GDP in Faroe Islands
Faroe Islands: GDP was 4.05 billion current US$ in 2024. ◆ Volatile
GDP in Faroe Islands, 1965–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current US$.
Analysis
In 2024, gdp in Faroe Islands stood at 4.05 billion current US$. That is the highest value across all 60 years on record.
Compared with earlier readings it is up 2.8% on the previous year and up 39.1% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 4.05 billion current US$ in 2024 and was at its lowest, 57.95 million current US$, in 1965.
Faroe Islands ranks 177th of 213 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 64.77 million current US$ | 57.95 million current US$ | 70.11 million current US$ | 5 |
| 1970s | 235.36 million current US$ | 84.93 million current US$ | 448.57 million current US$ | 10 |
| 1980s | 618.12 million current US$ | 426.01 million current US$ | 968.58 million current US$ | 10 |
| 1990s | 935.95 million current US$ | 758.74 million current US$ | 1.13 billion current US$ | 10 |
| 2000s | 1.76 billion current US$ | 1.07 billion current US$ | 2.49 billion current US$ | 10 |
| 2010s | 2.77 billion current US$ | 2.33 billion current US$ | 3.27 billion current US$ | 10 |
| 2020s | 3.72 billion current US$ | 3.27 billion current US$ | 4.05 billion current US$ | 5 |
Countries ranked near Faroe Islands
More economy & growth data for Faroe Islands
- Imports of goods and services 2.07 billion current US$ (2024)
- Exports of goods and services 54.6% (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 51.2% (2024)
- External balance on goods and services 938.80 million current LCU (2024)
- External balance on goods and services 136.17 million current US$ (2024)
- Exports of goods and services 15.24 billion current LCU (2024)
- Imports of goods and services 14.31 billion current LCU (2024)
Frequently asked questions
- What is gdp in Faroe Islands?
- Gdp in Faroe Islands was 4.05 billion current US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gdp recorded in Faroe Islands?
- The highest recorded value was 4.05 billion current US$ in 2024.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 57.95 million current US$ in 1965.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 177th out of 213 countries with data for 2024.
- Is gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 39.1%. The long-run trend across the full record is volatile.
- 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 GDP (current US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 60 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. 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.