Faroe Islands — GDP
GDP (Nominal) for Faroe Islands, 1965–2024.
Latest value · 2024
4.05 billion
GDP (Nominal) · current US$ · +6893.3% since 1965
GDP for Faroe Islands was 4.05 billion in 2024, according to the latest World Bank data. The series covers 60 years, from 1965 to 2024. The latest year is also the highest value on record for this series. The lowest was 57.95 million in 1965 (about 69.9× the low point). Across that span the compound annual growth rate works out to 7.46% per year.
Faroe Islands ranks 176 of 212 economies on this measure (1 = highest), putting it in the top 83%. The median for Europe & Central Asia is 101.16 billion, so Faroe Islands sits below it. Over the last decade (2014–2024) the figure moved up 39%.
Key figures
Latest (2024)
4.05 billion
First (1965)
57.95 million
Change
+6893.3%
Highest
4.05 billion
in 2024
Lowest
57.95 million
in 1965
Average
1.37 billion
Annual growth (CAGR)
7.46%
Years of data
60
Recent years
| Year | current US$ |
|---|---|
| 2024 | 4,052,937,169.77 |
| 2023 | 3,943,131,022.23 |
| 2022 | 3,615,241,800.5 |
| 2021 | 3,699,551,717.11 |
| 2020 | 3,271,813,311.58 |
| 2019 | 3,266,432,734.23 |
| 2018 | 3,188,600,927.47 |
| 2017 | 2,980,057,377.88 |
| 2016 | 2,813,278,868.78 |
| 2015 | 2,573,905,971.05 |
| 2014 | 2,914,012,679.27 |
| 2013 | 2,690,110,520.93 |
Reading this correctly. Gross domestic product at current market prices, converted to US dollars at official exchange rates. This is the number usually meant by 'GDP'. Figures are in current US$. 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.CD — GDP (Nominal). 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.