Faroe Islands: Industry, including construction, value added (% of GDP)

Key figures

What the numbers say

In 2024, Faroe Islands' industry, including construction, value added (% of GDP) fell 1.53 percentage points on 2023 (from 19.83% to 18.3%).

Across the 25 yearly changes before that (1999 to 2023), the average change was +0.11 percentage points and a typical year strayed about 1.15 percentage points from that (the standard deviation). This year's change was 1.4 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 2.1 percentage points in 2023 and the biggest yearly fall was 1.73 percentage points in 2010. 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 0.33 percentage points a year. A straight line explains 38% 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 11th highest value of the 31 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

• Japan — 8th of 31: 26.78%
• Cuba — 9th of 31: 23.85%
• Solomon Islands — 10th of 31: 23.37%
• Tonga — 12th of 31: 17.67%
• Israel — 13th of 31: 17.23%
• West Bank and Gaza — 14th of 31: 16.25%

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 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.

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 weighted average.

All 27 values

Industry, including construction, value added (% of GDP) in nearby economies

• Albania — 21.83% (2025)
• Andorra — 12.79% (2025)
• Armenia — 23.07% (2025)
• Austria — 23.98% (2025)
• Azerbaijan — 39.51% (2025)
• Belarus — 31.58% (2025)
• Belgium — 18.61% (2025)
• Bosnia and Herzegovina — 21.54% (2025)
• Bulgaria — 21.21% (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

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Faroe Islands's industry, including construction, value added (% of GDP)?

18.3% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 1.15 percentage points from 17.15% in 1998. The highest value was 20.99% in 2020 and the lowest 13.81% in 2013.

How does Faroe Islands rank?

11th highest of 31 economies with data for 2024.

Is the latest change in industry, including construction, value added (% of GDP) unusual for Faroe Islands?

In 2024, Faroe Islands' industry, including construction, value added (% of GDP) fell 1.53 percentage points on 2023 (from 19.83% to 18.3%). Across the 25 yearly changes before that (1999 to 2023), the average change was +0.11 percentage points and a typical year strayed about 1.15 percentage points from that (the standard deviation). This year's change was 1.4 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.ZS, 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.