Faroe Islands: Share of industry

The latest value from 2023 is 19.67 percent, an increase from 17.95 percent in 2022. In comparison, the world average is 26.27 percent, based on data from 168 countries. Historically, the average for the Faroe Islands from 1998 to 2023 is 17.28 percent. The minimum value, 13.81 percent, was reached in 2013 while the maximum of 20.99 percent was recorded in 2020. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The importance of industry in the economy of the Faroe Islands and other countries is measured as the value added of the industrial sector as percent of GDP. Industry includes mining, manufacturing, construction, electricity, water, and gas.

Definition: Industry (including construction) corresponds to ISIC divisions 05-43 and includes manufacturing (ISIC divisions 10-33). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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.