Faroe Islands Household Consumption to GDP
Household final consumption expenditure as a share of GDP.
Household Consumption to GDP in Faroe Islands increased to 40.61 percent of GDP in 2024 from 40.60 percent of GDP in 2023.
Faroe Islands Household Consumption to GDP — History
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Faroe Islands Household Consumption to GDP — analysis in simple words
Latest reading
Household Consumption to GDP in Faroe Islands increased to 40.61 percent of GDP in 2024 from 40.60 percent of GDP in 2023.
Over the last three years it rose once and fell twice.
Recent trend
A year earlier (2023) it was 40.6%, so the latest figure is 0.0 percentage points higher.
Over the past five years the average was 41.6%, with a range from 40.6% to 43.6%. The latest value is below that five-year average.
Historical context
This data series starts in 1998 and has 27 annual observations. The latest reading is higher than 4% of all of them.
The highest value on record is 64.6% (2005) and the lowest is 40.6% (2023). The long-run average is 49.7%.
Compared with other countries
Among 178 economies with recent data, Faroe Islands ranks 165th from the top. The median across all these economies is 63.1%, so Faroe Islands is below the typical country.
Within Europe & Central Asia (51 economies with data) it ranks 47th; the regional median is 55.6%.
Statistics
- Latest
- 40.6%2024
- Previous
- 40.6%
- 5-year average
- 41.6%
- Long-run average
- 49.7%since 1998
- All-time high
- 64.6%2005
- All-time low
- 40.6%2023
- Observations
- 27Annual
Recent Data
| Period | Value | Change |
|---|---|---|
| 2024 | 40.6% | ▲ +0.0 pp |
| 2023 | 40.6% | ▼ −0.2 pp |
| 2022 | 40.8% | ▼ −1.3 pp |
| 2021 | 42.2% | ▼ −1.4 pp |
| 2020 | 43.6% | ▲ +1.7 pp |
| 2019 | 41.9% | ▼ −1.3 pp |
| 2018 | 43.1% | ▼ −0.4 pp |
| 2017 | 43.5% | ▼ −2.2 pp |
| 2016 | 45.7% | ▼ −1.3 pp |
| 2015 | 47.0% | ▼ −1.7 pp |
| 2014 | 48.7% | ▼ −2.5 pp |
| 2013 | 51.2% | ▼ −2.8 pp |
| 2012 | 54.0% | ▲ +1.9 pp |
| 2011 | 52.1% | ▲ +0.8 pp |
| 2010 | 51.3% | ▼ −7.2 pp |
| 2009 | 58.5% | ▲ +4.5 pp |
| 2008 | 54.0% | ▼ −0.9 pp |
| 2007 | 54.9% | ▼ −2.6 pp |
| 2006 | 57.4% | ▼ −7.1 pp |
| 2005 | 64.6% | ▲ +8.2 pp |
| 2004 | 56.4% | ▲ +2.0 pp |
| 2003 | 54.4% | ▲ +3.8 pp |
| 2002 | 50.6% | ▲ +0.4 pp |
| 2001 | 50.1% | ▼ −1.3 pp |
| 2000 | 51.4% | ▼ −2.0 pp |
| 1999 | 53.4% | ▲ +2.4 pp |
| 1998 | 51.0% |
Household Consumption to GDP — Faroe Islands vs Peers
Latest available reading for each economy (periods may differ). Faroe Islands highlighted.
More Faroe Islands indicators
Understanding Household Consumption to GDP — a simple guide
What it measures
Household final consumption expenditure as a share of GDP.
How it is calculated
Household spending on goods and services ÷ GDP × 100.
A ratio of 60% means households account for 60% of total demand.
Consumption-led economies depend on household income and confidence.
A low share usually means investment or exports drive the economy.
Why it matters for the economy and markets
Consumption is the largest component of demand in most economies.
How to read it
Economies with high consumption shares are more sensitive to household income, credit and confidence.
Data source
World Bank — World Development Indicators (series NE.CON.PRVT.ZS), annual data from 1998 to 2024. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current household consumption to gdp of Faroe Islands?
What is the highest and lowest household consumption to gdp of Faroe Islands?
What does household consumption to gdp measure?
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.