Skip to main content
Home › Countries › Faroe Islands › GDP growth (annual %)

Faroe Islands: GDP growth (annual %)

In , Faroe Islands's GDP growth (annual %) was 0.84.

That's down 73.3% from 2023, the highest value since .

The global average for this indicator in 2024 was 3.07 . Faroe Islands ranks #164 globally out of 193 reporting countries. Within Europe & Central Asia, it ranks #41 of 52.

Source: World Bank Open Data (NY.GDP.MKTP.KD.ZG) • Data as of 2024

Trend (2009–2024)

Faroe Islands GDP growth (annual %) trend 2020: COVID-19 pandemic 2014: Oil price collapse 2022: Russia–Ukraine war begins
  • 2020 · COVID-19 pandemic
  • 2014 · Oil price collapse
  • 2022 · Russia–Ukraine war begins

Highlights

Peak
7.08
Trough
-4.55
1-year change
-73.3%
5-year change
-81.4%
-28.6% / yr
10-year change
-84.5%
-17.0% / yr

Historical Data — Last 10 Years

Year GDP growth (annual %)
0.8437
3.1587
3.8610
5.0664
-1.6373
4.5385
2.7637
3.5120
1.3864
0.9580

About GDP growth (annual %)

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 denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Indicator code: NY.GDP.MKTP.KD.ZG • Category: Economy

How to read GDP figures: GDP (Gross Domestic Product) is measured in current US dollars, which means values change both due to real economic growth and currency fluctuations. A more useful comparison across countries is GDP per capita, which divides GDP by population. For growth trends, check GDP growth (annual %).

Frequently asked questions

What was Faroe Islands's GDP growth (annual %) in 2024?
In 2024, Faroe Islands's GDP growth (annual %) was 0.84, according to World Bank Open Data.
Is Faroe Islands's GDP growth (annual %) rising or falling?
Faroe Islands's GDP growth (annual %) fell 73.3% from 2023 to 2024.
How does Faroe Islands rank globally on GDP growth (annual %)?
In 2024, Faroe Islands ranked #164 out of 193 countries reporting GDP growth (annual %).
How does Faroe Islands's GDP growth (annual %) compare to the world average?
The global average for GDP growth (annual %) in 2024 was 3.07, so Faroe Islands is below the world average. Within Europe & Central Asia, it ranks #41 of 52.
What is GDP growth (annual %) and how is it measured?
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 denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
Download this data: CSV JSON

Source: World Bank Open Data (NY.GDP.MKTP.KD.ZG), CC BY 4.0.