Faroe Islands: Value added in the agricultural sector as percent of GDP
For that indicator, The World Bank provides data for the Faroe Islands from 1998 to 2017. The average value for the Faroe Islands during that period was 14.83 percent with a minimum of 9.74 percent in 2008 and a maximum of 20.97 percent in 2016.
The latest value from 2017 is 19.28 percent. For comparison, the world average in 2017 based on 173
countries is 11.00 percent.
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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 corresponds to ISIC divisions 1-5 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 3 or 4.