Services, value added in Faroe Islands
Faroe Islands: Services, value added was 53.8% in 2024. ▬ Flat
Services, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in % of GDP.
Analysis
In 2024, services, value added in Faroe Islands stood at 53.8%.
That represents a change of up 4.2% on the previous year and down 7.2% over ten years.
Over the whole period, services, value added in Faroe Islands peaked at 61.4% in 2012 and was at its lowest, 50.8%, in 2001.
Faroe Islands ranks 130th of 204 countries on this measure, in the middle of the range.
Services, value added in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 51.4% | — |
| 1999 | 52.1% | +1.4% |
| 2000 | 50.8% | -2.5% |
| 2001 | 50.8% | -0.1% |
| 2002 | 52.0% | +2.3% |
| 2003 | 55.2% | +6.2% |
| 2004 | 56.6% | +2.5% |
| 2005 | 57.6% | +1.8% |
| 2006 | 55.3% | -4.0% |
| 2007 | 56.0% | +1.2% |
| 2008 | 59.1% | +5.6% |
| 2009 | 61.1% | +3.4% |
| 2010 | 58.2% | -4.7% |
| 2011 | 59.0% | +1.3% |
| 2012 | 61.4% | +4.1% |
| 2013 | 60.2% | -1.9% |
| 2014 | 58.0% | -3.7% |
| 2015 | 56.9% | -1.9% |
| 2016 | 54.2% | -4.7% |
| 2017 | 53.8% | -0.8% |
| 2018 | 54.6% | +1.4% |
| 2019 | 52.8% | -3.2% |
| 2020 | 53.5% | +1.2% |
| 2021 | 53.9% | +0.8% |
| 2022 | 51.7% | -4.1% |
| 2023 | 51.6% | -0.1% |
| 2024 | 53.8% | +4.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 51.8% | 51.4% | 52.1% | 2 |
| 2000s | 55.4% | 50.8% | 61.1% | 10 |
| 2010s | 56.9% | 52.8% | 61.4% | 10 |
| 2020s | 52.9% | 51.6% | 53.9% | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- GDP (current US$), annual growth rate 2.78 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
- Gross value added at basic prices (GVA) (current LCU), per unit of GDP 6.08 current LCU per US$ of GDP (2024)
- Gross value added at basic prices (GVA) (current LCU), annual growth 1.67 % change on previous year (2024)
- Gross value added at basic prices (GVA) (current US$), per capita 65,417 current US$ per person (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$), annual growth 1.6 % change on previous year (2024)
- GDP deflator (base year varies by country), annual growth rate 2 % change on previous year (2024)
- GNI 4.12 billion current US$ (2024)
- GDP per capita growth 0.4% (2024)
Frequently asked questions
- What is services, value added in Faroe Islands?
- Services, value added in Faroe Islands was 53.8% 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 61.4% in 2012.
- What is the lowest services, value added recorded in Faroe Islands?
- The lowest recorded value was 50.8% in 2001.
- How does Faroe Islands rank for services, value added?
- Faroe Islands ranks 130th out of 204 countries with data for 2024.
- Is services, value added rising or falling in Faroe Islands?
- Over the last ten years it is down 7.2%. The long-run trend across the full record is flat.
- 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 (% of GDP). Statizoid updates them automatically from the source API.
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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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.