[ Nominal GDP in billions of USD ]
Year -
$4.05 billions
Faroe Islands GDP expanded from 1965 to 2024, increasing from $0.06 billion to $4.05 billion.The compound annual growth rate (CAGR) averaged 7.4% over the period. The economy recorded its peak level in 2024 and its lowest level in 1965. Growth volatility remained high. The maximum drawdown reached 21.65%, indicating the largest cyclical decline from peak levels. The country experienced 12 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP | $ 4.05 Billions | $ 4.48 Int Billions |
| Growth (YoY) | 2.785% | 3.282% |
| Net Change vs Previous Year | $ 0.11 Billion | $ 0.14 Int Billion |
| % of World GDP | 0.00% | 0.00% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | - | - | - | - | - | - |
| 1961 | - | - | - | - | - | - |
| 1962 | - | - | - | - | - | - |
| 1963 | - | - | - | - | - | - |
| 1964 | - | - | - | - | - | - |
| 1965 | 0.06 | - | - | - | - | - |
| 1966 | 0.06 | 0.01 | 11.117 % | - | - | - |
| 1967 | 0.07 | 0 | 2.839 % | - | - | - |
| 1968 | 0.07 | 0 | -1.568 % | - | - | - |
| 1969 | 0.07 | 0 | 7.548 % | - | - | - |
| 1970 | 0.08 | 0.01 | 21.149 % | - | - | - |
| 1971 | 0.1 | 0.01 | 16.82 % | - | - | - |
| 1972 | 0.12 | 0.02 | 20.275 % | - | - | - |
| 1973 | 0.16 | 0.04 | 35.111 % | - | - | - |
| 1974 | 0.2 | 0.04 | 22.039 % | - | - | - |
| 1975 | 0.23 | 0.03 | 15.568 % | - | - | - |
| 1976 | 0.27 | 0.04 | 18.938 % | - | - | - |
| 1977 | 0.35 | 0.08 | 28.59 % | - | - | - |
| 1978 | 0.4 | 0.05 | 14.386 % | - | - | - |
| 1979 | 0.45 | 0.05 | 12.753 % | - | - | - |
| 1980 | 0.49 | 0.04 | 9.908 % | - | - | - |
| 1981 | 0.46 | -0.04 | -7.458 % | - | - | - |
| 1982 | 0.44 | -0.01 | -2.673 % | - | - | - |
| 1983 | 0.49 | 0.04 | 9.584 % | - | - | - |
| 1984 | 0.43 | -0.06 | -12.453 % | - | - | - |
| 1985 | 0.46 | 0.03 | 7.816 % | - | - | - |
| 1986 | 0.69 | 0.23 | 49.99 % | - | - | - |
| 1987 | 0.89 | 0.2 | 28.682 % | - | - | - |
| 1988 | 0.97 | 0.08 | 9.257 % | - | - | - |
| 1989 | 0.87 | -0.1 | -9.978 % | - | - | - |
| 1990 | 0.96 | 0.09 | 10.192 % | - | - | - |
| 1991 | 0.91 | -0.05 | -5.366 % | - | - | - |
| 1992 | 0.91 | 0 | 0.376 % | - | - | - |
| 1993 | 0.76 | -0.15 | -16.623 % | - | - | - |
| 1994 | 0.76 | 0 | -0.291 % | - | - | - |
| 1995 | 0.9 | 0.14 | 18.803 % | - | - | - |
| 1996 | 0.99 | 0.09 | 9.777 % | - | - | - |
| 1997 | 0.93 | -0.06 | -5.636 % | - | - | - |
| 1998 | 1.1 | 0.17 | 18.311 % | - | - | - |
| 1999 | 1.13 | 0.02 | 2.077 % | - | - | - |
| 2000 | 1.07 | -0.06 | -5.372 % | - | - | - |
| 2001 | 1.16 | 0.09 | 8.73 % | - | - | - |
| 2002 | 1.28 | 0.11 | 9.896 % | - | - | - |
| 2003 | 1.5 | 0.23 | 17.791 % | - | - | - |
| 2004 | 1.72 | 0.22 | 14.836 % | - | - | - |
| 2005 | 1.76 | 0.03 | 2.027 % | - | - | - |
| 2006 | 2.02 | 0.26 | 14.658 % | - | - | - |
| 2007 | 2.34 | 0.32 | 15.926 % | - | - | - |
| 2008 | 2.49 | 0.15 | 6.45 % | 2 | - | - |
| 2009 | 2.3 | -0.19 | -7.784 % | 1.92 | -0.08 | -3.965 % |
| 2010 | 2.33 | 0.04 | 1.556 % | 1.93 | 0.02 | 0.831 % |
| 2011 | 2.51 | 0.17 | 7.46 % | 2.05 | 0.11 | 5.703 % |
| 2012 | 2.43 | -0.08 | -3.134 % | 2.23 | 0.19 | 9.076 % |
| 2013 | 2.69 | 0.26 | 10.832 % | 2.4 | 0.17 | 7.658 % |
| 2014 | 2.91 | 0.22 | 8.323 % | 2.58 | 0.17 | 7.268 % |
| 2015 | 2.57 | -0.34 | -11.671 % | 2.63 | 0.05 | 1.895 % |
| 2016 | 2.81 | 0.24 | 9.3 % | 2.69 | 0.06 | 2.35 % |
| 2017 | 2.98 | 0.17 | 5.928 % | 2.83 | 0.14 | 5.366 % |
| 2018 | 3.19 | 0.21 | 6.998 % | 3.01 | 0.17 | 6.16 % |
| 2019 | 3.27 | 0.08 | 2.441 % | 3.22 | 0.22 | 7.231 % |
| 2020 | 3.27 | 0.01 | 0.165 % | 3.24 | 0.02 | 0.559 % |
| 2021 | 3.7 | 0.43 | 13.073 % | 3.65 | 0.41 | 12.534 % |
| 2022 | 3.62 | -0.08 | -2.279 % | 4.06 | 0.41 | 11.266 % |
| 2023 | 3.94 | 0.33 | 9.07 % | 4.34 | 0.28 | 6.871 % |
| 2024 | 4.05 | 0.11 | 2.785 % | 4.48 | 0.14 | 3.282 % |
Between 1965 to 2024, Faroe Islands experienced the following economic phases:
The most remarkable growth occurred in 1986 with an increase of 49.99%, while the largest decline was in 1993 at -16.623%.