
Faroe Islands: Government spending, percent of GDP
* indicates monthly or quarterly data series
Faroe Islands |
Government spending as percent of GDP |
---|---|
Latest value | 27.38 |
Year | 2022 |
Measure | percent |
Data availability | 1998 - 2022 |
Average | 28.81 |
Min - Max | 25.17 - 33.48 |
Source | The World Bank |
The latest value from 2022 is 27.38 percent, a decline from 28.87 percent in 2021. In comparison, the world average is 16.41 percent, based on data from 155 countries. Historically, the average for the Faroe Islands from 1998 to 2022 is 28.81 percent. The minimum value, 25.17 percent, was reached in 1998 while the maximum of 33.48 percent was recorded in 2009.
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* indicates monthly or quarterly data series
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The government size of the Faroe Islands and other countries is calculated as the total government spending as percent of GDP.
Definition: General government final consumption expenditure (formerly general government consumption) includes all government current expenditures for purchases of goods and services (including compensation of employees). It also includes most expenditures on national defense and security, but excludes government military expenditures that are part of government capital formation.
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Government spending, percent of GDP | 27.38 | 2022 | percent |
Government spending, in dollars | 1.07 | 2023 | billion U.S. dollars |
Fiscal balance, percent of GDP | 1.09 | 2022 | percent |