Faroe Islands: Final consumption expenditure (% of GDP)

Key figures

What the numbers say

In 2024, Faroe Islands' final consumption expenditure (% of GDP) rose 0.9 percentage points on 2023 (from 67.57% to 68.47%).

Across the 25 yearly changes before that (1999 to 2023), the average change was −0.34 percentage points and a typical year strayed about 4.24 percentage points from that (the standard deviation). This year's change was 0.3 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 9.08 percentage points in 2005 and the biggest yearly fall was 9.73 percentage points in 2006. 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 downward, about 0.7 percentage points a year. A straight line explains 70% 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 28th highest value of the 36 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

• Japan — 24th of 36: 73.21%
• Maldives — 25th of 36: 69.25%
• Iraq — 26th of 36: 68.59%
• Kuwait — 28th of 36: 67.38%
• Aruba — 29th of 36: 67.04%
• Kazakhstan — 30th of 36: 63.07%

What this measures

Final consumption expenditure is expenditure on goods and services by resident institutional units for the direct satisfaction of human needs or wants, whether individual or collective. Final consumption expenditure can be measured for households, general government, the central bank and non-profit institutions serving households. 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.

All 27 values

Final consumption expenditure (% of GDP) in nearby economies

• Albania — 82.04% (2025)
• Armenia — 81.3% (2025)
• Austria — 73.75% (2025)
• Azerbaijan — 74.9% (2025)
• Belarus — 74.48% (2025)
• Belgium — 76.27% (2025)
• Bosnia and Herzegovina — 89.67% (2025)
• Bulgaria — 79.32% (2025)
• Croatia — 80.46% (2025)
• Cyprus — 75.09% (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 final consumption expenditure (% of GDP)?

68.47% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is down 7.72 percentage points from 76.19% in 1998. The highest value was 94.85% in 2005 and the lowest 67.57% in 2023.

How does Faroe Islands rank?

28th highest of 36 economies with data for 2024.

Is the latest change in final consumption expenditure (% of GDP) unusual for Faroe Islands?

In 2024, Faroe Islands' final consumption expenditure (% of GDP) rose 0.9 percentage points on 2023 (from 67.57% to 68.47%). Across the 25 yearly changes before that (1999 to 2023), the average change was −0.34 percentage points and a typical year strayed about 4.24 percentage points from that (the standard deviation). This year's change was 0.3 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.CON.TOTL.ZS, 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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