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Economy · Europe & Central Asia · High income
Faroe Islands: the economy in numbers
GDP is $4.1bn (2024), 175th of 211 in the world and 55th of 57 in Europe & Central Asia. GDP per capita is $74,175 (2024), 16th of 211 in the world and 11th of 57 in Europe & Central Asia. GDP per capita, PPP is $82,089 (2024), 16th of 199 in the world and 8th of 53 in Europe & Central Asia.
GDP
Faroe Islands
GDP per capita
Faroe IslandsEurope & Central AsiaHigh incomeWorld
13 indicators
Economy: Faroe Islands in detail
Latest reported value, world rank and rank within Europe & Central Asia; values around 2000, 2010, 2020; group and world columns are World Bank aggregates.
| Indicator | Latest | World rank | In region | ~2000 | ~2010 | ~2020 | 10-year change | Region | Income group | World | Since 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GDPGDP, current US$ | $4.1bn2024 | 175/211 | 55/57 | $1.1bn | $2.3bn | $3.3bn | +39%since 2014 | $32.3tn | $76.9tn | $118tn | |
| GDP per capitaGDP per capita, current US$ | $74,1752024 | 16/211 | 11/57 | $23,323 | $47,924 | $62,248 | +23%since 2014 | $34,603 | $53,997 | $14,406 | |
| GDP per capita, PPPGDP per capita, PPP (current international $) | $82,0892024 | 16/199 | 8/53 | · | $39,767 | $61,656 | +54%since 2014 | $54,129 | $69,953 | $25,704 | |
| GNI per capitaGNI per capita, Atlas method, US$ | $73,1202024 | 13/201 | 8/53 | · | $49,050 | $64,210 | +21%since 2014 | $32,822 | $52,957 | $14,244 | |
| GDP growthGDP growth, annual % | 0.8%2024 | 178/210 | 44/56 | · | -0.4% | -1.6% | −4.6 ppsince 2014 | 1.7% | 1.9% | 2.9% | |
| GDP per capita growthGDP per capita growth, annual % | 0.4%2024 | 167/210 | 45/56 | · | -0.1% | -3.1% | −4.6 ppsince 2014 | 1.3% | 1.5% | 2.0% | |
| Agriculture shareAgriculture, forestry and fishing, % of GDP | 16.1%2024 | 51/198 | 4/56 | 18.0% | 14.8% | 13.7% | +1.1 ppsince 2014 | 2.0% | 1.3% | 4.0% | |
| Industry shareIndustry incl. construction, % of GDP | 18.3%2024 | 137/201 | 43/57 | 17.8% | 14.2% | 21.0% | +2.6 ppsince 2014 | 22.7% | 21.3% | 25.0% | |
| Manufacturing shareManufacturing, value added, % of GDP | 9.5%2024 | 106/194 | 38/54 | 10.5% | 8.2% | 10.8% | +0.4 ppsince 2014 | 13.5% | 12.0% | 14.9% | |
| Services shareServices, % of GDP | 53.8%2024 | 129/201 | 49/57 | 50.8% | 58.2% | 53.5% | −4.2 ppsince 2014 | 65.5% | 69.1% | 63.3% | |
| InvestmentGross capital formation, % of GDP | 28.2%2024 | 42/175 | 9/51 | 30.8% | 19.5% | 28.3% | +6.4 ppsince 2014 | 22.9% | 22.6% | 26.3% | |
| SavingsGross savings, % of GDP | 28.8%2011 | — | — | 40.5% | 23.3% | · | −10.5 ppsince 2001 | 24.6% | 23.2% | 26.0% | |
| Resource rentsNatural resources rents, % of GDP | 0.0%2021 | 193/209 | 52/56 | 0.0% | 0.0% | 0.0% | ±0.0 ppsince 2011 | 2.2% | 2.5% | 3.1% |
Source: World Bank, World Development Indicators (CC BY 4.0)“·” — no value reported within two years of that date. World rank counts countries with a recent value.
Better than ten years ago
- GDP+39%$4.1bn in 2024
- GDP per capita+23%$74,175 in 2024
- GDP per capita, PPP+54%$82,089 in 2024
- GNI per capita+21%$73,120 in 2024
Worse than ten years ago
- GDP growth−4.6 pp0.8% in 2024
- GDP per capita growth−4.6 pp0.4% in 2024
Only indicators where higher or lower is clearly better are rated (for example, unemployment down is better, life expectancy up is better).
neighbours
Faroe Islands and its neighbours
Countries sharing a land border with Faroe Islands. Latest values since 2005; the highest in each row is marked.
| Indicator | Faroe Islands | Iceland |
|---|---|---|
| GDP | $4.1bn2024 | $38.6bn2025 |
| GDP per capita | $74,1752024 | $98,3232025 |
| GDP per capita, PPP | $82,0892024 | $83,4312025 |
| GNI per capita | $73,1202024 | $89,2202025 |
| GDP growth | 0.8%2024 | 1.3%2025 |
| GDP per capita growth | 0.4%2024 | -0.2%2025 |
| Agriculture share | 16.1%2024 | 3.7%2025 |
| Industry share | 18.3%2024 | 20.1%2025 |
| Manufacturing share | 9.5%2024 | 8.5%2025 |