Faroe Islands's taxes less subsidies on products (current LCU) was 3.3 billion in 2024, the latest year in the World Bank's World Development Indicators. That is up 78.06% from 1.85 billion in 2014 (5.94% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 3.3 billion | 2024 |
| Five years earlier | 2.4 billion | 2019 |
| Ten years earlier | 1.85 billion | 2014 |
| Highest | 3.3 billion | 2024 |
| Lowest | 996.9 million | 1998 |
| Average since 2015 | 2.54 billion | 2015–2024 |
| First recorded | 996.9 million |
What the numbers say
In 2024, Faroe Islands' taxes less subsidies on products (current LCU) rose 12.7% on 2023 (from 2.93 billion to 3.3 billion).
Across the 25 yearly changes before that (1999 to 2023), the average change was +4.6% and a typical year strayed about 6.1% 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 16.7% in 2006 and the biggest yearly fall was 10.9% 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 the straight-line trend is upward, about 153.84 million a year. A straight line explains 96% 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 17th 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
- Trinidad and Tobago — 14th of 31: 9.34 billion
- Bhutan — 15th of 31: 7.44 billion
- Papua New Guinea — 16th of 31: 5.32 billion
- West Bank and Gaza — 18th of 31: 2.89 billion
- Bahamas, The — 19th of 31: 1.95 billion
- Curaçao — 20th of 31: 971.4 million
What this measures
Taxes less subsidies on products are taxes payable per unit of a good or service. 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 | Taxes less subsidies on products (current LCU) |
|---|---|
| 2024 | 3,299,300,000 |
| 2023 | 2,928,100,000 |
| 2022 | 3,028,800,000 |
| 2021 | 2,904,200,000 |
| 2020 | 2,529,500,000 |
| 2019 | 2,399,000,000 |
| 2018 | 2,256,900,000 |
| 2017 | 2,144,400,000 |
| 2016 | 2,037,800,000 |
| 2015 | 1,893,000,000 |
Taxes less subsidies on products (current LCU) in nearby economies
- Albania — 362.03 billion (2025)
- Andorra — 356.04 million (2025)
- Armenia — 1.2 trillion (2025)
- Austria — 54.92 billion (2025)
- Azerbaijan — 12.4 billion (2025)
- Belarus — 33.07 billion (2025)
- Belgium — 60.55 billion (2025)
- Bosnia and Herzegovina — 9.28 billion (2025)
- Bulgaria — 15.08 billion (2025)
- Croatia
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 taxes less subsidies on products (current LCU)?
- 3.3 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1998?
- It is up 230.96% from 996.9 million in 1998 (4.71% a year on average, compounded). The highest value was 3.3 billion in 2024 and the lowest 996.9 million in 1998.
- How does Faroe Islands rank?
- 17th highest of 31 economies with data for 2024.
- Is the latest change in taxes less subsidies on products (current LCU) unusual for Faroe Islands?
- In 2024, Faroe Islands' taxes less subsidies on products (current LCU) rose 12.7% on 2023 (from 2.93 billion to 3.3 billion). Across the 25 yearly changes before that (1999 to 2023), the average change was +4.6% and a typical year strayed about 6.1% 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.TAX.NIND.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); 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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