Faroe Islands: Household consumption, percent of GDP

* indicates monthly or quarterly data series
 Faroe Islands

Household consumption as percent of GDP

 Latest value 41.35
 Year 2022
 Measure percent
 Data availability 1998 - 2022
 Average 50.47
 Min - Max 41.35 - 64.58
 Source The World Bank
The latest value from 2022 is 41.35 percent, a decline from 42.11 percent in 2021. In comparison, the world average is 63.39 percent, based on data from 154 countries. Historically, the average for the Faroe Islands from 1998 to 2022 is 50.47 percent. The minimum value, 41.35 percent, was reached in 2022 while the maximum of 64.58 percent was recorded in 2005. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Faroe Islands - Household consumption, percent of GDP - Recent values chart

Historical series
Faroe Islands - Household consumption, percent of GDP - historical chart - 1998-2022




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.

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 Related indicators Latest Reference Measure
 Capital investment, percent of GDP 31.39 2022 percent
 Capital investment, in dollars 1.12 2022 billion U.S. dollars
 Household consumption, percent of GDP 41.35 2022 percent
 Household consumption, in dollars 1.47 2022 billion U.S. dollars
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