Faroe Islands — GDP
GDP (Nominal) for Faroe Islands, 1965–2024.
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%. Within Europe & Central Asia it ranks 55 of 57 economies; Greenland (3.33 billion) is just below it. Its sharpest one-year move was up 50% in 1986. That is 23% above this series' own ten-year average.
Data highlights
From its 1965 level: doubled by 1972; grown tenfold by 1986. Doubling roughly every 9.6 years at that pace.
World ranking. Slipped: 115th of 121 in 1965 → 127th of 146 in 1970 → 134th of 163 in 1980 → 156th of 192 in 1990 → 166th of 204 in 2000 → 176th of 212 in 2010 → 170th of 210 in 2020 → 168th of 200 in 2024.
Key figures
Full history — 1965 to 2024
| Year | current US$ | Change |
|---|---|---|
| 2024 | 4,052,937,169.77 | +2.8% |
| 2023 | 3,943,131,022.23 | +9.1% |
| 2022 | 3,615,241,800.5 | -2.3% |
| 2021 | 3,699,551,717.11 | +13.1% |
| 2020 | 3,271,813,311.58 | +0.2% |
| 2019 | 3,266,432,734.23 | +2.4% |
| 2018 | 3,188,600,927.47 | +7.0% |
| 2017 | 2,980,057,377.88 | +5.9% |
| 2016 | 2,813,278,868.78 | +9.3% |
| 2015 | 2,573,905,971.05 | -11.7% |
| 2014 | 2,914,012,679.27 | +8.3% |
| 2013 | 2,690,110,520.93 | +10.8% |
| 2012 | 2,427,200,388.92 | -3.1% |
| 2011 | 2,505,740,669.27 | +7.5% |
| 2010 | 2,331,796,784.36 | +1.6% |
| 2009 | 2,296,065,170.06 | -7.8% |
| 2008 | 2,489,873,249.63 | +6.4% |
| 2007 | 2,339,015,313.3 | +15.9% |
| 2006 | 2,017,680,834.9 | +14.7% |
| 2005 | 1,759,739,599.23 | +2.0% |
| 2004 | 1,724,770,770.83 | +14.8% |
| 2003 | 1,501,941,580.89 | +17.8% |
| 2002 | 1,275,093,689.27 | +9.9% |
| 2001 | 1,160,268,212.07 | +8.7% |
| 2000 | 1,067,109,530.65 | -5.4% |
| 1999 | 1,127,684,827.36 | +2.1% |
| 1998 | 1,104,744,235.3 | +18.3% |
| 1997 | 933,763,083.4 | -5.6% |
| 1996 | 989,536,914.66 | +9.8% |
| 1995 | 901,404,709.83 | +18.8% |
| 1994 | 758,739,178.61 | -0.3% |
| 1993 | 760,957,189.76 | -16.6% |
| 1992 | 912,670,413.33 | +0.4% |
| 1991 | 909,253,214.83 | -5.4% |
| 1990 | 960,805,408.95 | +10.2% |
| 1989 | 871,935,350.38 | -10.0% |
| 1988 | 968,576,956.93 | +9.3% |
| 1987 | 886,508,622.33 | +28.7% |
| 1986 | 688,914,288.88 | +50.0% |
| 1985 | 459,307,281.2 | +7.8% |
| 1984 | 426,008,864.69 | -12.5% |
| 1983 | 486,605,127.7 | +9.6% |
| 1982 | 444,047,495.32 | -2.7% |
| 1981 | 456,244,919.01 | -7.5% |
| 1980 | 493,014,300.01 | +9.9% |
| 1979 | 448,568,492.66 | +12.8% |
| 1978 | 397,833,034.88 | +14.4% |
| 1977 | 347,798,304.64 | +28.6% |
| 1976 | 270,470,345.45 | +18.9% |
| 1975 | 227,404,436.01 | +15.6% |
| 1974 | 196,771,070.9 | +22.0% |
| 1973 | 161,236,465.82 | +35.1% |
| 1972 | 119,335,897.82 | +20.3% |
| 1971 | 99,219,082.85 | +16.8% |
| 1970 | 84,933,333.33 | +21.1% |
| 1969 | 70,106,666.67 | +7.5% |
| 1968 | 65,186,666.67 | -1.6% |
| 1967 | 66,225,403.56 | +2.8% |
| 1966 | 64,397,131.08 | +11.1% |
| 1965 | 57,954,522.42 | — |
Frequently asked questions
What was Faroe Islands’s GDP in 1966?
64,397,131.08 (1966). The full year-by-year table above lists every published year, most recent first.
Are Faroe Islands’s GDP figures nominal or inflation-adjusted?
They are exactly as the World Bank publishes them — current US$ — with no inflation restatement and no PPP conversion. Years the source does not report are omitted rather than interpolated.
Is Faroe Islands’s GDP growing or shrinking?
Between 1965 and 2024 the series was growing overall: +6893.3% in total — about 7.5% a year compounded.
Where does this data come from?
World Bank Open Data (CC BY-4.0), indicator NY.GDP.MKTP.CD. Values are reproduced as published; this page only computes summary statistics such as change, CAGR and extremes.
What are the most recent published figures?
The last five published years: 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. Earlier years are in the full-history table below.
Related data
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.