Faroe Islands: GDP share of agriculture

The latest value from 2023 is 18.2 percent, a decline from 18.91 percent in 2022. In comparison, the world average is 9.91 percent, based on data from 166 countries. Historically, the average for the Faroe Islands from 1998 to 2023 is 14.98 percent. The minimum value, 9.52 percent, was reached in 2008 while the maximum of 19.41 percent was recorded in 2016. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The importance of agriculture in the economy of the Faroe Islands and other countries is measured as the value added of the agricultural sector as percent of GDP. Agriculture includes forestry, hunting, and fishing, as well as the cultivation of crops and livestock production.

Definition: Agriculture, forestry, and fishing corresponds to ISIC divisions 1-3 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 4. Note: For VAB countries, gross value added at factor cost is used as the denominator.