Merchandise trade as a proportion of GDP (%) in Faroe Islands
Faroe Islands: Merchandise trade as a proportion of GDP (%) was 80.6% in 2017. ▼ Falling
Latest (2017)
80.6%
Change on year
up 4.4%
World rank
51st
of 220 countries
All-time high
94.4%
in 2000
All-time low
67.3%
in 2009
Years of data
18
2000–2017
Merchandise trade as a proportion of GDP in Faroe Islands, 2000–2017
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
In 2017, merchandise trade as a proportion of gdp in Faroe Islands stood at 80.6%.
Compared with earlier readings it is up 4.4% on the previous year and up 7.0% over ten years.
Over the whole period, merchandise trade as a proportion of gdp in Faroe Islands peaked at 94.4% in 2000 and was at its lowest, 67.3%, in 2009.
That places Faroe Islands 51st out of 220 countries with data for 2017, putting it in the top quarter.
The long-run direction has been consistently falling across the 18 years of available data.
Merchandise trade as a proportion of GDP (%) in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 2000 | 94.4% | — |
| 2001 | 87.4% | -7.4% |
| 2002 | 80.8% | -7.6% |
| 2003 | 88.7% | +9.8% |
| 2004 | 72.1% | -18.7% |
| 2005 | 76.3% | +5.7% |
| 2006 | 71.4% | -6.4% |
| 2007 | 75.3% | +5.5% |
| 2008 | 73.9% | -1.9% |
| 2009 | 67.3% | -8.9% |
| 2010 | 69.4% | +3.2% |
| 2011 | 79.6% | +14.7% |
| 2012 | 86.7% | +8.9% |
| 2013 | 81.9% | -5.6% |
| 2014 | 75.7% | -7.5% |
| 2015 | 75.1% | -0.8% |
| 2016 | 77.2% | +2.7% |
| 2017 | 80.6% | +4.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 80.6% is above the median for high income countries, which is 56.9%, 1.4× the median. (73 countries reporting)
- Faroe Islands's 80.6% is above the median for Europe & Central Asia, which is 63.9%, 1.3× the median. (50 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 78.8% | 67.3% | 94.4% | 10 |
| 2010s | 78.3% | 69.4% | 86.7% | 8 |
Countries ranked near Faroe Islands
- 48 Gabon 81.8% compare
- 49 Sint Maarten (Dutch part) 81.5% compare
- 50 Lebanon 81.2% compare
- 52 Austria 79.6% compare
- 53 Democratic Republic of the Congo 79.6% compare
- 54 Micronesia 79.5% compare
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 merchandise trade as a proportion of gdp in Faroe Islands?
- Merchandise trade as a proportion of gdp in Faroe Islands was 80.6% in 2017, according to United Nations Statistics Division, SDG Global Database.
- What is the highest merchandise trade as a proportion of gdp recorded in Faroe Islands?
- The highest recorded value was 94.4% in 2000.
- What is the lowest merchandise trade as a proportion of gdp recorded in Faroe Islands?
- The lowest recorded value was 67.3% in 2009.
- How does Faroe Islands rank for merchandise trade as a proportion of gdp?
- Faroe Islands ranks 51st out of 220 countries with data for 2017.
- Is merchandise trade as a proportion of gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 7.0%. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from United Nations Statistics Division, SDG Global Database, published as part of Merchandise trade as a proportion of GDP (%). Statizoid updates them automatically from the source API.
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