Faroe Islands's general government final consumption expenditure (current LCU) was 7.79 billion in 2024, the latest year in the World Bank's World Development Indicators. That is up 64.93% from 4.72 billion in 2014 (5.13% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 7.79 billion | 2024 |
| Five years earlier | 6.01 billion | 2019 |
| Ten years earlier | 4.72 billion | 2014 |
| Highest | 7.79 billion | 2024 |
| Lowest | 1.86 billion | 1998 |
| Average since 2015 | 6.22 billion | 2015–2024 |
| First recorded | 1.86 billion |
What the numbers say
In 2024, Faroe Islands' general government final consumption expenditure (current LCU) rose 6.2% on 2023 (from 7.33 billion to 7.79 billion).
Across the 25 yearly changes before that (1999 to 2023), the average change was +5.7% and a typical year strayed about 2.7% from that (the standard deviation). This year's change was 0.2 standard deviations above 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 11.5% in 2001. 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 309.27 million a year. A straight line explains 99% 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 8.42 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 406.63 million, against 709.77 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 23rd highest value of the 36 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
- Tajikistan — 20th of 36: 17.6 billion
- Kuwait — 21st of 36: 12.73 billion
- Panama — 22nd of 36: 10.73 billion
- Oman — 24th of 36: 7.72 billion
- Solomon Islands — 25th of 36: 3.51 billion
- Fiji — 26th of 36: 2.56 billion
What this measures
Final consumption expenditure is expenditure on goods and services by resident institutional units for the direct satisfaction of human needs or wants, whether individual or collective. General government FCE includes all government current expenditures for purchases of goods and services (including compensation of employees), and most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation. 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 27 values
| Year | General government final consumption expenditure (current LCU) |
|---|---|
| 2024 | 7,785,300,000 |
| 2023 | 7,327,400,000 |
| 2022 | 6,893,400,000 |
| 2021 | 6,625,600,000 |
| 2020 | 6,326,300,000 |
| 2019 | 6,014,800,000 |
| 2018 | 5,719,300,000 |
| 2017 | 5,424,200,000 |
| 2016 | 5,237,900,000 |
| 2015 | 4,893,400,000 |
General government final consumption expenditure (current LCU) in nearby economies
- Albania — 340.54 billion (2025)
- Armenia — 1.15 trillion (2025)
- Austria — 112.35 billion (2025)
- Azerbaijan — 20.05 billion (2025)
- Belarus — 54.18 billion (2025)
- Belgium — 153.78 billion (2025)
- Bosnia and Herzegovina — 11.49 billion (2025)
- Bulgaria — 24.16 billion (2025)
- Croatia
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
Questions people ask
- What is Faroe Islands's general government final consumption expenditure (current LCU)?
- 7.79 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
Source
World Bank, World Development Indicators, indicator NE.CON.GOVT.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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