Faroe Islands: GDP, PPP (constant 2021 international $)

Key figures

What the numbers say

In 2024, Faroe Islands' GDP, PPP (constant 2021 international $) rose 0.8% on 2023 (from 3.91 billion to 3.94 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 95.16 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 4.21 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 31.07 million, against 231.56 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 10th highest value of the 10 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 — 6th of 10: 6.03 billion
• Aruba — 7th of 10: 4.91 billion
• Curaçao — 8th of 10: 4.49 billion
• Turks and Caicos Islands — 10th of 10: 1.55 billion

What this measures

This indicator provides values for gross domestic product (GDP) expressed in constant international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. 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 2021. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.

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

All 17 values

GDP, PPP (constant 2021 international $) in nearby economies

• Albania — 53.39 billion (2025)
• Andorra — 5.64 billion (2025)
• Armenia — 65.29 billion (2025)
• Austria — 589.05 billion (2025)
• Azerbaijan — 228.65 billion (2025)
• Belarus — 269.55 billion (2025)
• Belgium — 758.17 billion (2025)
• Bosnia and Herzegovina — 66.5 billion (2025)
• Bulgaria — 227.26 billion (2025)
• Croatia — 171.22 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 (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
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Faroe Islands's GDP, PPP (constant 2021 international $)?

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

How has it changed since 2008?

Source

World Bank, World Development Indicators, indicator NY.GDP.MKTP.PP.KD, licensed CC BY 4.0. Original source: International Comparison Program (ICP), World Bank (WB), uri: https://www.worldbank.org/en/programs/icp/data, note: This information is for ICP’s PPPs utilized in WDI, publisher: International Comparison Program (ICP), date accessed: May 30, 2024, date published: May 30, 2024; The Eurostat PPP Progr… 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.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.