Faroe Islands: GDP, constant dollars

The latest value from 2024 is 3.2 billion U.S. dollars, unchanged from 3.2 billion U.S. dollars in 2023. In comparison, the world average is 512.6 billion U.S. dollars, based on data from 187 countries. Historically, the average for the Faroe Islands from 2008 to 2024 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 2023. See the global rankings 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: Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.