Faroe Islands: Share of services

The latest value from 2024 is 53.83 percent, an increase from 51.64 percent in 2023. In comparison, the world average is 56.43 percent, based on data from 181 countries. Historically, the average for the Faroe Islands from 1998 to 2024 is 55.25 percent. The minimum value, 50.77 percent, was reached in 2001 while the maximum of 61.39 percent was recorded in 2012. See the global rankings for that indicator or use the country comparator to compare trends over time.

The importance of services in the economy of the Faroe Islands and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.

Definition: Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.