Faroe Islands: GDP per capita (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' GDP per capita (current US$) rose US$1,689 on 2023 (from US$72,487 to US$74,175).

Across the 30 yearly changes before that (1994 to 2023), the average change was +US$1,870 and a typical year strayed about US$3,318 from that (the standard deviation). This year's change was 0.1 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 US$7,174 in 2021 and the biggest yearly fall was US$7,535 in 2015. 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$2,190 a year. A straight line explains 94% 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$77,438 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$2,371, against US$3,390 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 6th 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

• Liechtenstein — 2nd of 14: US$220,167
• Bermuda — 3rd of 14: US$142,250
• Cayman Islands — 4th of 14: US$104,293
• United Arab Emirates — 6th of 14: US$50,274
• Bahamas, The — 7th of 14: US$39,455
• Aruba — 8th of 14: US$38,591

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. The core indicator has been divided by the general population to achieve a per capita estimate.This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 60 values

GDP per capita (current US$) in nearby economies

• Albania — US$12,998 (2025)
• Andorra — US$54,292 (2025)
• Armenia — US$9,474 (2025)
• Austria — US$62,930 (2025)
• Azerbaijan — US$7,411 (2025)
• Belarus — US$10,279 (2025)
• Belgium — US$60,750 (2025)
• Bosnia and Herzegovina — US$10,382 (2025)
• Bulgaria — US$20,328 (2025)
• Channel Islands — US$74,586 (2023)
• Croatia — US$27,104 (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

• 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 per capita (current US$)?

US$74,175 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1965?

It is up 4,552% from US$1,594 in 1965 (6.72% a year on average, compounded). The highest value was US$74,175 in 2024 and the lowest US$1,594 in 1965.

Source

World Bank, World Development Indicators, indicator NY.GDP.PCAP.CD, 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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