Faroe Islands: Industry, including construction, value added (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' industry, including construction, value added (current US$) fell 5.1% on 2023 (from US$781.85 million to US$741.68 million).

Across the 25 yearly changes before that (1999 to 2023), the average change was +6.3% and a typical year strayed about 10.4% from that (the standard deviation). This year's change was 1.1 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 22.9% in 2014 and the biggest yearly fall was 15% 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 US$38.71 million a year. A straight line explains 89% 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 17th highest value of the 30 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

• Bahamas, The — 14th of 30: US$1.52 billion
• Monaco — 15th of 30: US$1.42 billion
• Barbados — 16th of 30: US$927.46 million
• Lebanon — 18th of 30: US$684.08 million
• Cayman Islands — 19th of 30: US$593.36 million
• Belize — 20th of 30: US$466.82 million

What this measures

Industry (including construction) corresponds to ISIC (Rev.4) divisions 05-43. It is comprised of mining, manufacturing, construction, electricity, water, and gas industries. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. 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.

Limitations: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 27 values

Industry, including construction, value added (current US$) in nearby economies

• Albania — US$6.67 billion (2025)
• Andorra — US$575.51 million (2025)
• Armenia — US$6.75 billion (2025)
• Austria — US$138.97 billion (2025)
• Azerbaijan — US$30.01 billion (2025)
• Belarus — US$29.5 billion (2025)
• Belgium — US$134.99 billion (2025)
• Bosnia and Herzegovina — US$7.02 billion (2025)
• Bulgaria — US$27.74 billion (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 industry, including construction, value added (current US$)?

US$741.68 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 291.54% from US$189.42 million in 1998 (5.39% a year on average, compounded). The highest value was US$781.85 million in 2023 and the lowest US$189.42 million in 1998.

How does Faroe Islands rank?

17th highest of 30 economies with data for 2024.

Is the latest change in industry, including construction, value added (current US$) unusual for Faroe Islands?

In 2024, Faroe Islands' industry, including construction, value added (current US$) fell 5.1% on 2023 (from US$781.85 million to US$741.68 million). Across the 25 yearly changes before that (1999 to 2023), the average change was +6.3% and a typical year strayed about 10.4% from that (the standard deviation). This year's change was 1.1 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator NV.IND.TOTL.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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