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Faroe Islands GDP

Faroe Islands' GDP rose to $3.91 billion in 2023, up from $3.57 billion in 2022, according to World Bank. This represents an increase of 9.6% ($340.63 million) from the previous year. Faroe Islands has GDP lower than the global median ($3.91 billion vs median $35.85 billion). Compared with the median in Europe, Faroe Islands is lower ($3.91 billion vs regional median $126.99 billion) and ranks 47th out of 48 countries in Europe.

Faroe Islands' GDP per capita rose to $58,711.47 in 2023, up from $57,829.49 in 2022.

Yearly Historical Data (1965-2023)

(in Billion USD)
Year GDP (Billion USD)
2023 3.91
2022 3.57
2021 3.66
2020 3.27
2019 3.27
2018 3.19
2017 2.98
2016 2.81
2015 2.57
2014 2.91
2013 2.69
2012 2.43
2011 2.51
2010 2.33
2009 2.3
2008 2.49
2007 2.34
2006 2.02
2005 1.76
2004 1.72
2003 1.5
2002 1.28
2001 1.16
2000 1.07
1999 1.13
1998 1.1
1997 0.93
1996 0.99
1995 0.9
1994 0.76
1993 0.76
1992 0.91
1991 0.91
1990 0.96
1989 0.87
1988 0.97
1987 0.89
1986 0.69
1985 0.46
1984 0.43
1983 0.49
1982 0.44
1981 0.46
1980 0.49
1979 0.45
1978 0.4
1977 0.35
1976 0.27
1975 0.23
1974 0.2
1973 0.16
1972 0.12
1971 0.1
1970 0.08
1969 0.07
1968 0.07
1967 0.07
1966 0.06
1965 0.06
Faroe Islands GDP : Definition
GDP measures the total value of all goods and services produced in Faroe Islands, measured in current US dollars. It is also called Nominal GDP.
Indicator Last Value Prior Value Period
GDP Annual Growth Rate 2.49% 3.56% 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