Industry (including construction), value added in Faroe Islands
Faroe Islands: Industry (including construction), value added was 5.11 billion current LCU in 2024. ▲ Rising
Industry (including construction), value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
Faroe Islands recorded 5.11 billion current LCU for industry (including construction), value added in 2024.
The figure is down 5.1% on the previous year and up 99.6% over ten years.
Over the whole period, industry (including construction), value added in Faroe Islands peaked at 5.39 billion current LCU in 2023 and was at its lowest, 1.27 billion current LCU, in 1998.
That places Faroe Islands 167th out of 208 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 27 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.35 billion current LCU | 1.27 billion current LCU | 1.44 billion current LCU | 2 |
| 2000s | 1.92 billion current LCU | 1.54 billion current LCU | 2.20 billion current LCU | 10 |
| 2010s | 2.74 billion current LCU | 1.87 billion current LCU | 4.16 billion current LCU | 10 |
| 2020s | 4.81 billion current LCU | 4.49 billion current LCU | 5.39 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 industry (including construction), value added in Faroe Islands?
- Industry (including construction), value added in Faroe Islands was 5.11 billion current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest industry (including construction), value added recorded in Faroe Islands?
- The highest recorded value was 5.39 billion current LCU in 2023.
- What is the lowest industry (including construction), value added recorded in Faroe Islands?
- The lowest recorded value was 1.27 billion current LCU in 1998.
- How does Faroe Islands rank for industry (including construction), value added?
- Faroe Islands ranks 167th out of 208 countries with data for 2024.
- Is industry (including construction), value added rising or falling in Faroe Islands?
- Over the last ten years it is up 99.6%. 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 Offices (NSOs), published as part of Industry (including construction), value added (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
Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. 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.