Faroe Islands's agriculture, forestry, and fishing, value added (current LCU) was 4.49 billion in 2024, the latest year in the World Bank's World Development Indicators. That is up 83.1% from 2.45 billion in 2014 (6.24% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 4.49 billion | 2024 |
| Five years earlier | 3.71 billion | 2019 |
| Ten years earlier | 2.45 billion | 2014 |
| Highest | 4.82 billion | 2023 |
| Lowest | 1.19 billion | 2003 |
| Average since 2015 | 3.73 billion | 2015–2024 |
| First recorded | 1.33 billion |
What the numbers say
In 2024, Faroe Islands' agriculture, forestry, and fishing, value added (current LCU) fell 6.9% on 2023 (from 4.82 billion to 4.49 billion).
Across the 25 yearly changes before that (1999 to 2023), the average change was +7.2% and a typical year strayed about 21% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 57.8% in 2010 and the biggest yearly fall was 23.6% in 2003. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about 179.3 million a year. A straight line explains 53% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Faroe Islands had the 13th highest value of the 29 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Faroe Islands in the 2024 ranking
- United Arab Emirates — 10th of 29: 15.61 billion
- Cuba — 11th of 29: 13.45 billion
- Suriname — 12th of 29: 9.92 billion
- Solomon Islands — 14th of 29: 3.98 billion
- Trinidad and Tobago — 15th of 29: 1.35 billion
- Hong Kong SAR, China — 16th of 29: 1.19 billion
What this measures
Agriculture, forestry, and fishing corresponds to ISIC (Rev. 4) divisions 01-03 and includes the exploitation of vegetal and animal natural resources, comprising the activities of growing of crops, raising and breeding of animals, harvesting of timber and other plants, animals or animal products from a farm or their natural habitats.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 in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
All 27 values
| Year | Agriculture, forestry, and fishing, value added (current LCU) |
|---|---|
| 2024 | 4,489,500,000 |
| 2023 | 4,823,600,000 |
| 2022 | 4,793,000,000 |
| 2021 | 3,306,300,000 |
| 2020 | 2,936,400,000 |
| 2019 | 3,714,700,000 |
| 2018 | 3,286,000,000 |
| 2017 | 3,537,700,000 |
| 2016 | 3,676,000,000 |
| 2015 | 2,712,600,000 |
Agriculture, forestry, and fishing, value added (current LCU) in nearby economies
- Albania — 392.27 billion (2025)
- Andorra — 19.28 million (2025)
- Armenia — 898.01 billion (2025)
- Austria — 6.45 billion (2025)
- Azerbaijan — 7.65 billion (2025)
- Belarus — 19.78 billion (2025)
- Belgium — 4.69 billion (2025)
- Bosnia and Herzegovina — 2.46 billion (2025)
- Bulgaria — 2.87 billion (2025)
More economic policy & debt data for Faroe Islands
- Exports of goods and services (current LCU) — 15.24 billion (2024)
- Exports of goods and services (% of GDP) — 54.56% (2024)
- Imports of goods and services (current LCU) — 14.31 billion (2024)
- Imports of goods and services (% of GDP) — 51.2% (2024)
- External balance on goods and services (current LCU) — 938.8 million (2024)
- External balance on goods and services (% of GDP) — 3.36% (2024)
- Trade (% of GDP) — 105.75% (2024)
- GDP (current LCU) — 27.94 billion (2024)
- GDP per capita (current LCU) — 511,400 (2024)
- Exports of goods and services (current US$)
Reading data like this
Questions people ask
- What is Faroe Islands's agriculture, forestry, and fishing, value added (current LCU)?
- 4.49 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
- It is up 237.99% from 1.33 billion in 1998 (4.8% a year on average, compounded). The highest value was 4.82 billion in 2023 and the lowest 1.19 billion in 2003.
- How does Faroe Islands rank?
- 13th highest of 29 economies with data for 2024.
- Is the latest change in agriculture, forestry, and fishing, value added (current LCU) unusual for Faroe Islands?
- In 2024, Faroe Islands' agriculture, forestry, and fishing, value added (current LCU) fell 6.9% on 2023 (from 4.82 billion to 4.49 billion). Across the 25 yearly changes before that (1999 to 2023), the average change was +7.2% and a typical year strayed about 21% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NV.AGR.TOTL.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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