Faroe Islands: Imports of goods and services as percent of GDP
For that indicator, we provide data for the Faroe Islands from 1998 to 2015. The average value for the Faroe Islands during that period was 52.24 percent with a minimum of 41.8 percent in 1998 and a maximum of 62.62 percent in 2012.
The latest value from 2015 is 50.39 percent. For comparison, the world average in 2015 based on 177
countries is 48.69 percent.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
The imports of the Faroe Islands and other countries are calculated as the total amount of goods and services produced abroad and sold at home. Imports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.
If imports are about 15 percent or less of GDP the economy is considered relatively closed. That, for example, applies to the U.S. In contrast, many small European countries import over 40 percent of the products they consume. They are considered more open to international trade.
Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.