Economy of Faroe Islands
Population: 0.05 M (2018)
GDP per Capita: 55,823 USD (2016)
2,690 M.

GDP USD

(2016)

Display Chart
1,290 M.

EXPORTS USD

(2015)

Display Chart
1,270 M.

IMPORTS USD

(2015)

Display Chart
2015 %

PUBLIC DEBT

(2015)

Display Chart
Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth
GDP of 2010 USD USD 2.30 B. (2010)
GDP Current USD USD 2.69 B. (2016)
GDP per Capita Current USD USD 55,823 (2016)
GDP per capita, PPP Faroe Islands
GDP per Capita, 2010 USD USD 48,530 (2010)

Government spending and balances

Indicator Value
Government Spending % GDP 27.82 % (2017)
Government Spending USD 0.77 B. (2016)
Government Debt % GDP % ()

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 116.97 (2018)
Trade Openness 101.60 % (2015)
Exports of Goods and Services % GDP 51.21 % (2015)
Exports Goods & Services USD 1.29 B. (2015)
Exports Annual Growth Faroe Islands
Imports as % GDP 50.39 % (2015)
Total Imports USD 1.27 B. (2015)
Foreign Direct Investment % GDP
Foreign Direct Investment
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold
Remittances % GDP 5.89 % (2016)
Remittances 5.89 % (2016)
Balance of Payments 5.89 % (2016)

Labor Market

Indicator Value
Labor Force
Unemployment Rate
Unemployment Rate Females
Unemployment Rate Males
Youth Unemployment (ages 15-24)
Labor Force Participation Rate 5.89 % (2016)
Labor Force (Percent Female) 5.89 % (2016)
Female Labor Force Participation Rate 5.89 % (2016)
Male Labor Force Participation Rate 5.89 % (2016)
Dependent People

Agriculture Sector

Indicator Value
Forest Area 0.10 % (2016)
Forest Area km² 1 km² (2016)
Agricultural Land 2.15 % (2016)
Agricultural Land km² 30 km² (2016)
Employment
Value added % GDP 19.28 % (2017)
Agriculture Value added USD 0.56 B. (2016)
Crop Production Index 104.10 (2016)
Precipitation
Arable Land 2 % (2016)
Cereal Yield 2 % (2016)
Food production index 101 (2016)
Rural Population 58 % (2018)
Fertilizer use of Arable Land 101 (2016)
Livestock Production Index 100 (2016)
Economy of Faroe Islands

According to the World Bank and its latest published data, the economy of the Faroe Islands presents a growth rate of to the previous year.

With a population that reaches 0.05 M (2018) and a gross domestic product of USD 2.69 B. (2016), it translates a Gross Domestic Product per Capita of USD 55,823 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Faroe Islands also has a workforce of with an unemployment rate of , where women represent and men , the unemployment rate for young people between 15-24 years old stood at . The total number of dependent people stands at .

The central government spent 27.82 % (2017) of its gross domestic product that year, which in absolute terms is USD 0.77 B. (2016). Its consolidated public debt reached of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Faroe Islands exported USD 1.29 B. (2015), which represents 51.21 % (2015) of its gross domestic product, in that same sense its imports reached USD 1.27 B. (2015) with a direct foreign investment of .

Faroe Islands has a forest area of 1 km² (2016), which represents 0.10 % (2016) of its total area, an average rainfall of per year and a population of 58 % (2018) living in rural areas. With a total area of 30 km² (2016) available for agriculture and of its employments, the agricultural sector contributes to the economy of the Faroe Islands about USD 0.56 B. (2016) (19.28 % (2017) of its GDP).