Faroe Islands: GDP (constant 2015 US$)

Key figures

What the numbers say

In 2024, Faroe Islands' GDP (constant 2015 US$) rose 0.8% on 2023 (from US$3.21 billion to US$3.24 billion).

Across the 15 yearly changes before that (2009 to 2023), the average change was +2.7% and a typical year strayed about 3.1% from that (the standard deviation). This year's change was 0.6 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 7.1% in 2012 and the biggest yearly fall was 4.6% in 2009. 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$78.25 million a year. A straight line explains 98% 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.

A straight-line projection, tested first

Extending that straight line gives about US$3.46 billion for 2027. We show this only because the same method, fitted on earlier years, predicted 2022 to 2024 better than "no change" would have: its average miss was US$25.55 million, against US$190.42 million for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

In 2024, Faroe Islands had the 12th highest value of the 13 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

• Cayman Islands — 8th of 13: US$6.28 billion
• French Polynesia — 9th of 13: US$5.87 billion
• Aruba — 10th of 13: US$3.67 billion
• Curaçao — 12th of 13: US$2.81 billion
• Turks and Caicos Islands — 13th of 13: US$2.66 billion

What this measures

Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.

Limitations: Each industry's contribution to growth in the economy's output is measured by growth in the industry's value added. In principle, value added in constant prices can be estimated by measuring the quantity of goods and services produced in a period, valuing them at an agreed set of base year prices, and subtracting the cost of intermediate inputs, also in constant prices. This double-deflation method requires detailed information on the structure of prices of inputs and outputs. In many industries, however, value added is extrapolated from the base year using single volume indexes of outputs or, less commonly, inputs.

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

All 17 values

GDP (constant 2015 US$) in nearby economies

• Albania — US$16.16 billion (2025)
• Andorra — US$3.51 billion (2025)
• Armenia — US$17.49 billion (2025)
• Austria — US$424.41 billion (2025)
• Azerbaijan — US$60.82 billion (2025)
• Belarus — US$63.04 billion (2025)
• Belgium — US$539.12 billion (2025)
• Bosnia and Herzegovina — US$21.8 billion (2025)
• Bulgaria — US$67.25 billion (2025)
• Channel Islands — US$11.71 billion (2023)
• Croatia — US$71.38 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 (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

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Faroe Islands's GDP (constant 2015 US$)?

US$3.24 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2008?

It is up 49.58% from US$2.17 billion in 2008 (2.55% a year on average, compounded). The highest value was US$3.24 billion in 2024 and the lowest US$2.06 billion in 2010.

Source

World Bank, World Development Indicators, indicator NY.GDP.MKTP.KD, 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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