Faroe Islands GDP Growth
Annual percentage growth rate of GDP NY.GDP.MKTP.KD.ZG
Faroe Islands's gdp growth was 0.84% in 2024, ranked 169th globally. This represents a 73.3% decrease from 2023. Data from World Bank, covering 2009–2024.
Overview
Faroe Islands's gdp growth stood at 0.84% in 2024, a decline of +2.32pp from 2023. Faroe Islands ranked 169th globally.
Faroe Islands’ GDP growth has remained modest, registering 0.84 % in 2024, which places the territory at 169th globally. The post‑global‑financial‑crisis rebound peaked in 2012 with a 7.08 % expansion, but the subsequent downturn in 2009 saw the steepest decline of –4.55 %, marking the all‑time trough. Over the 16‑year span from 2009 to 2024, the average annual growth has hovered near zero, reflecting limited diversification beyond fisheries and a reliance on external demand. By comparison, Israel posted a slightly higher growth rate of 0.87 % in 2024, while Sweden’s 0.82 % underscores the narrow margin among peers with similar rankings. The persistence of low growth suggests that any acceleration will likely depend on expanding high‑value sectors such as renewable energy or tourism, as well as improving connectivity to larger markets, which could lift the trajectory beyond its current stagnation.
Data & projection
| Year | GDP Growth | YoY change | Rank |
|---|---|---|---|
| 2024 | 0.84% | −2.32pp | #169 |
| 2023 | 3.16% | −0.70pp | #99 |
| 2022 | 3.86% | −1.21pp | #119 |
| 2021 | 5.07% | +6.70pp | #108 |
| 2020 | -1.64% | −6.18pp | #59 |
| 2019 | 4.54% | +1.77pp | #60 |
| 2018 | 2.76% | −0.75pp | #122 |
| 2017 | 3.51% | +2.13pp | #97 |
| 2016 | 1.39% | +0.43pp | #161 |
| 2015 | 0.96% | −4.47pp | #165 |
| 2014 | 5.43% | −0.42pp | #48 |
| 2013 | 5.86% | −1.23pp | #39 |
| 2012 | 7.08% | +3.52pp | #35 |
| 2011 | 3.57% | +3.95pp | #110 |
| 2010 | -0.38% | +4.17pp | #187 |
Analysis
Faroe Islands's gdp growth was 0.84% in 2024, a decline of −2.32pp from 2023.
Frequently Asked Questions
Faroe Islands's gdp growth was 0.84% in 2024. Ranked 169th globally. This represents a 73.3% decrease from the previous year.
Faroe Islands's gdp growth peaked at 7.08% in 2012.
The lowest gdp growth in Faroe Islands was -4.55% in 2009.
Faroe Islands ranks 169th globally in gdp growth as of 2024.
The World Bank indicator code is NY.GDP.MKTP.KD.ZG. Data sourced from World Bank.
The gdp growth of Faroe Islands in 2024 was 0.84%. This ranks 169th in the world.
Cite this page
@misc{historysaid_faroe-islands_gdp-growth,
title = {Faroe Islands GDP Growth},
url = {https://historysaid.com/faroe-islands/gdp-growth/},
publisher = {HistorySaid},
year = {2026}
}