Services, value added in Faroe Islands
Faroe Islands: Services, value added was 15.04 billion current LCU in 2024. ▲ Rising
Services, value added in Faroe Islands, 1998–2024
Source: Country official statistics, National Statistical Offices (NSOs). Measured in current LCU.
Analysis
Faroe Islands recorded 15.04 billion current LCU for services, value added in 2024. That is the highest value across all 27 years on record.
That represents a change of up 7.2% on the previous year and up 58.5% over ten years.
Over the whole period, services, value added in Faroe Islands peaked at 15.04 billion current LCU in 2024 and was at its lowest, 3.81 billion current LCU, in 1998.
That places Faroe Islands 167th out of 205 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 | 3.96 billion current LCU | 3.81 billion current LCU | 4.10 billion current LCU | 2 |
| 2000s | 6.07 billion current LCU | 4.38 billion current LCU | 7.52 billion current LCU | 10 |
| 2010s | 9.60 billion current LCU | 7.63 billion current LCU | 11.51 billion current LCU | 10 |
| 2020s | 13.26 billion current LCU | 11.45 billion current LCU | 15.04 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 services, value added in Faroe Islands?
- Services, value added in Faroe Islands was 15.04 billion current LCU in 2024, according to Country official statistics, National Statistical Offices (NSOs).
- What is the highest services, value added recorded in Faroe Islands?
- The highest recorded value was 15.04 billion current LCU in 2024.
- What is the lowest services, value added recorded in Faroe Islands?
- The lowest recorded value was 3.81 billion current LCU in 1998.
- How does Faroe Islands rank for services, value added?
- Faroe Islands ranks 167th out of 205 countries with data for 2024.
- Is services, value added rising or falling in Faroe Islands?
- Over the last ten years it is up 58.5%. 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 Services, 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
Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. 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.