Faroe Islands: Fiscal balance, percent of GDP
* indicates monthly or quarterly data series
| Faroe Islands |
Fiscal balance, percent of GDP |
|---|---|
| Latest value | 1.09 |
| Year | 2022 |
| Measure | percent |
| Data availability | 1998 - 2022 |
| Average | 2.41 |
| Min - Max | -4.87 - 23.51 |
| Source | Statistics Faroe Islands |
The latest value from 2022 is 1.09 percent, an increase from 0.18 percent in 2021. In comparison, the world average is -2.50 percent, based on data from 164 countries. Historically, the average for the Faroe Islands from 1998 to 2022 is 2.41 percent. The minimum value, -4.87 percent, was reached in 2009 while the maximum of 23.51 percent was recorded in 1998.
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Definition: The fiscal (budget) balance is the difference between government revenue and government expenditure. We express the value as percent of GDP to relate it to the size of the economy.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 27.38 | 2022 | percent |
| Government spending, in dollars | 1.07 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | 1.09 | 2022 | percent |