Economy of Faroe IslandsPopulation: 0.05 M (2018)
GDP per Capita: 55,823 USD (2016)
GDP and Economic Growth
Government spending and balances
International Trade and Investment
|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)|
|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)|
|Forest Area||0.10 % (2016)|
|Forest Area km²||1 km² (2016)|
|Agricultural Land||2.15 % (2016)|
|Agricultural Land km²||30 km² (2016)|
|Value added % GDP||19.28 % (2017)|
|Agriculture Value added||USD 0.56 B. (2016)|
|Crop Production Index||104.10 (2016)|
|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).