Faroe Islands: Share of industry

(measure: percent; Source: The World Bank)
* indicates monthly or quarterly data series

Faroe Islands: Value added by industry as percent of GDP

: For that indicator, we provide data for the Faroe Islands from 1998 to 2017. The average value for the Faroe Islands during that period was 16.77 percent with a minimum of 14.19 percent in 2010 and a maximum of 19.06 percent in 2002. The latest value from 2017 is 16.64 percent. For comparison, the world average in 2017 based on 178 countries is 25.82 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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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 corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). 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 3 or 4.
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