Final consumption expenditure in Faroe Islands
Faroe Islands: Final consumption expenditure was 19.13 billion current LCU in 2024. ▲ Rising
Final consumption expenditure in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
In 2024, final consumption expenditure in Faroe Islands stood at 19.13 billion current LCU. That is the highest value across all 27 years on record.
That represents a change of up 4.2% on the previous year and up 50.8% over ten years.
Over the whole period, final consumption expenditure in Faroe Islands peaked at 19.13 billion current LCU in 2024 and was at its lowest, 5.64 billion current LCU, in 1998.
That places Faroe Islands 162nd out of 187 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 5.94 billion current LCU | 5.64 billion current LCU | 6.24 billion current LCU | 2 |
| 2000s | 9.18 billion current LCU | 6.65 billion current LCU | 11.32 billion current LCU | 10 |
| 2010s | 12.99 billion current LCU | 11.04 billion current LCU | 15.13 billion current LCU | 10 |
| 2020s | 17.38 billion current LCU | 15.65 billion current LCU | 19.13 billion current LCU | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Imports of goods and services 14.31 billion current LCU (2024)
- Gross capital formation 1.14 billion current US$ (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)
- External balance on goods and services 136.17 million current US$ (2024)
- External balance on goods and services 3.4% (2024)
- External balance on goods and services 938.80 million current LCU (2024)
- Exports of goods and services 54.6% (2024)
- Imports of goods and services 51.2% (2024)
Frequently asked questions
- What is final consumption expenditure in Faroe Islands?
- Final consumption expenditure in Faroe Islands was 19.13 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest final consumption expenditure recorded in Faroe Islands?
- The highest recorded value was 19.13 billion current LCU in 2024.
- What is the lowest final consumption expenditure recorded in Faroe Islands?
- The lowest recorded value was 5.64 billion current LCU in 1998.
- How does Faroe Islands rank for final consumption expenditure?
- Faroe Islands ranks 162nd out of 187 countries with data for 2024.
- Is final consumption expenditure rising or falling in Faroe Islands?
- Over the last ten years it is up 50.8%. The long-run trend across the full record is rising.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of Final consumption expenditure (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 27 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Final consumption expenditure is expenditure on goods and services by resident institutional units for the direct satisfaction of human needs or wants, whether individual or collective. Final consumption expenditure can be measured for households, general government, the central bank and non-profit institutions serving households. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.