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Faroe Islands: GDP per capita (constant 2015 US$)

In , Faroe Islands's GDP per capita (constant 2015 US$) was 59,257.64.

That's up 0.4% from 2023, the highest value on record.

The global average for this indicator in 2024 was 17,657.68 . Faroe Islands ranks #14 globally out of 192 reporting countries. Within Europe & Central Asia, it ranks #8 of 52.

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

Trend (2008–2024)

Faroe Islands GDP per capita (constant 2015 US$) trend 2008: Global financial crisis 2020: COVID-19 pandemic 2014: Oil price collapse 2022: Russia–Ukraine war begins
  • 2008 · Global financial crisis
  • 2020 · COVID-19 pandemic
  • 2014 · Oil price collapse
  • 2022 · Russia–Ukraine war begins

Highlights

Peak
59,257.64
Trough
42,333.52
1-year change
+0.4%
5-year change
+5.8%
+1.1% / yr
10-year change
+12.6%
+1.2% / yr

Historical Data — Last 10 Years

Year GDP per capita (constant 2015 US$)
59,257.6449
59,050.1954
57,775.0759
56,270.2511
54,301.6594
56,029.4992
54,433.5932
53,831.0295
52,757.3960
52,637.1904

About GDP per capita (constant 2015 US$)

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. The core indicator has been divided by the general population to achieve a per capita estimate.This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.

Indicator code: NY.GDP.PCAP.KD • Category: Economy

About per capita measures: Per capita figures divide a country's total value by its population, giving a measure of average individual share. This makes countries of different sizes more comparable — a large country like China may have a higher total GDP than Switzerland, but Switzerland's GDP per capita is much higher.

Frequently asked questions

What was Faroe Islands's GDP per capita (constant 2015 US$) in 2024?
In 2024, Faroe Islands's GDP per capita (constant 2015 US$) was 59,257.64, according to World Bank Open Data.
Is Faroe Islands's GDP per capita (constant 2015 US$) rising or falling?
Faroe Islands's GDP per capita (constant 2015 US$) rose 0.4% from 2023 to 2024.
How does Faroe Islands rank globally on GDP per capita (constant 2015 US$)?
In 2024, Faroe Islands ranked #14 out of 192 countries reporting GDP per capita (constant 2015 US$).
How does Faroe Islands's GDP per capita (constant 2015 US$) compare to the world average?
The global average for GDP per capita (constant 2015 US$) in 2024 was 17,657.68, so Faroe Islands is above the world average. Within Europe & Central Asia, it ranks #8 of 52.
What is GDP per capita (constant 2015 US$) 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. The core indicator has been divided by the general population to achieve a per capita estimate.This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.
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Source: World Bank Open Data (NY.GDP.PCAP.KD), CC BY 4.0.