Faroe Islands: Manufacturing, value added (current US$)

Key figures

What the numbers say

In 2024, Faroe Islands' manufacturing, value added (current US$) fell 14.7% on 2023 (from US$449.48 million to US$383.5 million).

Across the 25 yearly changes before that (1999 to 2023), the average change was +6.2% and a typical year strayed about 10.4% from that (the standard deviation). This year's change was 2.0 standard deviations below that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 27.8% in 2014 and the biggest yearly fall was 14.7% in 2024. 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$21.79 million a year. A straight line explains 86% 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 23rd highest value of the 44 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

• Suriname — 20th of 44: US$875.8 million
• Papua New Guinea — 21st of 44: US$507.43 million
• Sierra Leone — 22nd of 44: US$485.04 million
• Barbados — 24th of 44: US$376.05 million
• Macao SAR, China — 25th of 44: US$319.9 million
• Lesotho — 26th of 44: US$288.57 million

What this measures

Manufacturing includes industries classified in ISIC (Rev. 3) major division C and is defined as the physical or chemical transformation of materials or components into new products. 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: In establishing classifications systems compilers must define both the types of activities to be described and the units whose activities are to be reported. There are many possibilities, and the choices affect how the statistics can be interpreted and how useful they are in analyzing economic behavior. The ISIC emphasizes commonalities in the production process and is explicitly not intended to measure outputs (for which there is a newly developed Central Product Classification). Nevertheless, the ISIC views an activity as defined by "a process resulting in a homogeneous set of products."

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

All 27 values

Manufacturing, value added (current US$) in nearby economies

• Albania — US$1.84 billion (2025)
• Andorra — US$126.39 million (2024)
• Armenia — US$3.21 billion (2025)
• Austria — US$88.24 billion (2025)
• Azerbaijan — US$4.54 billion (2025)
• Belarus — US$19.15 billion (2025)
• Belgium — US$81.04 billion (2025)
• Bosnia and Herzegovina — US$3.92 billion (2025)
• Croatia — US$10.66 billion (2025)
• Cyprus — US$1.81 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

• 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 manufacturing, value added (current US$)?

US$383.5 million in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 243.69% from US$111.58 million in 1998 (4.86% a year on average, compounded). The highest value was US$449.48 million in 2023 and the lowest US$111.58 million in 1998.

How does Faroe Islands rank?

23rd highest of 44 economies with data for 2024.

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

In 2024, Faroe Islands' manufacturing, value added (current US$) fell 14.7% on 2023 (from US$449.48 million to US$383.5 million). Across the 25 yearly changes before that (1999 to 2023), the average change was +6.2% and a typical year strayed about 10.4% from that (the standard deviation). This year's change was 2.0 standard deviations below that average, so it was unusually large compared with the rest of the record.

Source

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

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.