Faroe Islands: GNI per capita, Atlas method (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' GNI per capita, Atlas method (current US$) fell US$300 on 2023 (from US$73,420 to US$73,120).

Across the 13 yearly changes before that (2011 to 2023), the average change was +US$1,875 and a typical year strayed about US$2,607 from that (the standard deviation). This year's change was 0.8 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$5,840 in 2021 and the biggest yearly fall was US$2,770 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$2,097 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.

How it compares

In 2024, Faroe Islands had the 3rd highest value of the 16 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

• Bermuda — 1st of 16: US$139,370
• Cayman Islands — 2nd of 16: US$81,920
• Macao SAR, China — 4th of 16: US$69,920
• United Arab Emirates — 5th of 16: US$51,550
• Kuwait — 6th of 16: US$41,110

What this measures

Gross national income is the total income earned by all residents within an economic territory during an accounting period. It is equal to gross domestic product plus earned income receivable from abroad minus earned income payable abroad. This figure is converted to U.S. dollars using the World Bank Atlas method, and divided by the midyear population. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States. 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 15 values

GNI per capita, Atlas method (current US$) in nearby economies

• Albania — US$12,060 (2025)
• Armenia — US$9,020 (2025)
• Austria — US$60,360 (2025)
• Azerbaijan — US$7,360 (2025)
• Belarus — US$9,160 (2025)
• Belgium — US$59,500 (2025)
• Bosnia and Herzegovina — US$9,940 (2025)
• Bulgaria — US$17,780 (2025)
• Croatia — US$25,360 (2025)
• Cyprus — US$36,110 (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

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Questions people ask

What is Faroe Islands's GNI per capita, Atlas method (current US$)?

US$73,120 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2010?

It is up 49.07% from US$49,050 in 2010 (2.89% a year on average, compounded). The highest value was US$73,420 in 2023 and the lowest US$49,050 in 2010.

How does Faroe Islands rank?

3rd highest of 16 economies with data for 2024.

Is the latest change in GNI per capita, Atlas method (current US$) unusual for Faroe Islands?

In 2024, Faroe Islands' GNI per capita, Atlas method (current US$) fell US$300 on 2023 (from US$73,420 to US$73,120). Across the 13 yearly changes before that (2011 to 2023), the average change was +US$1,875 and a typical year strayed about US$2,607 from that (the standard deviation). This year's change was 0.8 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.GNP.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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