Taxes less subsidies on products (current LCU) in Faroe Islands
Faroe Islands: Taxes less subsidies on products (current LCU) was 3.30 billion current LCU in 2024. ▲ Rising
Taxes less subsidies on products in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
The most recent figure for taxes less subsidies on products in Faroe Islands is 3.30 billion current LCU, measured in 2024. That is the highest value across all 27 years on record.
The figure is up 12.7% on the previous year and up 78.1% over ten years.
Over the whole period, taxes less subsidies on products in Faroe Islands peaked at 3.30 billion current LCU in 2024 and was at its lowest, 996.90 million current LCU, in 1998.
Faroe Islands ranks 152nd of 199 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Taxes less subsidies on products (current LCU) in Faroe Islands, year by year
| Year | current LCU | Change |
|---|---|---|
| 1998 | 996.90 million current LCU | — |
| 1999 | 1.06 billion current LCU | +6.5% |
| 2000 | 1.15 billion current LCU | +8.4% |
| 2001 | 1.22 billion current LCU | +6.0% |
| 2002 | 1.33 billion current LCU | +9.1% |
| 2003 | 1.38 billion current LCU | +3.8% |
| 2004 | 1.39 billion current LCU | +0.5% |
| 2005 | 1.44 billion current LCU | +3.6% |
| 2006 | 1.68 billion current LCU | +16.7% |
| 2007 | 1.88 billion current LCU | +12.1% |
| 2008 | 1.79 billion current LCU | -5.0% |
| 2009 | 1.59 billion current LCU | -10.9% |
| 2010 | 1.67 billion current LCU | +5.0% |
| 2011 | 1.65 billion current LCU | -1.0% |
| 2012 | 1.71 billion current LCU | +3.6% |
| 2013 | 1.68 billion current LCU | -1.7% |
| 2014 | 1.85 billion current LCU | +10.0% |
| 2015 | 1.89 billion current LCU | +2.2% |
| 2016 | 2.04 billion current LCU | +7.6% |
| 2017 | 2.14 billion current LCU | +5.2% |
| 2018 | 2.26 billion current LCU | +5.2% |
| 2019 | 2.40 billion current LCU | +6.3% |
| 2020 | 2.53 billion current LCU | +5.4% |
| 2021 | 2.90 billion current LCU | +14.8% |
| 2022 | 3.03 billion current LCU | +4.3% |
| 2023 | 2.93 billion current LCU | -3.3% |
| 2024 | 3.30 billion current LCU | +12.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.30 billion current LCU is below the median for high income countries, which is 26.91 billion current LCU, 12% of the median. (74 countries reporting)
- Faroe Islands's 3.30 billion current LCU is below the median for Europe & Central Asia, which is 40.57 billion current LCU, 8% of the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.03 billion current LCU | 996.90 million current LCU | 1.06 billion current LCU | 2 |
| 2000s | 1.49 billion current LCU | 1.15 billion current LCU | 1.88 billion current LCU | 10 |
| 2010s | 1.93 billion current LCU | 1.65 billion current LCU | 2.40 billion current LCU | 10 |
| 2020s | 2.94 billion current LCU | 2.53 billion current LCU | 3.30 billion current LCU | 5 |
Countries ranked near Faroe Islands
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 taxes less subsidies on products in Faroe Islands?
- Taxes less subsidies on products in Faroe Islands was 3.30 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest taxes less subsidies on products recorded in Faroe Islands?
- The highest recorded value was 3.30 billion current LCU in 2024.
- What is the lowest taxes less subsidies on products recorded in Faroe Islands?
- The lowest recorded value was 996.90 million current LCU in 1998.
- How does Faroe Islands rank for taxes less subsidies on products?
- Faroe Islands ranks 152nd out of 199 countries with data for 2024.
- Is taxes less subsidies on products rising or falling in Faroe Islands?
- Over the last ten years it is up 78.1%. 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 Organizations and/or Central Banks, published as part of Taxes less subsidies on products (current LCU). 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
Taxes less subsidies on products are taxes payable per unit of a good or service. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.