Faroe Islands's external balance on goods and services (current LCU) was 938.8 million in 2024, the latest year in the World Bank's World Development Indicators. That is up 736.72% from 112.2 million in 2014 (23.67% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 938.8 million | 2024 |
| Five years earlier | 635.3 million | 2019 |
| Ten years earlier | 112.2 million | 2014 |
| Highest | 1.08 billion | 2017 |
| Lowest | -1.94 billion | 2007 |
| Average since 2015 | 347.78 million | 2015–2024 |
| First recorded | -14.9 million |
What the numbers say
In 2024, Faroe Islands' external balance on goods and services (current LCU) rose 652.7 million on 2023 (from 286.1 million to 938.8 million).
Across the 30 yearly changes before that (1994 to 2023), the average change was −14.96 million and a typical year strayed about 702.44 million from that (the standard deviation). This year's change was 1.0 standard deviations above 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 1.21 billion in 2013 and the biggest yearly fall was 1.56 billion in 2012. 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 there is no clear straight-line trend: a straight line explains 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
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 10th highest value of the 34 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
What this measures
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. 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 63 values
| Year | External balance on goods and services (current LCU) |
|---|---|
| 2024 | 938,800,000 |
| 2023 | 286,100,000 |
| 2022 | -29,300,000 |
| 2021 | 110,000,000 |
| 2020 | -292,700,000 |
| 2019 | 635,300,000 |
| 2018 | -249,400,000 |
| 2017 | 1,080,600,000 |
| 2016 | 856,000,000 |
| 2015 | 142,400,000 |
External balance on goods and services (current LCU) in nearby economies
- Albania — -145.93 billion (2025)
- Armenia — -623.38 billion (2025)
- Austria — 12.23 billion (2025)
- Azerbaijan — 8.02 billion (2025)
- Belarus — -5.58 billion (2025)
- Belgium — -12.95 billion (2025)
- Bosnia and Herzegovina — -7.42 billion (2025)
- Bulgaria — -1.2 billion (2025)
- Croatia — -4.69 billion (2025)
- Cyprus
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 (% 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$) — US$2.21 billion (2024)
- Imports of goods and services (current US$)
Reading data like this
Questions people ask
- What is Faroe Islands's external balance on goods and services (current LCU)?
- 938.8 million in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1962?
- It is up 6,401% from -14.9 million in 1962. The highest value was 1.08 billion in 2017 and the lowest -1.94 billion in 2007.
- How does Faroe Islands rank?
- 10th highest of 34 economies with data for 2024.
- Is the latest change in external balance on goods and services (current LCU) unusual for Faroe Islands?
- In 2024, Faroe Islands' external balance on goods and services (current LCU) rose 652.7 million on 2023 (from 286.1 million to 938.8 million). Across the 30 yearly changes before that (1994 to 2023), the average change was −14.96 million and a typical year strayed about 702.44 million from that (the standard deviation). This year's change was 1.0 standard deviations above 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 NE.RSB.GNFS.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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