Faroe Islands's GDP (current LCU) was 27.94 billion in 2024, the latest year in the World Bank's World Development Indicators. That is up 70.85% from 16.35 billion in 2014 (5.5% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 27.94 billion | 2024 |
| Five years earlier | 21.79 billion | 2019 |
| Ten years earlier | 16.35 billion | 2014 |
| Highest | 27.94 billion | 2024 |
| Lowest | 259.9 million | 1962 |
| Average since 2015 | 22.32 billion | 2015–2024 |
| First recorded | 259.9 million |
What the numbers say
In 2024, Faroe Islands' GDP (current LCU) rose 2.9% on 2023 (from 27.17 billion to 27.94 billion).
Across the 30 yearly changes before that (1994 to 2023), the average change was +6% and a typical year strayed about 5.2% 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 27.7% in 1977 and the biggest yearly fall was 10.4% in 1993. 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 1.16 billion a year. A straight line explains 96% 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 30.88 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 1.68 billion, against 3.64 billion 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 7th highest value of the 15 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
- Cuba — 4th of 15: 1.08 trillion
- New Caledonia — 5th of 15: 943 billion
- French Polynesia — 6th of 15: 697.55 billion
- Bahamas, The — 8th of 15: 15.83 billion
- Monaco — 9th of 15: 10.28 billion
- Bermuda — 10th of 15: 9.19 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 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 | GDP (current LCU) |
|---|---|
| 2024 | 27,942,900,000 |
| 2023 | 27,167,000,000 |
| 2022 | 25,582,000,000 |
| 2021 | 23,259,500,000 |
| 2020 | 21,404,700,000 |
| 2019 | 21,785,300,000 |
| 2018 | 20,134,800,000 |
| 2017 | 19,677,000,000 |
| 2016 | 18,938,200,000 |
| 2015 | 17,317,000,000 |
| 2014 |
GDP (current LCU) in nearby economies
- Albania — 2.65 trillion (2025)
- Andorra — 3.98 billion (2025)
- Armenia — 11.32 trillion (2025)
- Austria — 512.81 billion (2025)
- Azerbaijan — 129.09 billion (2025)
- Belarus — 286.65 billion (2025)
- Belgium — 642.02 billion (2025)
- Bosnia and Herzegovina — 56.55 billion (2025)
- Bulgaria — 116.02 billion (2025)
- Channel Islands — 10.06 billion (2023)
- Croatia — 92.98 billion (2025)
- Cyprus — 36.48 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 per capita (current LCU) — 511,400 (2024)
- Exports of goods and services (current US$) — US$2.21 billion (2024)
Reading data like this
Questions people ask
- What is Faroe Islands's GDP (current LCU)?
- 27.94 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1962?
- It is up 10,651% from 259.9 million in 1962 (7.84% a year on average, compounded). The highest value was 27.94 billion in 2024 and the lowest 259.9 million in 1962.
Source
World Bank, World Development Indicators, indicator NY.GDP.MKTP.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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