Gross domestic savings in Faroe Islands
Faroe Islands: Gross domestic savings was 8.81 billion current LCU in 2024. ◆ Volatile
Gross domestic savings in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in current LCU.
Analysis
Faroe Islands recorded 8.81 billion current LCU for gross domestic savings in 2024.
Compared with earlier readings it is up 140.0% over ten years.
Over the whole period, gross domestic savings in Faroe Islands peaked at 8.81 billion current LCU in 2023 and was at its lowest, 543.10 million current LCU, in 2005.
Faroe Islands ranks 136th of 187 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.70 billion current LCU | 1.63 billion current LCU | 1.76 billion current LCU | 2 |
| 2000s | 1.71 billion current LCU | 543.10 million current LCU | 2.35 billion current LCU | 10 |
| 2010s | 4.00 billion current LCU | 2.00 billion current LCU | 6.65 billion current LCU | 10 |
| 2020s | 7.69 billion current LCU | 5.76 billion current LCU | 8.81 billion current LCU | 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 gross domestic savings in Faroe Islands?
- Gross domestic savings in Faroe Islands was 8.81 billion current LCU in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest gross domestic savings recorded in Faroe Islands?
- The highest recorded value was 8.81 billion current LCU in 2023.
- What is the lowest gross domestic savings recorded in Faroe Islands?
- The lowest recorded value was 543.10 million current LCU in 2005.
- How does Faroe Islands rank for gross domestic savings?
- Faroe Islands ranks 136th out of 187 countries with data for 2024.
- Is gross domestic savings rising or falling in Faroe Islands?
- Over the last ten years it is up 140.0%. 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 Gross domestic savings (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
Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption). 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.