Services, value added (current US$), annual growth rate in Faroe Islands
Faroe Islands: Services, value added (current US$), annual growth rate was 7.14 % change on previous year in 2024. ◆ Volatile
Services, value added (current US$), annual growth rate in Faroe Islands, 1999–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
The most recent figure for services, value added (current us$), annual growth rate in Faroe Islands is 7.14 % change on previous year, measured in 2024.
Compared with earlier readings it is down 20.3% on the previous year and up 65.4% over ten years.
Over the whole period, services, value added (current us$), annual growth rate in Faroe Islands peaked at 25.14 % change on previous year in 2003 and was at its lowest, -13.33 % change on previous year, in 2015.
Faroe Islands ranks 124th of 204 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Services, value added (current US$), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1999 | 3.47 % change on previous year | — |
| 2000 | -7.76 % change on previous year | -323.6% |
| 2001 | 8.59 % change on previous year | -210.7% |
| 2002 | 12.47 % change on previous year | +45.1% |
| 2003 | 25.14 % change on previous year | +101.6% |
| 2004 | 17.66 % change on previous year | -29.7% |
| 2005 | 3.88 % change on previous year | -78.1% |
| 2006 | 10.09 % change on previous year | +160.3% |
| 2007 | 17.36 % change on previous year | +72.1% |
| 2008 | 12.37 % change on previous year | -28.7% |
| 2009 | -4.63 % change on previous year | -137.4% |
| 2010 | -3.26 % change on previous year | -29.6% |
| 2011 | 8.88 % change on previous year | -372.4% |
| 2012 | 0.8378 % change on previous year | -90.6% |
| 2013 | 8.75 % change on previous year | +944.0% |
| 2014 | 4.32 % change on previous year | -50.7% |
| 2015 | -13.33 % change on previous year | -408.8% |
| 2016 | 4.13 % change on previous year | -131.0% |
| 2017 | 5.12 % change on previous year | +24.0% |
| 2018 | 8.52 % change on previous year | +66.3% |
| 2019 | -0.8613 % change on previous year | -110.1% |
| 2020 | 1.4 % change on previous year | -262.6% |
| 2021 | 13.99 % change on previous year | +898.9% |
| 2022 | -6.3 % change on previous year | -145.0% |
| 2023 | 8.95 % change on previous year | -242.2% |
| 2024 | 7.14 % change on previous year | -20.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 3.47 % change on previous year | 3.47 % change on previous year | 3.47 % change on previous year | 1 |
| 2000s | 9.52 % change on previous year | -7.76 % change on previous year | 25.14 % change on previous year | 10 |
| 2010s | 2.31 % change on previous year | -13.33 % change on previous year | 8.88 % change on previous year | 10 |
| 2020s | 5.04 % change on previous year | -6.3 % change on previous year | 13.99 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 121 Mauritius 7.32 % change on previous year compare
- 122 Hong Kong 7.27 % change on previous year compare
- 123 Mauritania 7.2 % change on previous year compare
- 125 Curacao 7.03 % change on previous year compare
- 126 Vanuatu 6.95 % change on previous year compare
- 127 Italy 6.79 % change on previous year compare
More economy & growth data for Faroe Islands
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Services, value added (current US$), 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)
- Gross value added at basic prices (GVA) (current US$), per capita 65,417 current US$ per person (2024)
Frequently asked questions
- What is services, value added (current us$), annual growth rate in Faroe Islands?
- Services, value added (current us$), annual growth rate in Faroe Islands was 7.14 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest services, value added (current us$), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 25.14 % change on previous year in 2003.
- What is the lowest services, value added (current us$), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -13.33 % change on previous year in 2015.
- How does Faroe Islands rank for services, value added (current us$), annual growth rate?
- Faroe Islands ranks 124th out of 204 countries with data for 2024.
- Is services, value added (current us$), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is up 65.4%. 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 US$), annual growth rate. Statizoid updates them automatically from the source API.
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How this figure is calculated
The year-on-year percentage change in Services, value added (current US$). 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 US$). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.