Taxes less subsidies on products (current US$) in Faroe Islands
Faroe Islands: Taxes less subsidies on products (current US$) was 478.54 million current US$ 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 US$.
Analysis
The most recent figure for taxes less subsidies on products in Faroe Islands is 478.54 million current US$, measured in 2024. That is the highest value across all 27 years on record.
The figure is up 12.6% on the previous year and up 45.0% over ten years.
Over the whole period, taxes less subsidies on products in Faroe Islands peaked at 478.54 million current US$ in 2024 and was at its lowest, 142.43 million current US$, in 2000.
That places Faroe Islands 150th out of 199 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Taxes less subsidies on products (current US$) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1998 | 148.77 million current US$ | — |
| 1999 | 152.17 million current US$ | +2.3% |
| 2000 | 142.43 million current US$ | -6.4% |
| 2001 | 146.63 million current US$ | +2.9% |
| 2002 | 168.72 million current US$ | +15.1% |
| 2003 | 209.95 million current US$ | +24.4% |
| 2004 | 231.95 million current US$ | +10.5% |
| 2005 | 240.01 million current US$ | +3.5% |
| 2006 | 282.40 million current US$ | +17.7% |
| 2007 | 345.68 million current US$ | +22.4% |
| 2008 | 350.56 million current US$ | +1.4% |
| 2009 | 296.93 million current US$ | -15.3% |
| 2010 | 297.22 million current US$ | +0.1% |
| 2011 | 308.17 million current US$ | +3.7% |
| 2012 | 295.94 million current US$ | -4.0% |
| 2013 | 299.89 million current US$ | +1.3% |
| 2014 | 330.14 million current US$ | +10.1% |
| 2015 | 281.37 million current US$ | -14.8% |
| 2016 | 302.72 million current US$ | +7.6% |
| 2017 | 324.77 million current US$ | +7.3% |
| 2018 | 357.41 million current US$ | +10.1% |
| 2019 | 359.70 million current US$ | +0.6% |
| 2020 | 386.65 million current US$ | +7.5% |
| 2021 | 461.93 million current US$ | +19.5% |
| 2022 | 428.03 million current US$ | -7.3% |
| 2023 | 425.00 million current US$ | -0.7% |
| 2024 | 478.54 million current US$ | +12.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 478.54 million current US$ is below the median for high income countries, which is 9.71 billion current US$, 5% of the median. (74 countries reporting)
- Faroe Islands's 478.54 million current US$ is below the median for Europe & Central Asia, which is 14.66 billion current US$, 3% of the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 150.47 million current US$ | 148.77 million current US$ | 152.17 million current US$ | 2 |
| 2000s | 241.53 million current US$ | 142.43 million current US$ | 350.56 million current US$ | 10 |
| 2010s | 315.73 million current US$ | 281.37 million current US$ | 359.70 million current US$ | 10 |
| 2020s | 436.03 million current US$ | 386.65 million current US$ | 478.54 million current US$ | 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$), annual growth rate -7.73 % change on previous year (2024)
Frequently asked questions
- What is taxes less subsidies on products in Faroe Islands?
- Taxes less subsidies on products in Faroe Islands was 478.54 million current US$ 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 478.54 million current US$ in 2024.
- What is the lowest taxes less subsidies on products recorded in Faroe Islands?
- The lowest recorded value was 142.43 million current US$ in 2000.
- How does Faroe Islands rank for taxes less subsidies on products?
- Faroe Islands ranks 150th 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 45.0%. 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 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
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 indicator is expressed in United States dollars.