Faroe Islands: Household consumption, percent of GDP
(measure: percent; Source: The World Bank)
* indicates monthly or quarterly data series
Faroe Islands: Household consumption as percent of GDP
For that indicator, The World Bank provides data for the Faroe Islands from 1998 to 2015. The average value for the Faroe Islands during that period was 53.07 percent with a minimum of 48.19 percent in 2014 and a maximum of 59.08 percent in 2005.
The latest value from 2015 is 49.06 percent. For comparison, the world average in 2015 based on 168
countries is 64.90 percent.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
Definition: Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country. This item also includes any statistical discrepancy in the use of resources relative to the supply of resources.