Faroe Islands: Value added by the manufacturing sector 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 6.13 percent with a minimum of 4.77 percent in 2016 and a maximum of 7.65 percent in 2001.
The latest value from 2017 is 5.91 percent. For comparison, the world average in 2017 based on 169
countries is 12.32 percent.
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use the country comparator to compare trends over time.
The importance of manufacturing in the economy of the Faroe Islands and other countries is measured as the value added of manufacturing as percent of GDP. Manufacturing is part of the industrial sector of the economy.
Definition: Manufacturing refers to industries belonging to ISIC divisions 15-37. 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. Note: For VAB countries, gross value added at factor cost is used as the denominator.