Faroe Islands: Agriculture, forestry, and fishing, value added (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' agriculture, forestry, and fishing, value added (current US$) fell 7% on 2023 (from US$700.12 million to US$651.17 million).

Across the 25 yearly changes before that (1999 to 2023), the average change was +6.6% and a typical year strayed about 18.4% 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 50.4% in 2010 and the biggest yearly fall was 19.4% in 2020. 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 US$23.8 million a year. A straight line explains 57% 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 11th highest value of the 28 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 — 7th of 28: US$4.25 billion
• Tajikistan — 8th of 28: US$3.33 billion
• West Bank and Gaza — 9th of 28: US$884.2 million
• Solomon Islands — 11th of 28: US$470.85 million
• Timor-Leste — 12th of 28: US$376.12 million
• Vanuatu — 13th of 28: US$345.61 million

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 indicator is expressed in United States dollars.

Limitations: Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Agricultural production often must be estimated indirectly, using a combination of methods involving estimates of inputs, yields, and area under cultivation. This approach sometimes leads to crude approximations that can differ from the true values over time and across crops for reasons other than climate conditions or farming techniques.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 27 values

Agriculture, forestry, and fishing, value added (current US$) in nearby economies

• Albania — US$4.52 billion (2025)
• Andorra — US$21.79 million (2025)
• Armenia — US$2.32 billion (2025)
• Austria — US$7.28 billion (2025)
• Azerbaijan — US$4.5 billion (2025)
• Belarus — US$6.44 billion (2025)
• Belgium — US$5.3 billion (2025)
• Bosnia and Herzegovina — US$1.42 billion (2025)
• Bulgaria — US$3.24 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

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Questions people ask

What is Faroe Islands's agriculture, forestry, and fishing, value added (current US$)?

US$651.17 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 228.49% from US$198.23 million in 1998 (4.68% a year on average, compounded). The highest value was US$700.12 million in 2023 and the lowest US$180.32 million in 2003.

How does Faroe Islands rank?

11th highest of 28 economies with data for 2024.

Is the latest change in agriculture, forestry, and fishing, value added (current US$) unusual for Faroe Islands?

In 2024, Faroe Islands' agriculture, forestry, and fishing, value added (current US$) fell 7% on 2023 (from US$700.12 million to US$651.17 million). Across the 25 yearly changes before that (1999 to 2023), the average change was +6.6% and a typical year strayed about 18.4% 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.CD, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; 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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