Services, value added (current LCU), annual growth rate in Faroe Islands
Faroe Islands: Services, value added (current LCU), annual growth rate was 7.22 % change on previous year in 2024. ◆ Volatile
Services, value added (current LCU), annual growth rate in Faroe Islands, 1999–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
The most recent figure for services, value added (current lcu), annual growth rate in Faroe Islands is 7.22 % change on previous year, measured in 2024.
That represents a change of up 18.6% on the previous year and up 70.0% over ten years.
Over the whole period, services, value added (current lcu), annual growth rate in Faroe Islands peaked at 11.81 % change on previous year in 2001 and was at its lowest, -0.5344 % change on previous year, in 2020.
Faroe Islands ranks 100th of 204 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Services, value added (current LCU), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1999 | 7.73 % change on previous year | — |
| 2000 | 6.87 % change on previous year | -11.1% |
| 2001 | 11.81 % change on previous year | +71.9% |
| 2002 | 6.69 % change on previous year | -43.4% |
| 2003 | 4.42 % change on previous year | -33.9% |
| 2004 | 7.01 % change on previous year | +58.5% |
| 2005 | 3.98 % change on previous year | -43.2% |
| 2006 | 9.17 % change on previous year | +130.5% |
| 2007 | 7.43 % change on previous year | -19.0% |
| 2008 | 5.24 % change on previous year | -29.5% |
| 2009 | 0.2854 % change on previous year | -94.6% |
| 2010 | 1.49 % change on previous year | +422.3% |
| 2011 | 3.94 % change on previous year | +164.1% |
| 2012 | 8.8 % change on previous year | +123.4% |
| 2013 | 5.44 % change on previous year | -38.2% |
| 2014 | 4.24 % change on previous year | -22.0% |
| 2015 | 3.89 % change on previous year | -8.2% |
| 2016 | 4.19 % change on previous year | +7.6% |
| 2017 | 3.11 % change on previous year | -25.7% |
| 2018 | 3.78 % change on previous year | +21.5% |
| 2019 | 4.71 % change on previous year | +24.5% |
| 2020 | -0.5344 % change on previous year | -111.3% |
| 2021 | 9.55 % change on previous year | -1886.6% |
| 2022 | 5.46 % change on previous year | -42.8% |
| 2023 | 6.08 % change on previous year | +11.4% |
| 2024 | 7.22 % change on previous year | +18.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 7.22 % change on previous year is above the median for high income countries, which is 5.74 % change on previous year, 1.3× the median. (77 countries reporting)
- Faroe Islands's 7.22 % change on previous year is above the median for Europe & Central Asia, which is 7.18 % change on previous year, 1.0× the median. (56 countries reporting)
Biggest year-on-year movements
Years where Services, value added (current LCU), annual growth rate in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2021 | +1886.6% | -0.5344 % change on previous year | 9.55 % change on previous year |
| 2010 | +422.3% | 0.2854 % change on previous year | 1.49 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 7.73 % change on previous year | 7.73 % change on previous year | 7.73 % change on previous year | 1 |
| 2000s | 6.29 % change on previous year | 0.2854 % change on previous year | 11.81 % change on previous year | 10 |
| 2010s | 4.36 % change on previous year | 1.49 % change on previous year | 8.8 % change on previous year | 10 |
| 2020s | 5.55 % change on previous year | -0.5344 % change on previous year | 9.55 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 97 Mauritania 7.38 % change on previous year compare
- 98 New Zealand 7.31 % change on previous year compare
- 99 Czechia 7.28 % change on previous year compare
- 101 Dominican Republic 7.19 % change on previous year compare
- 102 Bosnia and Herzegovina 7.14 % change on previous year compare
- 103 Israel 7.14 % change on previous year 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 LCU), annual growth rate 0.4583 % change on previous year (2024)
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is services, value added (current lcu), annual growth rate in Faroe Islands?
- Services, value added (current lcu), annual growth rate in Faroe Islands was 7.22 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest services, value added (current lcu), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 11.81 % change on previous year in 2001.
- What is the lowest services, value added (current lcu), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -0.5344 % change on previous year in 2020.
- How does Faroe Islands rank for services, value added (current lcu), annual growth rate?
- Faroe Islands ranks 100th out of 204 countries with data for 2024.
- Is services, value added (current lcu), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is up 70.0%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Services, value added (current LCU), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 26 observations, free to reuse under Derived by Statizoid from the sources named on the page.
How this figure is calculated
The year-on-year percentage change in Services, value added (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Services, value added Country official statistics, National Statistical Offices (NSOs)
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Services, value added (current LCU). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.