Manufacturing, value added in Faroe Islands
Faroe Islands: Manufacturing, value added was 9.5% in 2024. ▬ Flat
Manufacturing, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
Faroe Islands recorded 9.5% for manufacturing, value added in 2024.
The figure is down 17.0% on the previous year and up 4.2% over ten years.
Over the whole period, manufacturing, value added in Faroe Islands peaked at 11.4% in 2023 and was at its lowest, 7.7%, in 2013.
That places Faroe Islands 108th out of 205 countries with data for 2024, putting it in the middle of the range.
Manufacturing, value added in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 10.1% | — |
| 1999 | 10.8% | +7.3% |
| 2000 | 10.5% | -2.9% |
| 2001 | 11.3% | +6.9% |
| 2002 | 11.3% | +0.1% |
| 2003 | 10.5% | -6.4% |
| 2004 | 9.6% | -8.9% |
| 2005 | 9.2% | -4.7% |
| 2006 | 8.9% | -2.5% |
| 2007 | 8.9% | +0.1% |
| 2008 | 8.9% | -0.8% |
| 2009 | 8.6% | -2.9% |
| 2010 | 8.2% | -4.8% |
| 2011 | 8.0% | -2.7% |
| 2012 | 8.3% | +3.7% |
| 2013 | 7.7% | -6.9% |
| 2014 | 9.1% | +17.9% |
| 2015 | 9.3% | +2.6% |
| 2016 | 8.3% | -11.2% |
| 2017 | 9.2% | +11.6% |
| 2018 | 9.0% | -2.6% |
| 2019 | 10.4% | +15.8% |
| 2020 | 10.8% | +3.9% |
| 2021 | 10.7% | -1.2% |
| 2022 | 10.1% | -5.5% |
| 2023 | 11.4% | +13.0% |
| 2024 | 9.5% | -17.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 10.5% | 10.1% | 10.8% | 2 |
| 2000s | 9.8% | 8.6% | 11.3% | 10 |
| 2010s | 8.7% | 7.7% | 10.4% | 10 |
| 2020s | 10.5% | 9.5% | 11.4% | 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 manufacturing, value added in Faroe Islands?
- Manufacturing, value added in Faroe Islands was 9.5% 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 11.4% in 2023.
- What is the lowest manufacturing, value added recorded in Faroe Islands?
- The lowest recorded value was 7.7% in 2013.
- How does Faroe Islands rank for manufacturing, value added?
- Faroe Islands ranks 108th out of 205 countries with data for 2024.
- Is manufacturing, value added rising or falling in Faroe Islands?
- Over the last ten years it is up 4.2%. 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 Manufacturing, value added (% of GDP). Statizoid updates them automatically from the source API.
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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 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.