Faroe Islands: Gross domestic savings (% of GDP)

Key figures

What the numbers say

In 2024, Faroe Islands' gross domestic savings (% of GDP) fell 0.9 percentage points on 2023 (from 32.43% to 31.53%).

Across the 25 yearly changes before that (1999 to 2023), the average change was +0.34 percentage points and a typical year strayed about 4.24 percentage points from that (the standard deviation). This year's change was 0.3 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 9.73 percentage points in 2006 and the biggest yearly fall was 9.08 percentage points in 2005. 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 0.7 percentage points a year. A straight line explains 70% 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 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

• Kazakhstan — 7th of 36: 36.93%
• Aruba — 8th of 36: 32.96%
• Kuwait — 9th of 36: 32.62%
• Iraq — 11th of 36: 31.41%
• Maldives — 12th of 36: 30.75%
• Japan — 13th of 36: 26.79%

What this measures

Gross domestic savings are calculated as GDP less final consumption expenditure (total consumption). This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

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

All 27 values

Gross domestic savings (% of GDP) in nearby economies

• Albania — 17.96% (2025)
• Armenia — 18.7% (2025)
• Austria — 26.25% (2025)
• Azerbaijan — 25.1% (2025)
• Belarus — 25.52% (2025)
• Belgium — 23.73% (2025)
• Bosnia and Herzegovina — 10.33% (2025)
• Bulgaria — 20.68% (2025)
• Croatia — 19.54% (2025)
• Cyprus — 24.91% (2025)
• Czechia

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 gross domestic savings (% of GDP)?

31.53% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 7.72 percentage points from 23.81% in 1998. The highest value was 32.43% in 2023 and the lowest 5.15% in 2005.

How does Faroe Islands rank?

10th highest of 36 economies with data for 2024.

Is the latest change in gross domestic savings (% of GDP) unusual for Faroe Islands?

In 2024, Faroe Islands' gross domestic savings (% of GDP) fell 0.9 percentage points on 2023 (from 32.43% to 31.53%). Across the 25 yearly changes before that (1999 to 2023), the average change was +0.34 percentage points and a typical year strayed about 4.24 percentage points from that (the standard deviation). This year's change was 0.3 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.GDS.TOTL.ZS, 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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