PPP conversion factor, GDP in Faroe Islands
Faroe Islands: PPP conversion factor, GDP was 6.23 LCU per international $ in 2024. ▬ Flat
PPP conversion factor, GDP in Faroe Islands, 2008–2024
Source: International Comparison Program (ICP), World Bank (WB). Measured in LCU per international $.
Analysis
In 2024, ppp conversion factor, gdp in Faroe Islands stood at 6.23 LCU per international $. That is the lowest value across all 17 years on record.
Compared with earlier readings it is down 0.5% on the previous year and down 1.9% over ten years.
Over the whole period, ppp conversion factor, gdp in Faroe Islands peaked at 7.05 LCU per international $ in 2016 and was at its lowest, 6.23 LCU per international $, in 2024.
Faroe Islands ranks 100th of 205 countries on this measure, in the middle of the range.
PPP conversion factor, GDP in Faroe Islands, year by year
| Year | LCU per international $ | Change |
|---|---|---|
| 2008 | 6.35 LCU per international $ | — |
| 2009 | 6.41 LCU per international $ | +1.0% |
| 2010 | 6.78 LCU per international $ | +5.7% |
| 2011 | 6.58 LCU per international $ | -3.0% |
| 2012 | 6.3 LCU per international $ | -4.2% |
| 2013 | 6.29 LCU per international $ | -0.2% |
| 2014 | 6.35 LCU per international $ | +0.9% |
| 2015 | 6.6 LCU per international $ | +3.9% |
| 2016 | 7.05 LCU per international $ | +6.9% |
| 2017 | 6.95 LCU per international $ | -1.4% |
| 2018 | 6.7 LCU per international $ | -3.6% |
| 2019 | 6.76 LCU per international $ | +0.9% |
| 2020 | 6.61 LCU per international $ | -2.3% |
| 2021 | 6.38 LCU per international $ | -3.4% |
| 2022 | 6.31 LCU per international $ | -1.1% |
| 2023 | 6.26 LCU per international $ | -0.7% |
| 2024 | 6.23 LCU per international $ | -0.5% |
Faroe Islands compared with similar countries
- Faroe Islands's 6.23 LCU per international $ is above the median for high income countries, which is 1 LCU per international $, 6.2× the median. (75 countries reporting)
- Faroe Islands's 6.23 LCU per international $ is above the median for Europe & Central Asia, which is 0.8325 LCU per international $, 7.5× the median. (53 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 6.38 LCU per international $ | 6.35 LCU per international $ | 6.41 LCU per international $ | 2 |
| 2010s | 6.64 LCU per international $ | 6.29 LCU per international $ | 7.05 LCU per international $ | 10 |
| 2020s | 6.36 LCU per international $ | 6.23 LCU per international $ | 6.61 LCU per international $ | 5 |
Countries ranked near Faroe Islands
- 97 South Africa 7.42 LCU per international $ compare
- 98 Namibia 7.28 LCU per international $ compare
- 99 Solomon Islands 6.23 LCU per international $ compare
- 101 Denmark 6.12 LCU per international $ compare
- 102 Lesotho 6.12 LCU per international $ compare
- 103 Eswatini 5.87 LCU per international $ compare
More economy & growth data for Faroe Islands
- Households and NPISHs Final consumption expenditure (current US$) 2.82 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 142,484 current LCU per person (2024)
- Gross capital formation (current LCU), annual growth rate -7.66 % change on previous year (2024)
- Gross capital formation (current US$), per capita 20,895 current US$ per person (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (current US$) 0.4061 current US$ per US$ of GDP (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Gross capital formation (current LCU), per unit of GDP 1.94 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is ppp conversion factor, gdp in Faroe Islands?
- Ppp conversion factor, gdp in Faroe Islands was 6.23 LCU per international $ in 2024, according to International Comparison Program (ICP), World Bank (WB).
- What is the highest ppp conversion factor, gdp recorded in Faroe Islands?
- The highest recorded value was 7.05 LCU per international $ in 2016.
- What is the lowest ppp conversion factor, gdp recorded in Faroe Islands?
- The lowest recorded value was 6.23 LCU per international $ in 2024.
- How does Faroe Islands rank for ppp conversion factor, gdp?
- Faroe Islands ranks 100th out of 205 countries with data for 2024.
- Is ppp conversion factor, gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 1.9%. The long-run trend across the full record is flat.
- Where does this Faroe Islands data come from?
- The figures come from International Comparison Program (ICP), World Bank (WB), published as part of PPP conversion factor, GDP (LCU per international $). Statizoid updates them automatically from the source API.
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About this data
The purchasing power parity (PPP) conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of gross domestic product (GDP) and its expenditure components. This conversion factor is for the level of GDP and the base currency is the US dollar.