Faroe Islands: GDP, PPP (current international $)

Key figures

What the numbers say

In 2024, Faroe Islands' GDP, PPP (current international $) rose 3.3% on 2023 (from 4.34 billion to 4.49 billion).

Across the 15 yearly changes before that (2009 to 2023), the average change was +5.4% and a typical year strayed about 4.4% from that (the standard deviation). This year's change was 0.5 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 12.5% in 2021 and the biggest yearly fall was 4% 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 220.54 million 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.

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: 6.87 billion
• Aruba — 7th of 10: 5.58 billion
• Curaçao — 8th of 10: 5.11 billion
• Turks and Caicos Islands — 10th of 10: 1.77 billion

What this measures

This indicator provides values for gross domestic product (GDP) expressed in current 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 series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. The PPP conversion factor is a currency conversion factor and a spatial price deflator.

All 17 values

GDP, PPP (current international $) in nearby economies

• Albania — 66.31 billion (2025)
• Andorra — 6.6 billion (2025)
• Armenia — 76.41 billion (2025)
• Austria — 706.98 billion (2025)
• Azerbaijan — 267.58 billion (2025)
• Belarus — 315.43 billion (2025)
• Belgium — 891.76 billion (2025)
• Bosnia and Herzegovina — 81.06 billion (2025)
• Bulgaria — 285.97 billion (2025)
• Croatia — 197.48 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

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Questions people ask

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

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

How has it changed since 2008?

It is up 124.47% from 2 billion in 2008 (5.18% a year on average, compounded). The highest value was 4.49 billion in 2024 and the lowest 1.92 billion in 2009.

How does Faroe Islands rank?

10th highest of 10 economies with data for 2024.

Is the latest change in GDP, PPP (current international $) unusual for Faroe Islands?

In 2024, Faroe Islands' GDP, PPP (current international $) rose 3.3% on 2023 (from 4.34 billion to 4.49 billion). Across the 15 yearly changes before that (2009 to 2023), the average change was +5.4% and a typical year strayed about 4.4% from that (the standard deviation). This year's change was 0.5 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NY.GDP.MKTP.PP.CD, 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.

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