Faroe Islands: GDP per capita, PPP

The latest value from 2024 is 72114 U.S. dollars, an increase from 71828 U.S. dollars in 2023. In comparison, the world average is 27420 U.S. dollars, based on data from 186 countries. Historically, the average for the Faroe Islands from 2008 to 2024 is 62932 U.S. dollars. The minimum value, 51480 U.S. dollars, was reached in 2010 while the maximum of 72114 U.S. dollars was recorded in 2024. See the global rankings for that indicator or use the country comparator to compare trends over time.

GDP per capita in the Faroe Islands and other countries is calculated as the Gross Domestic Product (GDP) divided by the population.

We show the GDP per capita in Purchasing Power Parity (PPP) terms, i.e. we calculate the GDP per capita in different countries using U.S. prices. The PPP measure is useful to compare income across countries. It allows us to answer the following question: 'What can the average person in some country buy if they paid U.S. prices?'

Moreover, we use constant prices. Using the prices from only one year allows us to compare GDP per capita over time as the effect of inflation is eliminated. Otherwise, we are not sure if the increase in GDP is due to price increases or to a growth in production.

GDP per capita varies considerably across countries. In advanced economies, it exceeds 35,000 dollars per year. In some very poor countries, it is less than 1000 dollars per year.

Definition: GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. 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 2021 international dollars.