Faroe Islands: GDP, constant dollars

The latest value from 2022 is 3.2 billion U.S. dollars, an increase from 3 billion U.S. dollars in 2021. In comparison, the world average is 476.6 billion U.S. dollars, based on data from 187 countries. Historically, the average for the Faroe Islands from 2008 to 2022 is 2.6 billion U.S. dollars. The minimum value, 2.1 billion U.S. dollars, was reached in 2009 while the maximum of 3.2 billion U.S. dollars was recorded in 2022. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The GDP of the Faroe Islands and other countries is a measure of the size of the economy. It is the total market value of all goods and services produced on the territory of a country during a period of time, for example, during one year. We show GDP in constant dollars. In other words, we present the production levels of different years but evaluated using the prices of only one year. The objective is to compare the level of production across years, holding constant any price changes.

Definition: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2015 prices, expressed in U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2015 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.