Trade as a share of GDP in Faroe Islands
Faroe Islands: Trade as a share of GDP was 105.8% in 2024. ▲ Rising
Trade as a share of GDP in Faroe Islands, 1962–2024
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
The most recent figure for trade as a share of gdp in Faroe Islands is 105.8%, measured in 2024.
Compared with earlier readings it is down 6.7% on the previous year and down 0.4% over ten years.
Over the whole period, trade as a share of gdp in Faroe Islands peaked at 122.9% in 2022 and was at its lowest, 72.7%, in 1993.
That places Faroe Islands 58th out of 191 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 63 years of available data.
Trade as a share of GDP in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1962 | 98.7% | — |
| 1963 | 86.1% | -12.8% |
| 1964 | 82.3% | -4.4% |
| 1965 | 87.5% | +6.3% |
| 1966 | 76.2% | -12.8% |
| 1967 | 79.0% | +3.6% |
| 1968 | 74.8% | -5.3% |
| 1969 | 79.3% | +6.0% |
| 1970 | 75.3% | -5.0% |
| 1971 | 78.8% | +4.7% |
| 1972 | 78.1% | -0.9% |
| 1973 | 90.6% | +16.0% |
| 1974 | 93.6% | +3.3% |
| 1975 | 85.3% | -8.8% |
| 1976 | 86.9% | +1.8% |
| 1977 | 84.9% | -2.3% |
| 1978 | 80.3% | -5.5% |
| 1979 | 79.5% | -1.0% |
| 1980 | 81.3% | +2.3% |
| 1981 | 83.5% | +2.7% |
| 1982 | 79.3% | -5.0% |
| 1983 | 84.6% | +6.7% |
| 1984 | 99.7% | +17.9% |
| 1985 | 93.9% | -5.8% |
| 1986 | 88.0% | -6.3% |
| 1987 | 93.1% | +5.8% |
| 1988 | 85.9% | -7.8% |
| 1989 | 79.9% | -7.0% |
| 1990 | 78.9% | -1.3% |
| 1991 | 81.7% | +3.5% |
| 1992 | 84.9% | +3.9% |
| 1993 | 72.7% | -14.3% |
| 1994 | 75.8% | +4.2% |
| 1995 | 75.7% | -0.1% |
| 1996 | 98.8% | +30.5% |
| 1997 | 97.6% | -1.1% |
| 1998 | 91.6% | -6.2% |
| 1999 | 100.5% | +9.7% |
| 2000 | 110.5% | +10.0% |
| 2001 | 104.9% | -5.1% |
| 2002 | 98.6% | -6.0% |
| 2003 | 108.3% | +9.8% |
| 2004 | 93.4% | -13.7% |
| 2005 | 101.0% | +8.1% |
| 2006 | 97.4% | -3.5% |
| 2007 | 99.5% | +2.2% |
| 2008 | 103.5% | +4.0% |
| 2009 | 96.9% | -6.4% |
| 2010 | 97.2% | +0.3% |
| 2011 | 105.8% | +8.9% |
| 2012 | 117.2% | +10.7% |
| 2013 | 114.1% | -2.6% |
| 2014 | 106.1% | -6.9% |
| 2015 | 105.6% | -0.5% |
| 2016 | 104.6% | -1.0% |
| 2017 | 107.2% | +2.6% |
| 2018 | 106.9% | -0.3% |
| 2019 | 108.6% | +1.6% |
| 2020 | 96.2% | -11.4% |
| 2021 | 103.5% | +7.5% |
| 2022 | 122.9% | +18.7% |
| 2023 | 113.3% | -7.8% |
| 2024 | 105.8% | -6.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 83.0% | 74.8% | 98.7% | 8 |
| 1970s | 83.3% | 75.3% | 93.6% | 10 |
| 1980s | 86.9% | 79.3% | 99.7% | 10 |
| 1990s | 85.8% | 72.7% | 100.5% | 10 |
| 2000s | 101.4% | 93.4% | 110.5% | 10 |
| 2010s | 107.3% | 97.2% | 117.2% | 10 |
| 2020s | 108.3% | 96.2% | 122.9% | 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)
- GDP growth 0.8% (2024)
- Discrepancy in expenditure estimate of GDP 100,000 current LCU (2024)
Frequently asked questions
- What is trade as a share of gdp in Faroe Islands?
- Trade as a share of gdp in Faroe Islands was 105.8% in 2024, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest trade as a share of gdp recorded in Faroe Islands?
- The highest recorded value was 122.9% in 2022.
- What is the lowest trade as a share of gdp recorded in Faroe Islands?
- The lowest recorded value was 72.7% in 1993.
- How does Faroe Islands rank for trade as a share of gdp?
- Faroe Islands ranks 58th out of 191 countries with data for 2024.
- Is trade as a share of gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 0.4%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of Trade as a share of GDP. Statizoid updates them automatically from the source API.
Download this data
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About this data
Trade in goods and services as a share of GDP, shown as a percentage.