Faroe Islands: Households and NPISHs final consumption expenditure (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' households and NPISHs final consumption expenditure (current US$) rose 2.8% on 2023 (from US$1.6 billion to US$1.65 billion).

Across the 25 yearly changes before that (1999 to 2023), the average change was +4.6% and a typical year strayed about 9.1% from that (the standard deviation). This year's change was 0.2 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 26.6% in 2003 and the biggest yearly fall was 14.8% 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$46.47 million 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 30th 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

• Belize — 26th of 36: US$2.06 billion
• Aruba — 27th of 36: US$2.05 billion
• Bhutan — 28th of 36: US$1.8 billion
• Timor-Leste — 30th of 36: US$1.56 billion
• Solomon Islands — 31st of 36: US$1.3 billion
• Vanuatu — 32nd of 36: US$975.59 million

What this measures

This field includes expenditure on goods and services by the Household and NPISH sector for the direct satisfaction of human needs or wants, whether individual or collective. 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 gap-filled total.

All 27 values

Households and NPISHs final consumption expenditure (current US$) in nearby economies

• Albania — US$21.13 billion (2025)
• Armenia — US$20.79 billion (2025)
• Austria — US$300.43 billion (2025)
• Azerbaijan — US$45.08 billion (2025)
• Belarus — US$51.91 billion (2025)
• Belgium — US$379.55 billion (2025)
• Bosnia and Herzegovina — US$22.61 billion (2025)
• Bulgaria — US$76.5 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

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Questions people ask

What is Faroe Islands's households and NPISHs final consumption expenditure (current US$)?

US$1.65 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 191.98% from US$563.68 million in 1998 (4.21% a year on average, compounded). The highest value was US$1.65 billion in 2024 and the lowest US$548.82 million in 2000.

How does Faroe Islands rank?

30th highest of 36 economies with data for 2024.

Is the latest change in households and NPISHs final consumption expenditure (current US$) unusual for Faroe Islands?

In 2024, Faroe Islands' households and NPISHs final consumption expenditure (current US$) rose 2.8% on 2023 (from US$1.6 billion to US$1.65 billion). Across the 25 yearly changes before that (1999 to 2023), the average change was +4.6% and a typical year strayed about 9.1% from that (the standard deviation). This year's change was 0.2 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 NE.CON.PRVT.CD, 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.

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