Taxes less subsidies on products (current US$), annual growth rate in Faroe Islands
Faroe Islands: Taxes less subsidies on products (current US$), annual growth rate was 12.6 % change on previous year in 2024. ◆ Volatile
Taxes less subsidies on products (current US$), annual growth rate in Faroe Islands, 1999–2024
Source: Statizoid (derived). Measured in % change on previous year.
Analysis
In 2024, taxes less subsidies on products (current us$), annual growth rate in Faroe Islands stood at 12.6 % change on previous year.
That represents a change of up 1,878.6% on the previous year and up 24.9% over ten years.
Over the whole period, taxes less subsidies on products (current us$), annual growth rate in Faroe Islands peaked at 24.44 % change on previous year in 2003 and was at its lowest, -15.3 % change on previous year, in 2009.
That places Faroe Islands 66th out of 197 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Taxes less subsidies on products (current US$), annual growth rate in Faroe Islands, year by year
| Year | % change on previous year | Change |
|---|---|---|
| 1999 | 2.29 % change on previous year | — |
| 2000 | -6.4 % change on previous year | -380.0% |
| 2001 | 2.95 % change on previous year | -146.1% |
| 2002 | 15.06 % change on previous year | +410.7% |
| 2003 | 24.44 % change on previous year | +62.2% |
| 2004 | 10.48 % change on previous year | -57.1% |
| 2005 | 3.48 % change on previous year | -66.8% |
| 2006 | 17.67 % change on previous year | +408.3% |
| 2007 | 22.41 % change on previous year | +26.8% |
| 2008 | 1.41 % change on previous year | -93.7% |
| 2009 | -15.3 % change on previous year | -1184.6% |
| 2010 | 0.0983 % change on previous year | -100.6% |
| 2011 | 3.68 % change on previous year | +3647.0% |
| 2012 | -3.97 % change on previous year | -207.8% |
| 2013 | 1.34 % change on previous year | -133.7% |
| 2014 | 10.09 % change on previous year | +654.1% |
| 2015 | -14.77 % change on previous year | -246.5% |
| 2016 | 7.59 % change on previous year | -151.4% |
| 2017 | 7.28 % change on previous year | -4.0% |
| 2018 | 10.05 % change on previous year | +38.0% |
| 2019 | 0.641 % change on previous year | -93.6% |
| 2020 | 7.49 % change on previous year | +1068.7% |
| 2021 | 19.47 % change on previous year | +159.9% |
| 2022 | -7.34 % change on previous year | -137.7% |
| 2023 | -0.7084 % change on previous year | -90.3% |
| 2024 | 12.6 % change on previous year | -1878.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 12.6 % change on previous year is above the median for high income countries, which is 8.9 % change on previous year, 1.4× the median. (74 countries reporting)
- Faroe Islands's 12.6 % change on previous year is above the median for Europe & Central Asia, which is 10.87 % change on previous year, 1.2× the median. (55 countries reporting)
Biggest year-on-year movements
Years where Taxes less subsidies on products (current US$), annual growth rate in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2011 | +3647.0% | 0.0983 % change on previous year | 3.68 % change on previous year |
| 2024 | +1878.6% | -0.7084 % change on previous year | 12.6 % change on previous year |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 2.29 % change on previous year | 2.29 % change on previous year | 2.29 % change on previous year | 1 |
| 2000s | 7.62 % change on previous year | -15.3 % change on previous year | 24.44 % change on previous year | 10 |
| 2010s | 2.2 % change on previous year | -14.77 % change on previous year | 10.09 % change on previous year | 10 |
| 2020s | 6.3 % change on previous year | -7.34 % change on previous year | 19.47 % change on previous year | 5 |
Countries ranked near Faroe Islands
- 63 Latvia 12.94 % change on previous year compare
- 64 Kosovo 12.75 % change on previous year compare
- 65 Estonia 12.66 % change on previous year compare
- 67 Hungary 12.56 % change on previous year compare
- 68 Portugal 12.47 % change on previous year compare
- 69 Antigua and Barbuda 12.43 % change on previous year compare
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), 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)
- Gross value added at basic prices (GVA) (current LCU), per capita 451,018 current LCU per person (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is taxes less subsidies on products (current us$), annual growth rate in Faroe Islands?
- Taxes less subsidies on products (current us$), annual growth rate in Faroe Islands was 12.6 % change on previous year in 2024, according to Statizoid (derived).
- What is the highest taxes less subsidies on products (current us$), annual growth rate recorded in Faroe Islands?
- The highest recorded value was 24.44 % change on previous year in 2003.
- What is the lowest taxes less subsidies on products (current us$), annual growth rate recorded in Faroe Islands?
- The lowest recorded value was -15.3 % change on previous year in 2009.
- How does Faroe Islands rank for taxes less subsidies on products (current us$), annual growth rate?
- Faroe Islands ranks 66th out of 197 countries with data for 2024.
- Is taxes less subsidies on products (current us$), annual growth rate rising or falling in Faroe Islands?
- Over the last ten years it is up 24.9%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Statizoid (derived), published as part of Taxes less subsidies on products (current US$), annual growth rate. Statizoid updates them automatically from the source API.
Download this data
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How this figure is calculated
The year-on-year percentage change in Taxes less subsidies on products (current US$). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.
Computed from
- Taxes less subsidies on products Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
The year-on-year percentage change in Taxes less subsidies on products (current US$). Computed from consecutive annual observations; years either side of a gap are skipped rather than bridged.