GDP (current US$) (UNESCO Institute) in Faroe Islands
Faroe Islands: GDP (current US$) (UNESCO Institute) was 3.91 billion current US$ in 2023. ◆ Volatile
Latest (2023)
3.91 billion current US$
Change on year
up 9.6%
World rank
174th
of 211 countries
All-time high
3.91 billion current US$
in 2023
All-time low
84.93 million current US$
in 1970
Years of data
54
1970–2023
GDP in Faroe Islands, 1970–2023
Source: UNESCO Institute for Statistics. Measured in current US$.
Analysis
The most recent figure for gdp in Faroe Islands is 3.91 billion current US$, measured in 2023. That is the highest value across all 54 years on record.
The figure is up 9.6% on the previous year and up 45.2% over ten years.
Over the whole period, gdp in Faroe Islands peaked at 3.91 billion current US$ in 2023 and was at its lowest, 84.93 million current US$, in 1970.
Faroe Islands ranks 174th of 211 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
GDP (current US$) (UNESCO Institute) in Faroe Islands, year by year
| Year | current US$ | Change |
|---|---|---|
| 1970 | 84.93 million current US$ | — |
| 1971 | 99.22 million current US$ | +16.8% |
| 1972 | 119.34 million current US$ | +20.3% |
| 1973 | 161.24 million current US$ | +35.1% |
| 1974 | 196.77 million current US$ | +22.0% |
| 1975 | 227.40 million current US$ | +15.6% |
| 1976 | 270.47 million current US$ | +18.9% |
| 1977 | 347.80 million current US$ | +28.6% |
| 1978 | 397.83 million current US$ | +14.4% |
| 1979 | 448.57 million current US$ | +12.8% |
| 1980 | 493.01 million current US$ | +9.9% |
| 1981 | 456.25 million current US$ | -7.5% |
| 1982 | 444.05 million current US$ | -2.7% |
| 1983 | 486.61 million current US$ | +9.6% |
| 1984 | 426.01 million current US$ | -12.5% |
| 1985 | 459.31 million current US$ | +7.8% |
| 1986 | 688.91 million current US$ | +50.0% |
| 1987 | 886.51 million current US$ | +28.7% |
| 1988 | 968.58 million current US$ | +9.3% |
| 1989 | 871.93 million current US$ | -10.0% |
| 1990 | 960.80 million current US$ | +10.2% |
| 1991 | 909.25 million current US$ | -5.4% |
| 1992 | 912.67 million current US$ | +0.4% |
| 1993 | 760.96 million current US$ | -16.6% |
| 1994 | 758.74 million current US$ | -0.3% |
| 1995 | 901.40 million current US$ | +18.8% |
| 1996 | 989.54 million current US$ | +9.8% |
| 1997 | 933.76 million current US$ | -5.6% |
| 1998 | 1.10 billion current US$ | +18.3% |
| 1999 | 1.13 billion current US$ | +2.1% |
| 2000 | 1.07 billion current US$ | -5.4% |
| 2001 | 1.16 billion current US$ | +8.7% |
| 2002 | 1.28 billion current US$ | +9.9% |
| 2003 | 1.50 billion current US$ | +17.8% |
| 2004 | 1.72 billion current US$ | +14.8% |
| 2005 | 1.76 billion current US$ | +2.0% |
| 2006 | 2.02 billion current US$ | +14.7% |
| 2007 | 2.34 billion current US$ | +15.9% |
| 2008 | 2.49 billion current US$ | +6.4% |
| 2009 | 2.30 billion current US$ | -7.8% |
| 2010 | 2.33 billion current US$ | +1.6% |
| 2011 | 2.51 billion current US$ | +7.5% |
| 2012 | 2.43 billion current US$ | -3.1% |
| 2013 | 2.69 billion current US$ | +10.8% |
| 2014 | 2.91 billion current US$ | +8.3% |
| 2015 | 2.57 billion current US$ | -11.7% |
| 2016 | 2.81 billion current US$ | +9.3% |
| 2017 | 2.98 billion current US$ | +5.9% |
| 2018 | 3.19 billion current US$ | +7.0% |
| 2019 | 3.27 billion current US$ | +2.4% |
| 2020 | 3.27 billion current US$ | +0.2% |
| 2021 | 3.66 billion current US$ | +12.0% |
| 2022 | 3.57 billion current US$ | -2.7% |
| 2023 | 3.91 billion current US$ | +9.6% |
Faroe Islands compared with similar countries
- Faroe Islands's 3.91 billion current US$ is below the median for high income countries, which is 92.86 billion current US$, 4% of the median. (82 countries reporting)
- Faroe Islands's 3.91 billion current US$ is below the median for Europe & Central Asia, which is 93.20 billion current US$, 4% of the median. (55 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 235.36 million current US$ | 84.93 million current US$ | 448.57 million current US$ | 10 |
| 1980s | 618.12 million current US$ | 426.01 million current US$ | 968.58 million current US$ | 10 |
| 1990s | 935.95 million current US$ | 758.74 million current US$ | 1.13 billion current US$ | 10 |
| 2000s | 1.76 billion current US$ | 1.07 billion current US$ | 2.49 billion current US$ | 10 |
| 2010s | 2.77 billion current US$ | 2.33 billion current US$ | 3.27 billion current US$ | 10 |
| 2020s | 3.60 billion current US$ | 3.27 billion current US$ | 3.91 billion current US$ | 4 |
Countries ranked near Faroe Islands
More population data for Faroe Islands
- Population regions with projections, annual growth rate -0.2397 % change on previous year (2100)
- Urban and rural population 2050, annual growth rate -1.07 % change on previous year (2050)
- Population long run with projections, annual growth rate -0.2397 % change on previous year (2100)
- Un population 2024 vs 2022, annual growth rate 0.1096 % change on previous year (2100)
- Projected population under age 5, annual growth rate -0.4747 % change on previous year (2100)
- Population growth rate -0.247 (2100)
- Population density 46.18 (2100)
- Projected population under age 5 2,935 (2100)
- Population growth rate by level of development -0.247 (2100)
- Urbanization vs gdp, annual growth rate 0.5838 % change on previous year (2025)
Frequently asked questions
- What is gdp in Faroe Islands?
- Gdp in Faroe Islands was 3.91 billion current US$ in 2023, according to UNESCO Institute for Statistics.
- What is the highest gdp recorded in Faroe Islands?
- The highest recorded value was 3.91 billion current US$ in 2023.
- What is the lowest gdp recorded in Faroe Islands?
- The lowest recorded value was 84.93 million current US$ in 1970.
- How does Faroe Islands rank for gdp?
- Faroe Islands ranks 174th out of 211 countries with data for 2023.
- Is gdp rising or falling in Faroe Islands?
- Over the last ten years it is up 45.2%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from UNESCO Institute for Statistics, published as part of GDP (current US$). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 54 observations, free to reuse under CC BY-SA 3.0 IGO (UNESCO Institute for Statistics).
About this data
February 2026 Data Release