Net secondary income (Net current transfers from abroad) in Faroe Islands
Faroe Islands: Net secondary income (Net current transfers from abroad) was 70.43 million current US$ in 2024. ▼ Falling
Net secondary income (Net current transfers from abroad) in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
The most recent figure for net secondary income (net current transfers from abroad) in Faroe Islands is 70.43 million current US$, measured in 2024. That is the lowest value across all 27 years on record.
Compared with earlier readings it is down 40.0% on the previous year and down 52.0% over ten years.
Over the whole period, net secondary income (net current transfers from abroad) in Faroe Islands peaked at 207.28 million current US$ in 2007 and was at its lowest, 70.43 million current US$, in 2024.
That places Faroe Islands 130th out of 202 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently falling across the 27 years of available data.
Net secondary income (Net current transfers from abroad) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 161.32 million current US$ | — |
| 1999 | 157.94 million current US$ | -2.1% |
| 2000 | 142.02 million current US$ | -10.1% |
| 2001 | 135.50 million current US$ | -4.6% |
| 2002 | 94.78 million current US$ | -30.0% |
| 2003 | 113.48 million current US$ | +19.7% |
| 2004 | 128.51 million current US$ | +13.2% |
| 2005 | 135.92 million current US$ | +5.8% |
| 2006 | 148.11 million current US$ | +9.0% |
| 2007 | 207.28 million current US$ | +39.9% |
| 2008 | 153.84 million current US$ | -25.8% |
| 2009 | 140.82 million current US$ | -8.5% |
| 2010 | 150.99 million current US$ | +7.2% |
| 2011 | 190.92 million current US$ | +26.4% |
| 2012 | 134.10 million current US$ | -29.8% |
| 2013 | 146.04 million current US$ | +8.9% |
| 2014 | 146.66 million current US$ | +0.4% |
| 2015 | 128.02 million current US$ | -12.7% |
| 2016 | 125.67 million current US$ | -1.8% |
| 2017 | 177.39 million current US$ | +41.2% |
| 2018 | 139.44 million current US$ | -21.4% |
| 2019 | 142.25 million current US$ | +2.0% |
| 2020 | 163.52 million current US$ | +15.0% |
| 2021 | 115.39 million current US$ | -29.4% |
| 2022 | 83.41 million current US$ | -27.7% |
| 2023 | 117.35 million current US$ | +40.7% |
| 2024 | 70.43 million current US$ | -40.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 159.63 million current US$ | 157.94 million current US$ | 161.32 million current US$ | 2 |
| 2000s | 140.03 million current US$ | 94.78 million current US$ | 207.28 million current US$ | 10 |
| 2010s | 148.15 million current US$ | 125.67 million current US$ | 190.92 million current US$ | 10 |
| 2020s | 110.02 million current US$ | 70.43 million current US$ | 163.52 million current US$ | 5 |
Countries ranked near Faroe Islands
- 127 Trinidad and Tobago 93.70 million current US$ compare
- 128 Barbados 90.50 million current US$ compare
- 129 Uruguay 87.13 million current US$ compare
- 131 Palau 66.30 million current US$ compare
- 132 Saint Vincent and the Grenadines 59.89 million current US$ compare
- 133 Sao Tome and Principe 27.87 million current US$ compare
More economy & growth data for Faroe Islands
- GDP growth 0.8% (2024)
- Discrepancy in expenditure estimate of GDP 100,000 current LCU (2024)
- Gross value added at basic prices (GVA) 3.57 billion current US$ (2024)
- Gross value added at basic prices (GVA) 24.64 billion current LCU (2024)
- GDP 4.05 billion current US$ (2024)
- GDP 27.94 billion current LCU (2024)
- Taxes less subsidies on products (current US$), per unit of GDP 0.1181 current US$ per US$ of GDP (2024)
- GDP 3.24 billion constant 2015 US$ (2024)
- GDP per capita 59,302 constant 2015 US$ (2024)
- GDP per capita 511,400 current LCU (2024)
Frequently asked questions
- What is net secondary income (net current transfers from abroad) in Faroe Islands?
- Net secondary income (net current transfers from abroad) in Faroe Islands was 70.43 million current US$ in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest net secondary income (net current transfers from abroad) recorded in Faroe Islands?
- The highest recorded value was 207.28 million current US$ in 2007.
- What is the lowest net secondary income (net current transfers from abroad) recorded in Faroe Islands?
- The lowest recorded value was 70.43 million current US$ in 2024.
- How does Faroe Islands rank for net secondary income (net current transfers from abroad)?
- Faroe Islands ranks 130th out of 202 countries with data for 2024.
- Is net secondary income (net current transfers from abroad) rising or falling in Faroe Islands?
- Over the last ten years it is down 52.0%. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Net secondary income (Net current transfers from abroad) (current US$). Statizoid updates them automatically from the source API.
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About this data
Net secondary income (from abroad) comprises transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net secondary income is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.