Faroe Islands: Imports of goods and services (% of GDP)
In , Faroe Islands's Imports of goods and services (% of GDP) was 51.20.
That's down 8.8% from 2023, the highest value since .
The global average for this indicator in 2024 was 47.94 . Faroe Islands ranks #66 globally out of 160 reporting countries. Within Europe & Central Asia, it ranks #29 of 49.
Source: World Bank Open Data (NE.IMP.GNFS.ZS) • Data as of 2024
Trend (2005–2024)
- 2008 · Global financial crisis
- 2020 · COVID-19 pandemic
- 2014 · Oil price collapse
- 2022 · Russia–Ukraine war begins
Highlights
- Peak
- 64.60
- Trough
- 48.80
- 1-year change
- -8.8%
- 5-year change
- -3.1%
- -0.6% / yr
- 10-year change
- -2.9%
- -0.3% / yr
Historical Data — Last 10 Years
| Year | Imports of goods and services (% of GDP) |
|---|---|
| 51.1965 | |
| 56.1416 | |
| 61.4889 | |
| 51.5076 | |
| 48.7958 | |
| 52.8535 | |
| 54.0567 | |
| 50.8736 | |
| 50.0164 | |
| 52.3942 |
About Imports of goods and services (% of GDP)
Imports of goods includes change in the economic ownership of goods from non-residents to residents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
Indicator code: NE.IMP.GNFS.ZS • Category: Economy
Frequently asked questions
- What was Faroe Islands's Imports of goods and services (% of GDP) in 2024?
- In 2024, Faroe Islands's Imports of goods and services (% of GDP) was 51.20, according to World Bank Open Data.
- Is Faroe Islands's Imports of goods and services (% of GDP) rising or falling?
- Faroe Islands's Imports of goods and services (% of GDP) fell 8.8% from 2023 to 2024.
- How does Faroe Islands rank globally on Imports of goods and services (% of GDP)?
- In 2024, Faroe Islands ranked #66 out of 160 countries reporting Imports of goods and services (% of GDP).
- How does Faroe Islands's Imports of goods and services (% of GDP) compare to the world average?
- The global average for Imports of goods and services (% of GDP) in 2024 was 47.94, so Faroe Islands is above the world average. Within Europe & Central Asia, it ranks #29 of 49.
- What is Imports of goods and services (% of GDP) and how is it measured?
- Imports of goods includes change in the economic ownership of goods from non-residents to residents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
Source: World Bank Open Data (NE.IMP.GNFS.ZS), CC BY 4.0.