Faroe Islands

Territory in Europe

In brief

GDP per person: $74,175 (2024). World rank 15 of 210 (1 = best); in Europe, 10 of 47. GDP per person at purchasing power parity: $82,089 (2024). World rank 16 of 199 (1 = best); in Europe, 8 of 44. Gross national income per person: $73,120 (2024). World rank 13 of 201 (1 = best); in Europe, 8 of 45. From 2014 to 2024: GDP $2.9B → $4.1B, GDP per person $60,173 → $74,175, and GDP per person at purchasing power parity $53,200 → $82,089.

Size and growth

GDP: $4.1B 2024
GDP per person: $74,175 2024
GDP per person at purchasing power parity: $82,089 2024
GDP growth per year: +0.8% 2024

Income and prices

Income level (World Bank): High income
Gross national income per person: $73,120 2024
Inflation: No data
Price level, USA = 100: 90 2024

Structure and jobs

Agriculture, share of GDP: 16.1% 2024
Industry, share of GDP: 18.3% 2024
Services, share of GDP: 53.8% 2024
Unemployment: No data
Youth unemployment, ages 15–24: No data
Women in work or seeking work: No data

Trade and finance

Exports, share of GDP: 54.6% 2024
Imports, share of GDP: 51.2% 2024
Current account balance, share of GDP: +7.8% 2011
Foreign direct investment, share of GDP: No data
Remittances received, share of GDP: 6.3% 2011
Tax revenue, share of GDP: No data
Currency: Danish Krone (DKK), Faroese króna (FOK)

Poverty and inequality

Gini index (0 = full equality): No data
Living on under $3 a day: No data