Services, value added in Faroe Islands
Faroe Islands: Services, value added was 2.18 billion current US$ in 2024. ▲ Rising
Services, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current US$.
Analysis
The most recent figure for services, value added in Faroe Islands is 2.18 billion current US$, measured in 2024. That is the highest value across all 27 years on record.
That represents a change of up 7.1% on the previous year and up 29.1% over ten years.
Over the whole period, services, value added in Faroe Islands peaked at 2.18 billion current US$ in 2024 and was at its lowest, 542.40 million current US$, in 2000.
Faroe Islands ranks 174th of 206 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Services, value added in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 568.32 million current US$ | — |
| 1999 | 588.05 million current US$ | +3.5% |
| 2000 | 542.40 million current US$ | -7.8% |
| 2001 | 589.02 million current US$ | +8.6% |
| 2002 | 662.48 million current US$ | +12.5% |
| 2003 | 829.02 million current US$ | +25.1% |
| 2004 | 975.44 million current US$ | +17.7% |
| 2005 | 1.01 billion current US$ | +3.9% |
| 2006 | 1.12 billion current US$ | +10.1% |
| 2007 | 1.31 billion current US$ | +17.4% |
| 2008 | 1.47 billion current US$ | +12.4% |
| 2009 | 1.40 billion current US$ | -4.6% |
| 2010 | 1.36 billion current US$ | -3.3% |
| 2011 | 1.48 billion current US$ | +8.9% |
| 2012 | 1.49 billion current US$ | +0.8% |
| 2013 | 1.62 billion current US$ | +8.7% |
| 2014 | 1.69 billion current US$ | +4.3% |
| 2015 | 1.47 billion current US$ | -13.3% |
| 2016 | 1.53 billion current US$ | +4.1% |
| 2017 | 1.60 billion current US$ | +5.1% |
| 2018 | 1.74 billion current US$ | +8.5% |
| 2019 | 1.73 billion current US$ | -0.9% |
| 2020 | 1.75 billion current US$ | +1.4% |
| 2021 | 1.99 billion current US$ | +14.0% |
| 2022 | 1.87 billion current US$ | -6.3% |
| 2023 | 2.04 billion current US$ | +9.0% |
| 2024 | 2.18 billion current US$ | +7.1% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.18 billion current US$ is below the median for high income countries, which is 71.23 billion current US$, 3% of the median. (77 countries reporting)
- Faroe Islands's 2.18 billion current US$ is below the median for Europe & Central Asia, which is 66.18 billion current US$, 3% of the median. (56 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 578.19 million current US$ | 568.32 million current US$ | 588.05 million current US$ | 2 |
| 2000s | 991.00 million current US$ | 542.40 million current US$ | 1.47 billion current US$ | 10 |
| 2010s | 1.57 billion current US$ | 1.36 billion current US$ | 1.74 billion current US$ | 10 |
| 2020s | 1.97 billion current US$ | 1.75 billion current US$ | 2.18 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is services, value added in Faroe Islands?
- Services, value added in Faroe Islands was 2.18 billion current US$ in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest services, value added recorded in Faroe Islands?
- The highest recorded value was 2.18 billion current US$ in 2024.
- What is the lowest services, value added recorded in Faroe Islands?
- The lowest recorded value was 542.40 million current US$ in 2000.
- How does Faroe Islands rank for services, value added?
- Faroe Islands ranks 174th out of 206 countries with data for 2024.
- Is services, value added rising or falling in Faroe Islands?
- Over the last ten years it is up 29.1%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Services, value added (current US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. 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.