Faroe Islands: Trade (% of GDP)
In , Faroe Islands's Trade (% of GDP) was 105.75.
That's down 6.7% from 2023, the highest value since .
The global average for this indicator in 2024 was 92.19 . Faroe Islands ranks #52 globally out of 160 reporting countries. Within Europe & Central Asia, it ranks #25 of 49.
Source: World Bank Open Data (NE.TRD.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
- 122.86
- Trough
- 96.22
- 1-year change
- -6.7%
- 5-year change
- -2.6%
- -0.5% / yr
- 10-year change
- -0.4%
- 0.0% / yr
Historical Data — Last 10 Years
| Year | Trade (% of GDP) |
|---|---|
| 105.7528 | |
| 113.3364 | |
| 122.8633 | |
| 103.4880 | |
| 96.2242 | |
| 108.6232 | |
| 106.8747 | |
| 107.2389 | |
| 104.5527 | |
| 105.6107 |
About Trade (% of GDP)
Trade is the sum of exports and imports of goods and services. 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.TRD.GNFS.ZS • Category: Economy
Frequently asked questions
- What was Faroe Islands's Trade (% of GDP) in 2024?
- In 2024, Faroe Islands's Trade (% of GDP) was 105.75, according to World Bank Open Data.
- Is Faroe Islands's Trade (% of GDP) rising or falling?
- Faroe Islands's Trade (% of GDP) fell 6.7% from 2023 to 2024.
- How does Faroe Islands rank globally on Trade (% of GDP)?
- In 2024, Faroe Islands ranked #52 out of 160 countries reporting Trade (% of GDP).
- How does Faroe Islands's Trade (% of GDP) compare to the world average?
- The global average for Trade (% of GDP) in 2024 was 92.19, so Faroe Islands is above the world average. Within Europe & Central Asia, it ranks #25 of 49.
- What is Trade (% of GDP) and how is it measured?
- Trade is the sum of exports and imports of goods and services. 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.TRD.GNFS.ZS), CC BY 4.0.