Gross domestic product (GDP) in Faroe Islands
Faroe Islands: Gross domestic product (GDP) was 1.67 billion current GBP in 2013. ▲ Rising
Gross domestic product (GDP) in Faroe Islands, 1998–2013
Source: Fouquin and Hugot (2016) – processed by Our World in Data. Measured in current GBP.
Analysis
The most recent figure for gross domestic product (gdp) in Faroe Islands is 1.67 billion current GBP, measured in 2013. That is the highest value across all 16 years on record.
The figure is up 12.1% on the previous year and up 83.6% over ten years.
Over the whole period, gross domestic product (gdp) in Faroe Islands peaked at 1.67 billion current GBP in 2013 and was at its lowest, 667.64 million current GBP, in 1998.
That places Faroe Islands 168th out of 200 countries with data for 2013, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 16 years of available data.
Gross domestic product (GDP) in Faroe Islands, year by year
| Year | current GBP | Change |
|---|---|---|
| 1998 | 667.64 million current GBP | — |
| 1999 | 695.74 million current GBP | +4.2% |
| 2000 | 702.13 million current GBP | +0.9% |
| 2001 | 802.26 million current GBP | +14.3% |
| 2002 | 846.34 million current GBP | +5.5% |
| 2003 | 910.66 million current GBP | +7.6% |
| 2004 | 919.77 million current GBP | +1.0% |
| 2005 | 951.99 million current GBP | +3.5% |
| 2006 | 1.07 billion current GBP | +12.5% |
| 2007 | 1.14 billion current GBP | +6.3% |
| 2008 | 1.31 billion current GBP | +15.3% |
| 2009 | 1.45 billion current GBP | +10.4% |
| 2010 | 1.49 billion current GBP | +2.8% |
| 2011 | 1.54 billion current GBP | +3.5% |
| 2012 | 1.49 billion current GBP | -3.2% |
| 2013 | 1.67 billion current GBP | +12.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 681.69 million current GBP | 667.64 million current GBP | 695.74 million current GBP | 2 |
| 2000s | 1.01 billion current GBP | 702.13 million current GBP | 1.45 billion current GBP | 10 |
| 2010s | 1.55 billion current GBP | 1.49 billion current GBP | 1.67 billion current GBP | 4 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Services, value added (current US$), annual growth rate 7.14 % change on previous year (2024)
- Services, value added (current US$), per unit of GDP 0.5383 current US$ per US$ of GDP (2024)
- Services, value added (current US$), per capita 39,926 current US$ per person (2024)
- Services, value added (current LCU), annual growth rate 7.22 % change on previous year (2024)
- Services, value added (current LCU), per unit of GDP 3.71 current LCU per US$ of GDP (2024)
- Services, value added (current LCU), per capita 275,271 current LCU per person (2024)
- GDP deflator (base year varies by country), annual growth rate 2 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), annual growth 1.6 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), per unit of GDP 0.8819 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is gross domestic product (gdp) in Faroe Islands?
- Gross domestic product (gdp) in Faroe Islands was 1.67 billion current GBP in 2013, according to Fouquin and Hugot (2016) – processed by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Faroe Islands?
- The highest recorded value was 1.67 billion current GBP in 2013.
- What is the lowest gross domestic product (gdp) recorded in Faroe Islands?
- The lowest recorded value was 667.64 million current GBP in 1998.
- How does Faroe Islands rank for gross domestic product (gdp)?
- Faroe Islands ranks 168th out of 200 countries with data for 2013.
- Is gross domestic product (gdp) rising or falling in Faroe Islands?
- Over the last ten years it is up 83.6%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Fouquin and Hugot (2016) – processed by Our World in Data, published as part of Gross domestic product (GDP). Statizoid updates them automatically from the source API.
Download this data
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About this data
This data is expressed in British pounds. It is not adjusted for inflation or differences in living costs between countries.