Faroe Islands: Services, value added (% of GDP)
In , Faroe Islands's Services, value added (% of GDP) was 53.83.
That's up 4.2% from 2023, the highest value since .
The global average for this indicator in 2024 was 56.53 . Faroe Islands ranks #101 globally out of 174 reporting countries. Within Europe & Central Asia, it ranks #43 of 51.
Source: World Bank Open Data (NV.SRV.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
- 61.39
- Trough
- 51.64
- 1-year change
- +4.2%
- 5-year change
- +1.9%
- +0.4% / yr
- 10-year change
- -7.2%
- -0.7% / yr
Historical Data — Last 10 Years
| Year | Services, value added (% of GDP) |
|---|---|
| 53.8269 | |
| 51.6384 | |
| 51.6930 | |
| 53.9100 | |
| 53.4756 | |
| 52.8237 | |
| 54.5831 | |
| 53.8171 | |
| 54.2285 | |
| 56.9192 |
About Services, value added (% of GDP)
Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and retaurants, 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 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.SRV.TOTL.ZS • Category: Economy
Frequently asked questions
- What was Faroe Islands's Services, value added (% of GDP) in 2024?
- In 2024, Faroe Islands's Services, value added (% of GDP) was 53.83, according to World Bank Open Data.
- Is Faroe Islands's Services, value added (% of GDP) rising or falling?
- Faroe Islands's Services, value added (% of GDP) rose 4.2% from 2023 to 2024.
- How does Faroe Islands rank globally on Services, value added (% of GDP)?
- In 2024, Faroe Islands ranked #101 out of 174 countries reporting Services, value added (% of GDP).
- How does Faroe Islands's Services, value added (% of GDP) compare to the world average?
- The global average for Services, value added (% of GDP) in 2024 was 56.53, so Faroe Islands is below the world average. Within Europe & Central Asia, it ranks #43 of 51.
- What is Services, value added (% of GDP) and how is it measured?
- Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and retaurants, 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 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.SRV.TOTL.ZS), CC BY 4.0.