Travel services in Faroe Islands
Faroe Islands: Travel services was 24.4% in 2011. ▼ Falling
Travel services in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2011, travel services in Faroe Islands stood at 24.4%.
The figure is up 23.3% on the previous year and down 26.1% over ten years.
Over the whole period, travel services in Faroe Islands peaked at 38.8% in 2003 and was at its lowest, 19.8%, in 2010.
Faroe Islands ranks 70th of 198 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 14 years of available data.
Travel services in Faroe Islands, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1998 | 34.2% | — |
| 1999 | 38.2% | +11.5% |
| 2000 | 33.6% | -12.0% |
| 2001 | 33.1% | -1.5% |
| 2002 | 30.8% | -6.8% |
| 2003 | 38.8% | +25.8% |
| 2004 | 31.7% | -18.3% |
| 2005 | 38.6% | +22.0% |
| 2006 | 35.9% | -7.0% |
| 2007 | 30.1% | -16.1% |
| 2008 | 30.6% | +1.4% |
| 2009 | 24.7% | -19.3% |
| 2010 | 19.8% | -19.6% |
| 2011 | 24.4% | +23.3% |
Faroe Islands compared with similar countries
- Faroe Islands's 24.4% is above the median for high income countries, which is 21.1%, 1.2× the median. (72 countries reporting)
- Faroe Islands's 24.4% is above the median for Europe & Central Asia, which is 20.5%, 1.2× the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 36.2% | 34.2% | 38.2% | 2 |
| 2000s | 32.8% | 24.7% | 38.8% | 10 |
| 2010s | 22.1% | 19.8% | 24.4% | 2 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ 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)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is travel services in Faroe Islands?
- Travel services in Faroe Islands was 24.4% in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest travel services recorded in Faroe Islands?
- The highest recorded value was 38.8% in 2003.
- What is the lowest travel services recorded in Faroe Islands?
- The lowest recorded value was 19.8% in 2010.
- How does Faroe Islands rank for travel services?
- Faroe Islands ranks 70th out of 198 countries with data for 2011.
- Is travel services rising or falling in Faroe Islands?
- Over the last ten years it is down 26.1%. The long-run trend across the full record is falling.
- 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 Travel services (% of service imports, BoP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 14 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Travel services cover goods and services for own use or to give away acquired from an economy by nonresidents during visits to that economy, or acquired from other economies by residents during visits to these other economies. This indicator is expressed as a percentage of service imports which are services provided by non-residents to residents.