GDP per capita, PPP in Faroe Islands
Faroe Islands: GDP per capita, PPP was 72,114 constant 2021 international $ in 2024. ▲ Rising
GDP per capita, PPP in Faroe Islands, 2008–2024
Source: International Comparison Program (ICP), World Bank (WB). Measured in constant 2021 international $.
Analysis
In 2024, gdp per capita, ppp in Faroe Islands stood at 72,114 constant 2021 international $. That is the highest value across all 17 years on record.
The figure is up 0.4% on the previous year and up 12.6% over ten years.
Over the whole period, gdp per capita, ppp in Faroe Islands peaked at 72,114 constant 2021 international $ in 2024 and was at its lowest, 51,480 constant 2021 international $, in 2010.
Faroe Islands ranks 14th of 199 countries on this measure, 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 | 52,899 constant 2021 international $ | 51,535 constant 2021 international $ | 54,263 constant 2021 international $ | 2 |
| 2010s | 61,537 constant 2021 international $ | 51,480 constant 2021 international $ | 68,137 constant 2021 international $ | 10 |
| 2020s | 69,736 constant 2021 international $ | 66,038 constant 2021 international $ | 72,114 constant 2021 international $ | 5 |
Countries ranked near Faroe Islands
- 11 Brunei 78,985 constant 2021 international $ compare
- 12 United States 76,931 constant 2021 international $ compare
- 13 Denmark 72,723 constant 2021 international $ compare
- 15 Netherlands 71,378 constant 2021 international $ compare
- 16 Greenland 71,038 constant 2021 international $ compare
- 17 San Marino 70,952 constant 2021 international $ compare
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 gdp per capita, ppp in Faroe Islands?
- Gdp per capita, ppp in Faroe Islands was 72,114 constant 2021 international $ in 2024, according to International Comparison Program (ICP), World Bank (WB).
- What is the highest gdp per capita, ppp recorded in Faroe Islands?
- The highest recorded value was 72,114 constant 2021 international $ in 2024.
- What is the lowest gdp per capita, ppp recorded in Faroe Islands?
- The lowest recorded value was 51,480 constant 2021 international $ in 2010.
- How does Faroe Islands rank for gdp per capita, ppp?
- Faroe Islands ranks 14th out of 199 countries with data for 2024.
- Is gdp per capita, ppp 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 International Comparison Program (ICP), World Bank (WB), published as part of GDP per capita, PPP (constant 2021 international $). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 17 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
This indicator provides values for gross domestic product (GDP) per person expressed in constant international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. 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 2021. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.