Faroe Islands GDP
Gross Domestic Product in current US dollars NY.GDP.MKTP.CD
Faroe Islands's gdp was $4.1B in 2024, ranked 34th globally. This represents a 2.8% increase from 2023. Data from World Bank, covering 1965–2024.
Overview
Faroe Islands's gdp stood at $4.1B in 2024, a rise of +$109.8M from 2023. Faroe Islands ranked 34th globally.
Faroe Islands’ gross domestic product has expanded from a modest 57,954,522.42 in 1965 to an all‑time high of 4,052,937,169.77 in 2024, placing the territory 34th globally and situating it alongside peers such as Andorra (4,039,842,405.48) and Aruba (4,265,650,673.00). The 60‑year trajectory reflects a compound increase of roughly 6,900 percent, driven by diversification of its fisheries‑based economy, growth in tourism, and gradual development of renewable‑energy projects. While the peak coincides with a post‑COVID‑19 rebound that lifted export demand, the long‑term trend suggests resilience despite the sector’s exposure to volatile fish prices and climate‑related risks. Continued investment in high‑value processing and digital infrastructure could sustain the upward momentum, whereas adverse shifts in global commodity markets or environmental disruptions would likely temper future growth.
Data & projection
| Year | GDP | YoY change | Rank |
|---|---|---|---|
| 2024 | $4.1B | +$109.8M | #34 |
| 2023 | $3.9B | +$327.9M | #38 |
| 2022 | $3.6B | −$84.3M | #38 |
| 2021 | $3.7B | +$427.7M | #42 |
| 2020 | $3.3B | +$5.4M | #41 |
| 2019 | $3.3B | +$77.8M | #40 |
| 2018 | $3.2B | +$208.5M | #39 |
| 2017 | $3.0B | +$166.8M | #38 |
| 2016 | $2.8B | +$239.4M | #38 |
| 2015 | $2.6B | −$340.1M | #36 |
| 2014 | $2.9B | +$223.9M | #39 |
| 2013 | $2.7B | +$262.9M | #37 |
| 2012 | $2.4B | −$78.5M | #34 |
| 2011 | $2.5B | +$173.9M | #37 |
| 2010 | $2.3B | +$35.7M | #37 |
Analysis
Faroe Islands's gdp was $4.1B in 2024, a rise of +$109.8M from 2023.
Frequently Asked Questions
Faroe Islands's gdp was $4.1B in 2024. Ranked 34th globally. This represents a 2.8% increase from the previous year.
Faroe Islands's gdp peaked at $4.1B in 2024.
The lowest gdp in Faroe Islands was $58.0M in 1965.
Faroe Islands ranks 34th globally in gdp as of 2024.
The World Bank indicator code is NY.GDP.MKTP.CD. Data sourced from World Bank.
Faroe Islands's gdp was approximately 4.05 billion ($4.1B) in 2024.
The gdp of Faroe Islands in 2024 was $4.1B. This ranks 34th in the world.
Cite this page
@misc{historysaid_faroe-islands_gdp,
title = {Faroe Islands GDP},
url = {https://historysaid.com/faroe-islands/gdp/},
publisher = {HistorySaid},
year = {2026}
}