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Faroe Islands GDP Annual Growth Rate

Faroe Islands' GDP annual growth rate fell to 2.49% in 2023, down from 3.56% in 2022, according to World Bank. This represents a decrease of 1.07% from the previous year. Faroe Islands has GDP annual growth rate lower than the global median (2.49% vs median 3.24%). Compared with the median in Europe, Faroe Islands is higher (2.49% vs regional median 2.10%) and ranks 21st out of 47 countries in Europe.

Faroe Islands' real GDP rose to $3.2 billion in 2023, up from $3.12 billion in 2022.

Yearly Historical Data (2009-2023)

(in %)
Year GDP Annual Growth Rate (%)
2023 2.49%
2022 3.56%
2021 5.5%
2020 -1.64%
2019 4.54%
2018 2.76%
2017 3.51%
2016 1.39%
2015 0.96%
2014 5.43%
2013 5.86%
2012 7.08%
2011 3.57%
2010 -0.38%
2009 -4.55%
Faroe Islands GDP Annual Growth Rate : Definition
GDP Annual Growth Rate measures the yearly percentage change in Faroe Islands' total economic output.
Indicator Last Value Prior Value Period
GDP $3.91B $3.57B 2023
GDP per Capita $58,711.47 $57,829.49 2023
GDP per Capita PPP $70,428.96 $69,370.95 2023
Real GDP $3.2B $3.12B 2023