Faroe Islands's net primary income (net income from abroad) (current US$) was US$68.52 million in 2024, the latest year in the World Bank's World Development Indicators. That is down 34.69% from US$104.91 million in 2014 (4.17% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | US$68.52 million | 2024 |
| Five years earlier | US$93.59 million | 2019 |
| Ten years earlier | US$104.91 million | 2014 |
| Highest | US$146.88 million | 2013 |
| Lowest | −US$51.88 million | 2009 |
| Average since 2015 | US$84.9 million | 2015–2024 |
| First recorded | US$34.25 million |
What the numbers say
In 2024, Faroe Islands' net primary income (net income from abroad) (current US$) rose US$40.38 million on 2023 (from US$28.14 million to US$68.52 million).
Across the 25 yearly changes before that (1999 to 2023), the average change was −US$244,242 and a typical year strayed about US$39.93 million from that (the standard deviation). This year's change was 1.0 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 US$104.98 million in 2011 and the biggest yearly fall was US$67.31 million 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 there is no clear straight-line trend: a straight line explains 12% 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 13th 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
- New Caledonia — 9th of 39: US$275.91 million
- Timor-Leste — 10th of 39: US$261.68 million
- Afghanistan — 11th of 39: US$76.25 million
- Curaçao — 13th of 39: US$64.14 million
- Tuvalu — 14th of 39: US$21.86 million
- Turks and Caicos Islands — 15th of 39: −US$23.5 million
What this measures
Net primary income includes the net labor income and net property and entrepreneurial income components of the SNA. Labor income covers compensation of employees paid to nonresident workers. Property and entrepreneurial income covers investment income from the ownership of foreign financial claims (interest, dividends, rent, etc.) and nonfinancial property income (patents, copyrights, etc.). This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.
All 27 values
| Year | Net primary income (net income from abroad) (current US$) |
|---|---|
| 2024 | 68,518,569 |
| 2023 | 28,143,450 |
| 2022 | 89,342,345 |
| 2021 | 127,180,789 |
| 2020 | 78,689,703 |
| 2019 | 93,590,968 |
| 2018 | 91,011,033 |
| 2017 | 100,168,214 |
| 2016 | 102,663,243 |
| 2015 | 69,665,053 |
Net primary income (net income from abroad) (current US$) in nearby economies
- Albania — −US$58.23 million (2025)
- Armenia — −US$870.74 million (2025)
- Austria — −US$1.03 billion (2024)
- Azerbaijan — −US$1.99 billion (2025)
- Belarus — −US$1.1 billion (2025)
- Belgium — US$10.96 billion (2024)
- Bosnia and Herzegovina — US$186,950 (2025)
- Bulgaria — −US$6.7 billion (2025)
- Croatia — −US$1.11 billion (2025)
More economic policy & debt data for Faroe Islands
- Exports of goods and services (current LCU) — 15.24 billion (2024)
- Exports of goods and services (% of GDP) — 54.56% (2024)
- Imports of goods and services (current LCU) — 14.31 billion (2024)
- Imports of goods and services (% of GDP) — 51.2% (2024)
- External balance on goods and services (current LCU) — 938.8 million (2024)
- External balance on goods and services (% of GDP) — 3.36% (2024)
- Trade (% of GDP) — 105.75% (2024)
- GDP (current LCU) — 27.94 billion (2024)
- GDP per capita (current LCU) — 511,400 (2024)
- Exports of goods and services (current US$)
Reading data like this
Questions people ask
- What is Faroe Islands's net primary income (net income from abroad) (current US$)?
- US$68.52 million in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
- It is up 100.06% from US$34.25 million in 1998 (2.7% a year on average, compounded). The highest value was US$146.88 million in 2013 and the lowest −US$51.88 million in 2009.
- How does Faroe Islands rank?
- 13th highest of 39 economies with data for 2024.
- Is the latest change in net primary income (net income from abroad) (current US$) unusual for Faroe Islands?
- In 2024, Faroe Islands' net primary income (net income from abroad) (current US$) rose US$40.38 million on 2023 (from US$28.14 million to US$68.52 million). Across the 25 yearly changes before that (1999 to 2023), the average change was −US$244,242 and a typical year strayed about US$39.93 million from that (the standard deviation). This year's change was 1.0 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.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.
Legal entity
Devansh Yadav
Moradabad, Uttar Pradesh
Governing law: Courts at Moradabad, Uttar Pradesh
Phone: +91 8433475698
Legal: legal@analyzeit.in