Net secondary income (Net current transfers from abroad) in Faroe Islands
Faroe Islands: Net secondary income (Net current transfers from abroad) was 485.60 million current LCU in 2024. ▼ Falling
Net secondary income (Net current transfers from abroad) in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
The most recent figure for net secondary income (net current transfers from abroad) in Faroe Islands is 485.60 million current LCU, measured in 2024. That is the lowest value across all 27 years on record.
That represents a change of down 39.9% on the previous year and down 41.0% over ten years.
Over the whole period, net secondary income (net current transfers from abroad) in Faroe Islands peaked at 1.17 billion current LCU in 2017 and was at its lowest, 485.60 million current LCU, in 2024.
Faroe Islands ranks 123rd of 202 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 27 years of available data.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 1.09 billion current LCU | 1.08 billion current LCU | 1.10 billion current LCU | 2 |
| 2000s | 890.50 million current LCU | 747.60 million current LCU | 1.15 billion current LCU | 10 |
| 2010s | 900.21 million current LCU | 776.80 million current LCU | 1.17 billion current LCU | 10 |
| 2020s | 735.92 million current LCU | 485.60 million current LCU | 1.07 billion current LCU | 5 |
Countries ranked near Faroe Islands
- 120 Trinidad and Tobago 632.36 million current LCU compare
- 121 Sao Tome and Principe 604.60 million current LCU compare
- 122 Romania 524.32 million current LCU compare
- 124 Tonga 468.46 million current LCU compare
- 125 Montenegro 407.70 million current LCU compare
- 126 Belize 299.82 million current LCU compare
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 net secondary income (net current transfers from abroad) in Faroe Islands?
- Net secondary income (net current transfers from abroad) in Faroe Islands was 485.60 million current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest net secondary income (net current transfers from abroad) recorded in Faroe Islands?
- The highest recorded value was 1.17 billion current LCU in 2017.
- What is the lowest net secondary income (net current transfers from abroad) recorded in Faroe Islands?
- The lowest recorded value was 485.60 million current LCU in 2024.
- How does Faroe Islands rank for net secondary income (net current transfers from abroad)?
- Faroe Islands ranks 123rd out of 202 countries with data for 2024.
- Is net secondary income (net current transfers from abroad) rising or falling in Faroe Islands?
- Over the last ten years it is down 41.0%. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from Country official statistics, National Statistical Offices (NSOs), published as part of Net secondary income (Net current transfers from abroad) (current LCU). Statizoid updates them automatically from the source API.
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About this data
Net secondary income (from abroad) comprises transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net secondary income is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. 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.