Current account balance in Faroe Islands
Faroe Islands: Current account balance was 194.30 million BoP, current US$ in 2011. ◆ Volatile
Current account balance in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in BoP, current US$.
Analysis
Faroe Islands recorded 194.30 million BoP, current US$ for current account balance in 2011.
That represents a change of up 34.7% on the previous year and up 32.9% over ten years.
Over the whole period, current account balance in Faroe Islands peaked at 223.97 million BoP, current US$ in 1998 and was at its lowest, -80.57 million BoP, current US$, in 2007.
That places Faroe Islands 64th out of 199 countries with data for 2011, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 200.03 million BoP, current US$ | 176.08 million BoP, current US$ | 223.97 million BoP, current US$ | 2 |
| 2000s | 41.09 million BoP, current US$ | -80.57 million BoP, current US$ | 146.20 million BoP, current US$ | 10 |
| 2010s | 169.29 million BoP, current US$ | 144.28 million BoP, current US$ | 194.30 million BoP, current US$ | 2 |
Countries ranked near Faroe Islands
- 61 San Marino 445.85 million BoP, current US$ compare
- 62 French Polynesia 411.96 million BoP, current US$ compare
- 63 Aruba 194.50 million BoP, current US$ compare
- 65 Turks and Caicos Islands 172.71 million BoP, current US$ compare
- 66 Gabon 141.00 million BoP, current US$ compare
- 67 Liberia 119.78 million BoP, current US$ compare
More economy & growth data for Faroe Islands
- Imports of goods and services 51.2% (2024)
- Gross capital formation 7.87 billion current LCU (2024)
- Gross capital formation 28.2% (2024)
- Imports of goods and services 2.07 billion current US$ (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
- External balance on goods and services 938.80 million current LCU (2024)
- Trade 105.8% (2024)
- External balance on goods and services 3.4% (2024)
- Gross capital formation 1.14 billion current US$ (2024)
- External balance on goods and services 136.17 million current US$ (2024)
Frequently asked questions
- What is current account balance in Faroe Islands?
- Current account balance in Faroe Islands was 194.30 million BoP, current US$ in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest current account balance recorded in Faroe Islands?
- The highest recorded value was 223.97 million BoP, current US$ in 1998.
- What is the lowest current account balance recorded in Faroe Islands?
- The lowest recorded value was -80.57 million BoP, current US$ in 2007.
- How does Faroe Islands rank for current account balance?
- Faroe Islands ranks 64th out of 199 countries with data for 2011.
- Is current account balance rising or falling in Faroe Islands?
- Over the last ten years it is up 32.9%. The long-run trend across the full record is volatile.
- 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 Current account balance (BoP, current US$). Statizoid updates them automatically from the source API.
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About this data
Balance of current transactions (transactions in goods and services, earned income and transfer income) between residents and non-residents. The term current account balance is used in the external accounts and is expressed from the perspective of resident units. The term current external balance is used in the national accounts and is expressed from the perspective of the non-resident units, and therefore with the opposite sign. 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.