Trade in services (% of GDP) in Faroe Islands
Faroe Islands: Trade in services (% of GDP) was 24.0% in 2011. ▲ Rising
Trade in services in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
Faroe Islands recorded 24.0% for trade in services in 2011.
Compared with earlier readings it is up 0.4% on the previous year and up 71.7% over ten years.
Over the whole period, trade in services in Faroe Islands peaked at 25.5% in 2008 and was at its lowest, 12.8%, in 1998.
That places Faroe Islands 96th out of 200 countries with data for 2011, putting it in the middle of the range.
The long-run direction has been consistently rising across the 14 years of available data.
Trade in services (% of GDP) in Faroe Islands, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1998 | 12.8% | — |
| 1999 | 13.3% | +3.9% |
| 2000 | 14.2% | +6.2% |
| 2001 | 14.0% | -1.4% |
| 2002 | 15.9% | +14.2% |
| 2003 | 14.9% | -6.3% |
| 2004 | 14.3% | -4.0% |
| 2005 | 20.6% | +43.5% |
| 2006 | 22.2% | +8.0% |
| 2007 | 24.5% | +10.3% |
| 2008 | 25.5% | +3.8% |
| 2009 | 22.3% | -12.3% |
| 2010 | 23.9% | +7.0% |
| 2011 | 24.0% | +0.4% |
Faroe Islands compared with similar countries
- Faroe Islands's 24.0% is below the median for high income countries, which is 32.3%, 74% of the median. (72 countries reporting)
- Faroe Islands's 24.0% is below the median for Europe & Central Asia, which is 31.1%, 77% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 13.1% | 12.8% | 13.3% | 2 |
| 2000s | 18.8% | 14.0% | 25.5% | 10 |
| 2010s | 23.9% | 23.9% | 24.0% | 2 |
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 trade in services in Faroe Islands?
- Trade in services in Faroe Islands was 24.0% in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest trade in services recorded in Faroe Islands?
- The highest recorded value was 25.5% in 2008.
- What is the lowest trade in services recorded in Faroe Islands?
- The lowest recorded value was 12.8% in 1998.
- How does Faroe Islands rank for trade in services?
- Faroe Islands ranks 96th out of 200 countries with data for 2011.
- Is trade in services rising or falling in Faroe Islands?
- Over the last ten years it is up 71.7%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Trade in services (% of GDP). Statizoid updates them automatically from the source API.
Download this data
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About this data
Total trade in services includes services provided by residents to non-residents plus services provided by non-residents to residents. 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.