Faroe Islands: GNI per capita, PPP (current international $)

Key figures

What the numbers say

In 2024, Faroe Islands' GNI per capita, PPP (current international $) rose 3,130 on 2023 (from 80,350 to 83,480).

Across the 15 yearly changes before that (2009 to 2023), the average change was +2,595 and a typical year strayed about 2,672 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 7,650 in 2021 and the biggest yearly fall was 2,980 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 3,316 a year. A straight line explains 94% 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 14 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

• Macao SAR, China — 1st of 14: 125,630
• Bermuda — 2nd of 14: 122,530
• United Arab Emirates — 4th of 14: 81,640
• Cayman Islands — 5th of 14: 74,470
• Kuwait — 6th of 14: 64,040

What this measures

This indicator provides values for gross national income (GNI) per person 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 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 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.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 17 values

GNI per capita, PPP (current international $) in nearby economies

• Albania — 28,170 (2025)
• Armenia — 24,020 (2025)
• Austria — 77,010 (2025)
• Azerbaijan — 25,430 (2025)
• Belarus — 34,310 (2025)
• Belgium — 75,620 (2025)
• Bosnia and Herzegovina — 25,810 (2025)
• Bulgaria — 42,170 (2025)
• Croatia — 50,410 (2025)
• Cyprus — 57,390 (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, PPP (current international $)?

83,480 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2008?

It is up 101.55% from 41,420 in 2008 (4.48% a year on average, compounded). The highest value was 83,480 in 2024 and the lowest 38,440 in 2009.

How does Faroe Islands rank?

3rd highest of 14 economies with data for 2024.

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

In 2024, Faroe Islands' GNI per capita, PPP (current international $) rose 3,130 on 2023 (from 80,350 to 83,480). Across the 15 yearly changes before that (2009 to 2023), the average change was +2,595 and a typical year strayed about 2,672 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.

Source

World Bank, World Development Indicators, indicator NY.GNP.PCAP.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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