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Faroe Islands — GDP growth
GDP Growth (Annual %) for Faroe Islands, 2009–2024.
Latest value · 2024
0.84%
GDP Growth (Annual %) · annual % · +118.5% since 2009
GDP growth for Faroe Islands was 0.84% in 2024, according to the latest World Bank data. The series covers 16 years, from 2009 to 2024. The highest recorded value was 7.08% in 2012. The lowest was -4.55% in 2009 (about -5.4× the latest value).
Faroe Islands ranks 178 of 212 economies on this measure (1 = highest), putting it in the top 84%. The median for Europe & Central Asia is 2.03%, so Faroe Islands sits below it. It peaked in 2012 and has fallen 88% since. Over the last decade (2014–2024) the figure moved down 84%.
Key figures
Latest (2024)
0.84%
First (2009)
-4.55%
Change
+118.5%
Highest
7.08%
in 2012
Lowest
-4.55%
in 2009
Average
2.59%
Annual growth (CAGR)
—
Years of data
16
Recent years
| Year | annual % |
|---|---|
| 2024 | 0.84% |
| 2023 | 3.16% |
| 2022 | 3.86% |
| 2021 | 5.07% |
| 2020 | -1.64% |
| 2019 | 4.54% |
| 2018 | 2.76% |
| 2017 | 3.51% |
| 2016 | 1.39% |
| 2015 | 0.96% |
| 2014 | 5.43% |
| 2013 | 5.86% |
Reading this correctly. Annual percentage growth rate of GDP at constant market prices. A negative value means the economy contracted that year. Figures are in annual %. Comparing this series with a different measure of the same concept (for example a nominal figure against a purchasing-power-parity figure) will give misleading results.
Related data
Source. World Bank Open Data, indicator
NY.GDP.MKTP.KD.ZG — GDP Growth (Annual %). Data licensed under CC BY 4.0. Values are reproduced as published; this page computes the summary statistics (change, CAGR, extremes) from the underlying annual series. View the original dataset on data.worldbank.org.