Volume of remittances (in United States dollars) as a proportion of in Faroe Islands
Faroe Islands: Volume of remittances (in United States dollars) as a proportion of was 6.3% in 2011. ▲ Rising
Volume of remittances (in United States dollars) as a proportion of in Faroe Islands, 2000–2011
Source: United Nations Statistics Division, SDG Global Database.
Analysis
Faroe Islands recorded 6.3% for volume of remittances (in united states dollars) as a proportion of in 2011. That is the highest value across all 12 years on record.
That represents a change of up 0.7% on the previous year and up 87.9% over ten years.
Over the whole period, volume of remittances (in united states dollars) as a proportion of in Faroe Islands peaked at 6.3% in 2011 and was at its lowest, 2.9%, in 2004.
Faroe Islands ranks 55th of 203 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 12 years of available data.
Volume of remittances (in United States dollars) as a proportion of in Faroe Islands, year by year
| Year | Value | Change |
|---|---|---|
| 2000 | 4.0% | — |
| 2001 | 3.4% | -16.4% |
| 2002 | 3.1% | -7.4% |
| 2003 | 3.0% | -5.2% |
| 2004 | 2.9% | -3.4% |
| 2005 | 4.6% | +59.9% |
| 2006 | 4.4% | -3.3% |
| 2007 | 4.7% | +5.8% |
| 2008 | 5.5% | +17.5% |
| 2009 | 6.0% | +10.2% |
| 2010 | 6.3% | +3.9% |
| 2011 | 6.3% | +0.7% |
Faroe Islands compared with similar countries
- Faroe Islands's 6.3% is above the median for high income countries, which is 0.7%, 8.6× the median. (66 countries reporting)
- Faroe Islands's 6.3% is above the median for Europe & Central Asia, which is 1.5%, 4.1× the median. (50 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 4.1% | 2.9% | 6.0% | 10 |
| 2010s | 6.3% | 6.3% | 6.3% | 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 volume of remittances (in united states dollars) as a proportion of in Faroe Islands?
- Volume of remittances (in united states dollars) as a proportion of in Faroe Islands was 6.3% in 2011, according to United Nations Statistics Division, SDG Global Database.
- What is the highest volume of remittances (in united states dollars) as a proportion of recorded in Faroe Islands?
- The highest recorded value was 6.3% in 2011.
- What is the lowest volume of remittances (in united states dollars) as a proportion of recorded in Faroe Islands?
- The lowest recorded value was 2.9% in 2004.
- How does Faroe Islands rank for volume of remittances (in united states dollars) as a proportion of?
- Faroe Islands ranks 55th out of 203 countries with data for 2011.
- Is volume of remittances (in united states dollars) as a proportion of rising or falling in Faroe Islands?
- Over the last ten years it is up 87.9%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from United Nations Statistics Division, SDG Global Database, published as part of Volume of remittances (in United States dollars) as a proportion of total GDP (%). Statizoid updates them automatically from the source API.
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