Faroe Islands's GNI per capita (current LCU) was 520,046 in 2024, the latest year in the World Bank's World Development Indicators. That is up 48.64% from 349,879 in 2014 (4.04% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 520,046 | 2024 |
| Five years earlier | 432,699 | 2019 |
| Ten years earlier | 349,879 | 2014 |
| Highest | 520,046 | 2024 |
| Lowest | 5,699 | 1960 |
| Average since 2015 | 438,253 | 2015–2024 |
| First recorded | 5,699 | 1960 |
What the numbers say
In 2024, Faroe Islands' GNI per capita (current LCU) rose 17,070 on 2023 (from 502,976 to 520,046).
Across the 30 yearly changes before that (1983 to 2023), the average change was +12,599 and a typical year strayed about 13,368 from that (the standard deviation). This year's change was 0.3 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 34,855 in 2022 and the biggest yearly fall was 16,510 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 16,213 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.
A straight-line projection, tested first
Extending that straight line gives about 560,341 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 17,430, against 51,648 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 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
- New Caledonia — 2nd of 16: 3.33 million
- French Polynesia — 3rd of 16: 2.75 million
- Macao SAR, China — 4th of 16: 571,780
- United Arab Emirates — 6th of 16: 189,982
- Bermuda — 7th of 16: 146,811
- Sint Maarten (Dutch part) — 8th of 16: 71,778
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. 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 series is expressed in local currency units.
All 55 values
| Year | GNI per capita (current LCU) |
|---|---|
| 2024 | 520,046 |
| 2023 | 502,976 |
| 2022 | 486,322 |
| 2021 | 451,466 |
| 2020 | 417,030 |
| 2019 | 432,699 |
| 2018 | 406,093 |
| 2017 | 405,317 |
| 2016 | 396,848 |
| 2015 | 363,731 |
| 2014 |
GNI per capita (current LCU) in nearby economies
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 GNI per capita (current LCU)?
- 520,046 in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1960?
- It is up 9,025% from 5,699 in 1960 (7.31% a year on average, compounded). The highest value was 520,046 in 2024 and the lowest 5,699 in 1960.
- How does Faroe Islands rank?
Source
World Bank, World Development Indicators, indicator NY.GNP.PCAP.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; 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.
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.
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