Value of imported goods as a share of GDP (International Monetary) in Faroe Islands
Faroe Islands: Value of imported goods as a share of GDP (International Monetary) was 38.0% in 2024. ▼ Falling
Value of imported goods as a share of GDP in Faroe Islands, 1965–2024
Source: International Monetary Fund (2026); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data. Measured in %.
Analysis
The most recent figure for value of imported goods as a share of gdp in Faroe Islands is 38.0%, measured in 2024.
That represents a change of down 5.5% on the previous year and down 8.8% over ten years.
Over the whole period, value of imported goods as a share of gdp in Faroe Islands peaked at 53.2% in 1987 and was at its lowest, 27.6%, in 1995.
That places Faroe Islands 75th out of 201 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 60 years of available data.
Value of imported goods as a share of GDP (International Monetary) in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 1965 | 44.0% | — |
| 1966 | 41.6% | -5.4% |
| 1967 | 39.4% | -5.3% |
| 1968 | 43.2% | +9.5% |
| 1969 | 44.0% | +1.8% |
| 1970 | 35.2% | -20.0% |
| 1971 | 40.3% | +14.5% |
| 1972 | 38.3% | -4.9% |
| 1973 | 41.7% | +9.0% |
| 1974 | 49.8% | +19.2% |
| 1975 | 48.9% | -1.7% |
| 1976 | 48.0% | -2.0% |
| 1977 | 43.0% | -10.2% |
| 1978 | 45.3% | +5.3% |
| 1979 | 44.5% | -1.9% |
| 1980 | 44.4% | -0.1% |
| 1981 | 46.1% | +3.6% |
| 1982 | 43.4% | -5.8% |
| 1983 | 42.0% | -3.2% |
| 1984 | 52.8% | +25.8% |
| 1985 | 50.2% | -4.9% |
| 1986 | 42.9% | -14.5% |
| 1987 | 53.2% | +23.9% |
| 1988 | 46.1% | -13.4% |
| 1989 | 36.5% | -20.7% |
| 1990 | 34.4% | -6.0% |
| 1991 | 31.6% | -8.0% |
| 1992 | 35.8% | +13.3% |
| 1993 | 32.4% | -9.4% |
| 1994 | 30.7% | -5.3% |
| 1995 | 27.6% | -10.1% |
| 1996 | 30.5% | +10.5% |
| 1997 | 36.5% | +19.5% |
| 1998 | 32.5% | -10.8% |
| 1999 | 36.7% | +12.8% |
| 2000 | 49.4% | +34.7% |
| 2001 | 42.9% | -13.1% |
| 2002 | 38.3% | -10.8% |
| 2003 | 49.1% | +28.1% |
| 2004 | 36.3% | -26.0% |
| 2005 | 42.3% | +16.5% |
| 2006 | 38.7% | -8.6% |
| 2007 | 43.3% | +12.0% |
| 2008 | 39.5% | -8.8% |
| 2009 | 36.4% | -7.8% |
| 2010 | 39.5% | +8.6% |
| 2011 | 42.1% | +6.6% |
| 2012 | 51.2% | +21.4% |
| 2013 | 43.5% | -14.9% |
| 2014 | 41.7% | -4.1% |
| 2015 | 44.4% | +6.4% |
| 2016 | 36.6% | -17.6% |
| 2017 | 35.0% | -4.5% |
| 2018 | 36.1% | +3.3% |
| 2019 | 38.0% | +5.2% |
| 2020 | 39.9% | +5.1% |
| 2021 | 38.3% | -4.1% |
| 2022 | 45.1% | +17.8% |
| 2023 | 40.3% | -10.8% |
| 2024 | 38.0% | -5.5% |
Faroe Islands compared with similar countries
- Faroe Islands's 38.0% is above the median for high income countries, which is 30.4%, 1.3× the median. (73 countries reporting)
- Faroe Islands's 38.0% is above the median for Europe & Central Asia, which is 38.0%, 1.0× the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 42.4% | 39.4% | 44.0% | 5 |
| 1970s | 43.5% | 35.2% | 49.8% | 10 |
| 1980s | 45.8% | 36.5% | 53.2% | 10 |
| 1990s | 32.9% | 27.6% | 36.7% | 10 |
| 2000s | 41.6% | 36.3% | 49.4% | 10 |
| 2010s | 40.8% | 35.0% | 51.2% | 10 |
| 2020s | 40.3% | 38.0% | 45.1% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), annual growth rate -1.96 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross national expenditure (current US$), per capita 71,683 current US$ per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is value of imported goods as a share of gdp in Faroe Islands?
- Value of imported goods as a share of gdp in Faroe Islands was 38.0% in 2024, according to International Monetary Fund (2026); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data.
- What is the highest value of imported goods as a share of gdp recorded in Faroe Islands?
- The highest recorded value was 53.2% in 1987.
- What is the lowest value of imported goods as a share of gdp recorded in Faroe Islands?
- The lowest recorded value was 27.6% in 1995.
- How does Faroe Islands rank for value of imported goods as a share of gdp?
- Faroe Islands ranks 75th out of 201 countries with data for 2024.
- Is value of imported goods as a share of gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 8.8%. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from International Monetary Fund (2026); National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – with major processing by Our World in Data, published as part of Value of imported goods as a share of GDP. Statizoid updates them automatically from the source API.
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About this data
Value of a country’s total goods imports, including freight and insurance costs, as a percentage of a country’s gross domestic product (GDP).