Faroe Islands's net primary income (net income from abroad) (current LCU) was 472.4 million in 2024, the latest year in the World Bank's World Development Indicators. That is down 19.77% from 588.8 million in 2014 (2.18% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 472.4 million | 2024 |
| Five years earlier | 624.2 million | 2019 |
| Ten years earlier | 588.8 million | 2014 |
| Highest | 824.9 million | 2013 |
| Lowest | -278.1 million | 2009 |
| Average since 2015 | 563.3 million | 2015–2024 |
| First recorded | 229.5 million |
What the numbers say
In 2024, Faroe Islands' net primary income (net income from abroad) (current LCU) rose 278.5 million on 2023 (from 193.9 million to 472.4 million).
Across the 25 yearly changes before that (1999 to 2023), the average change was −1.42 million and a typical year strayed about 223.47 million from that (the standard deviation). This year's change was 1.3 standard deviations above 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 555.9 million in 2011 and the biggest yearly fall was 438.3 million in 2023. 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 there is no clear straight-line trend: a straight line explains 11% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
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 39 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
- Kuwait — 7th of 39: 10.15 billion
- Belgium — 8th of 39: 10.13 billion
- Afghanistan — 9th of 39: 5.41 billion
- Bermuda — 11th of 39: 294.75 million
- Timor-Leste — 12th of 39: 261.68 million
- Curaçao — 13th of 39: 114.82 million
What this measures
Net primary income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
All 27 values
| Year | Net primary income (net income from abroad) (current LCU) |
|---|---|
| 2024 | 472,400,000 |
| 2023 | 193,900,000 |
| 2022 | 632,200,000 |
| 2021 | 799,600,000 |
| 2020 | 514,800,000 |
| 2019 | 624,200,000 |
| 2018 | 574,700,000 |
| 2017 | 661,400,000 |
| 2016 | 691,100,000 |
| 2015 | 468,700,000 |
Net primary income (net income from abroad) (current LCU) in nearby economies
- Albania — -5.05 billion (2025)
- Armenia — -336.98 billion (2025)
- Austria — -953.6 million (2024)
- Azerbaijan — -3.38 billion (2025)
- Belarus — -3.39 billion (2025)
- Belgium — 10.13 billion (2024)
- Bosnia and Herzegovina — 324,300 (2025)
- Bulgaria — -5.95 billion (2025)
- Croatia — -980.39 million (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
Questions people ask
- What is Faroe Islands's net primary income (net income from abroad) (current LCU)?
- 472.4 million in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
- It is up 105.84% from 229.5 million in 1998 (2.82% a year on average, compounded). The highest value was 824.9 million in 2013 and the lowest -278.1 million in 2009.
- How does Faroe Islands rank?
- 11th highest of 39 economies with data for 2024.
- Is the latest change in net primary income (net income from abroad) (current LCU) unusual for Faroe Islands?
- In 2024, Faroe Islands' net primary income (net income from abroad) (current LCU) rose 278.5 million on 2023 (from 193.9 million to 472.4 million). Across the 25 yearly changes before that (1999 to 2023), the average change was −1.42 million and a typical year strayed about 223.47 million from that (the standard deviation). This year's change was 1.3 standard deviations above 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 NY.GSR.NFCY.CN, 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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