Faroe Islands: GDP deflator (base year varies by country)

Key figures

What the numbers say

In 2024, Faroe Islands' GDP deflator (base year varies by country) rose 2% on 2023 (from 132.8 to 135.45).

Across the 15 yearly changes before that (2009 to 2023), the average change was +2.5% and a typical year strayed about 3% from that (the standard deviation). This year's change was 0.2 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 7.9% in 2016 and the biggest yearly fall was 2.4% 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 the straight-line trend is upward, about 3.01 a year. A straight line explains 93% 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 144.01 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 4.69, against 10.6 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 4th highest value of the 14 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

• Lebanon — 1st of 14: 5,785
• Cuba — 2nd of 14: 2,140
• Curaçao — 4th of 14: 133.65
• Bermuda — 5th of 14: 129.48
• Cayman Islands — 6th of 14: 123.6

What this measures

The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. The base year varies by country. This indicator is expressed as a ratio (a÷b).

All 17 values

GDP deflator (base year varies by country) in nearby economies

• Albania — 124.77 (2025)
• Andorra — 127.73 (2025)
• Armenia — 144.93 (2025)
• Austria — 123.03 (2025)
• Azerbaijan — 380.4 (2025)
• Belarus — 134.42 (2025)
• Belgium — 120.8 (2025)
• Bosnia and Herzegovina — 128.9 (2025)
• Bulgaria — 154.2 (2025)
• Channel Islands — 100 (2023)

More financial sector data for Faroe Islands

• Official exchange rate (LCU per US$, period average) — US$6.62 (2025)
• DEC alternative conversion factor (LCU per US$) — US$6.89 (2024)
• GDP deflator, linked series (base year varies by country) — 135.45 (2024)
• Inflation, GDP deflator (annual % growth) — 2% (2024)
• Inflation, GDP deflator, linked series (annual % growth) — 2% (2024)

Every indicator for Faroe Islands is on the Faroe Islands data page.

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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Questions people ask

What is Faroe Islands's GDP deflator (base year varies by country)?

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

How has it changed since 2008?

It is up 47.17% from 92.04 in 2008 (2.44% a year on average, compounded). The highest value was 135.45 in 2024 and the lowest 92.04 in 2008.

Source

World Bank, World Development Indicators, indicator NY.GDP.DEFL.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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