Faroe Islands: Industry (including construction), value added (% of GDP)
In , Faroe Islands's Industry (including construction), value added (% of GDP) was 18.30.
That's down 7.7% from 2023, the highest value since .
The global average for this indicator in 2024 was 25.81 . Faroe Islands ranks #129 globally out of 174 reporting countries. Within Europe & Central Asia, it ranks #41 of 51.
Source: World Bank Open Data (NV.IND.TOTL.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
- 20.99
- Trough
- 13.81
- 1-year change
- -7.7%
- 5-year change
- -4.3%
- -0.9% / yr
- 10-year change
- +16.8%
- +1.6% / yr
Historical Data — Last 10 Years
| Year | Industry (including construction), value added (% of GDP) |
|---|---|
| 18.2998 | |
| 19.8281 | |
| 17.7312 | |
| 19.3886 | |
| 20.9888 | |
| 19.1133 | |
| 17.8879 | |
| 17.3065 | |
| 15.6007 | |
| 16.4855 |
About Industry (including construction), value added (% of GDP)
Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. 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 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: NV.IND.TOTL.ZS • Category: Economy
Frequently asked questions
- What was Faroe Islands's Industry (including construction), value added (% of GDP) in 2024?
- In 2024, Faroe Islands's Industry (including construction), value added (% of GDP) was 18.30, according to World Bank Open Data.
- Is Faroe Islands's Industry (including construction), value added (% of GDP) rising or falling?
- Faroe Islands's Industry (including construction), value added (% of GDP) fell 7.7% from 2023 to 2024.
- How does Faroe Islands rank globally on Industry (including construction), value added (% of GDP)?
- In 2024, Faroe Islands ranked #129 out of 174 countries reporting Industry (including construction), value added (% of GDP).
- How does Faroe Islands's Industry (including construction), value added (% of GDP) compare to the world average?
- The global average for Industry (including construction), value added (% of GDP) in 2024 was 25.81, so Faroe Islands is below the world average. Within Europe & Central Asia, it ranks #41 of 51.
- What is Industry (including construction), value added (% of GDP) and how is it measured?
- Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. 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 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 (NV.IND.TOTL.ZS), CC BY 4.0.