Faroe Islands: GDP, constant dollars

(measure: billion U.S. dollars; Source: The World Bank)
* indicates monthly or quarterly data series

Faroe Islands: Gross Domestic Product, billions of 2010 U.S. dollars

: For that indicator, we provide data for the Faroe Islands from 2010 to 2010. The average value for the Faroe Islands during that period was 2.3 billion U.S. dollars with a minimum of 2.3 billion U.S. dollars in 2010 and a maximum of 2.3 billion U.S. dollars in 2010. The latest value from 2010 is 2.3 billion U.S. dollars. For comparison, the world average in 2010 based on 193 countries is 341073058776.8 billion U.S. dollars. See the global rankings for that indicator or use the country comparator to compare trends over time.
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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 2010 U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2010 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.
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