GDP per capita in Faroe Islands
Faroe Islands: GDP per capita was 59,302 constant 2015 US$ in 2024. ▲ Rising
GDP per capita in Faroe Islands, 2008–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in constant 2015 US$.
Analysis
The most recent figure for gdp per capita in Faroe Islands is 59,302 constant 2015 US$, measured in 2024. That is the highest value across all 17 years on record.
That represents a change of up 0.4% on the previous year and up 12.6% over ten years.
Over the whole period, gdp per capita in Faroe Islands peaked at 59,302 constant 2015 US$ in 2024 and was at its lowest, 42,334 constant 2015 US$, in 2010.
That places Faroe Islands 16th out of 211 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 17 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 43,501 constant 2015 US$ | 42,379 constant 2015 US$ | 44,623 constant 2015 US$ | 2 |
| 2010s | 50,605 constant 2015 US$ | 42,334 constant 2015 US$ | 56,032 constant 2015 US$ | 10 |
| 2020s | 57,347 constant 2015 US$ | 54,306 constant 2015 US$ | 59,302 constant 2015 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 per capita in Faroe Islands?
- Gdp per capita in Faroe Islands was 59,302 constant 2015 US$ in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gdp per capita recorded in Faroe Islands?
- The highest recorded value was 59,302 constant 2015 US$ in 2024.
- What is the lowest gdp per capita recorded in Faroe Islands?
- The lowest recorded value was 42,334 constant 2015 US$ in 2010.
- How does Faroe Islands rank for gdp per capita?
- Faroe Islands ranks 16th out of 211 countries with data for 2024.
- Is gdp per capita rising or falling in Faroe Islands?
- Over the last ten years it is up 12.6%. 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 GDP per capita (constant 2015 US$). Statizoid updates them automatically from the source API.
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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. The core indicator has been divided by the general population to achieve a per capita estimate.This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.