Faroe Islands: Value added in the services 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 55.46 percent with a minimum of 50.72 percent in 1998 and a maximum of 60.67 percent in 2009.
The latest value from 2017 is 52.64 percent. For comparison, the world average in 2017 based on 176
countries is 55.14 percent.
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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 correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. 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 industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.