Faroe Islands: Household consumption, in dollars

The latest value from 2024 is 1.65 billion U.S. dollars, an increase from 1.6 billion U.S. dollars in 2023. In comparison, the world average is 376.82 billion U.S. dollars, based on data from 163 countries. Historically, the average for the Faroe Islands from 1998 to 2024 is 1.18 billion U.S. dollars. The minimum value, 0.55 billion U.S. dollars, was reached in 2000 while the maximum of 1.65 billion U.S. dollars was recorded in 2024. 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. Data are in current U.S. dollars.