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

Key figures

What the numbers say

In 2024, Faroe Islands' services, value added (current US$) rose 7.1% on 2023 (from US$2.04 billion to US$2.18 billion).

Across the 25 yearly changes before that (1999 to 2023), the average change was +5.6% and a typical year strayed about 8.8% from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 25.1% in 2003 and the biggest yearly fall was 13.3% in 2015. 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$73.54 million a year. A straight line explains 93% 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 21st 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

• Tajikistan — 18th of 30: US$5.26 billion
• Curaçao — 19th of 30: US$2.57 billion
• Suriname — 20th of 30: US$2.25 billion
• Belize — 22nd of 30: US$2 billion
• Timor-Leste — 23rd of 30: US$1.34 billion
• Turks and Caicos Islands — 24th of 30: US$1.27 billion

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. 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.

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

All 27 values

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

• Albania — US$15.18 billion (2025)
• Andorra — US$3.5 billion (2025)
• Armenia — US$17.94 billion (2025)
• Austria — US$371.15 billion (2025)
• Azerbaijan — US$34.4 billion (2025)
• Belarus — US$46.68 billion (2025)
• Belgium — US$516.76 billion (2025)
• Bosnia and Herzegovina — US$18.81 billion (2025)
• Bulgaria — US$82.8 billion (2025)
• Croatia — US$64.01 billion (2025)
• Cyprus

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 services, value added (current US$)?

US$2.18 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 283.86% from US$568.32 million in 1998 (5.31% a year on average, compounded). The highest value was US$2.18 billion in 2024 and the lowest US$542.4 million in 2000.

How does Faroe Islands rank?

21st highest of 30 economies with data for 2024.

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

In 2024, Faroe Islands' services, value added (current US$) rose 7.1% on 2023 (from US$2.04 billion to US$2.18 billion). Across the 25 yearly changes before that (1999 to 2023), the average change was +5.6% and a typical year strayed about 8.8% from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NV.SRV.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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