GDP, PPP in Faroe Islands
Faroe Islands: GDP, PPP was 3.94 billion constant 2021 international $ in 2024. ▲ Rising
GDP, PPP in Faroe Islands, 2008–2024
Source: International Comparison Program (ICP), World Bank (WB). Measured in constant 2021 international $.
Analysis
In 2024, gdp, ppp in Faroe Islands stood at 3.94 billion constant 2021 international $. That is the highest value across all 17 years on record.
The figure is up 0.8% on the previous year and up 27.1% over ten years.
Over the whole period, gdp, ppp in Faroe Islands peaked at 3.94 billion constant 2021 international $ in 2024 and was at its lowest, 2.50 billion constant 2021 international $, in 2010.
Faroe Islands ranks 178th of 199 countries on this measure, in the bottom quarter.
The long-run direction has been consistently rising across the 17 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.57 billion constant 2021 international $ | 2.51 billion constant 2021 international $ | 2.63 billion constant 2021 international $ | 2 |
| 2010s | 3.04 billion constant 2021 international $ | 2.50 billion constant 2021 international $ | 3.53 billion constant 2021 international $ | 10 |
| 2020s | 3.75 billion constant 2021 international $ | 3.47 billion constant 2021 international $ | 3.94 billion constant 2021 international $ | 5 |
Countries ranked near Faroe Islands
- 175 Curacao 4.49 billion constant 2021 international $ compare
- 176 Saint Lucia 4.41 billion constant 2021 international $ compare
- 177 Greenland 4.04 billion constant 2021 international $ compare
- 179 Seychelles 3.76 billion constant 2021 international $ compare
- 180 Comoros 3.20 billion constant 2021 international $ compare
- 181 Antigua and Barbuda 2.88 billion 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, ppp in Faroe Islands?
- Gdp, ppp in Faroe Islands was 3.94 billion constant 2021 international $ in 2024, according to International Comparison Program (ICP), World Bank (WB).
- What is the highest gdp, ppp recorded in Faroe Islands?
- The highest recorded value was 3.94 billion constant 2021 international $ in 2024.
- What is the lowest gdp, ppp recorded in Faroe Islands?
- The lowest recorded value was 2.50 billion constant 2021 international $ in 2010.
- How does Faroe Islands rank for gdp, ppp?
- Faroe Islands ranks 178th out of 199 countries with data for 2024.
- Is gdp, ppp rising or falling in Faroe Islands?
- Over the last ten years it is up 27.1%. 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, 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) 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. 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.