Faroe Islands Economy
Europe & Central Asia · High income · Capital: Torshavn
GDP Annual Growth Rate in Faroe Islands decreased to 0.84 percent in 2024 from 3.16 percent in 2023.
GDP Growth Rate
Real GDP, annual % change. Hatched bars are IMF projections.
Key Highlights
- Real GDP grew 0.8% in 2024 (previous year: 3.2%).
Main Indicators
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Annual Growth Rate | 0.8% | 3.2% | 2024 |
| Balance of Trade | $0.1B | $0.0B | 2024 |
| Current Account to GDP | 7.8% | 6.2% | 2011 |
| GDP | $4.1B | $3.9B | 2024 |
GDP
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP per Capita | $74,175 | $72,487 | 2024 |
| GDP per Capita PPP | $82,089 | $79,784 | 2024 |
| Gross National Income | $4.1B | $4.0B | 2024 |
| GDP from Agriculture | 16.1% | 17.8% | 2024 |
| GDP from Industry | 18.3% | 19.8% | 2024 |
| GDP from Manufacturing | 9.5% | 11.4% | 2024 |
| GDP from Services | 53.8% | 51.6% | 2024 |
| Household Consumption to GDP | 40.6% | 40.6% | 2024 |
Labour
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Population | 0.05M | 0.05M | 2025 |
Prices
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Deflator Growth | 2.0% | 2.9% | 2024 |
Trade
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Current Account | $0.2B | $0.1B | 2011 |
| Exports | $2.2B | $2.3B | 2024 |
| Imports | $2.1B | $2.2B | 2024 |
| Remittances | $0.16B | $0.15B | 2011 |
| Terms of Trade | 101.0 | 103.1 | 2024 |
Faroe Islands economy explained in simple words
Size of the economy
The economy of Faroe Islands produced goods and services worth $4.1B in 2024, making it the 177th largest of 214 economies with data.
With a population of about 0.1 million, GDP per person is $74,175. The World Bank classifies Faroe Islands as a “high income” economy.
Economic growth
Real GDP grew 0.8% in 2024, compared with world growth of 3.5% (IMF).
Over the last 10 years growth averaged 2.4% a year, ranging from -1.6% to 5.1%.
Trade and external position
The current account was 7.8% of GDP in 2011 — a surplus with the rest of the world.
Exports of goods and services were $2.2B and imports $2.1B.
Structure of the economy
By sector, value added is split roughly as: services 53.8%, industry 18.3%, agriculture 16.1% of GDP.
How to read this page
The four boxes at the top show the most-watched numbers: GDP growth (how fast the economy is expanding), inflation (how fast prices are rising), the central bank policy rate (the base cost of borrowing) and unemployment (the share of job-seekers without work). The small arrow shows the change from the previous reading.
The tabs group all available indicators by topic — GDP, labour, prices, money, trade, government and housing. Each row shows the latest value, the previous value, the period it refers to, a small trend line and the source. Click any indicator to open its full history, chart, statistics and comparison with other countries.
Monthly and quarterly figures come from national statistics offices and central banks — via the OECD, the Bank for International Settlements (BIS) and, for India, the Ministry of Statistics (MoSPI); annual figures come from the World Bank and the IMF. Different indicators are published at different times, so the periods shown can differ.
Frequently asked questions
What is the GDP growth rate of Faroe Islands?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.