new products. 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 series is expressed in local currency units.