[ Nominal GDP Per Capita in USD ]
Year -
$4.05
Faroe Islands GDP Per Capita expanded from 1965 to 2024, increasing from $0.06 to $4.05 .The compound annual growth rate (CAGR) averaged 7.4% over the period. The economy recorded its peak level in 2024 and its lowest level in 1965. Growth volatility remained high. The maximum drawdown reached 21.65%, indicating the largest cyclical decline from peak levels. The country experienced 12 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP Per Capita | $ 4.05 dollars | $ 4.48 Int dollars |
| Growth (YoY) | 2.785% | 3.282% |
| Net Change vs Previous Year | $ 0.11 dollars | $ 0.14 Int dollars |
| % of World GDP Per Capita | 0.00% | 0.00% |
| Meaning | Nominal GDP Per Capita (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Dollar $ | Net Chg $ | % Chg | Int $ | 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 % |
From 1965 to 2024, Faroe Islands economy moved through multiple cyclical phases marked by alternating periods of rapid expansion and contraction.
The most remarkable growth occurred in 1986 with an increase of 49.99%, while the largest decline was in 1993 at -16.623%.