Europe & Central Asia · High income
Faroe Islands: the economy in numbers
Per person: $74,175, or $82,089 at purchasing power parity. Population: 54,900 (2025).
GDP in 2024, current US dollars: #171 of 204 economies.
GDP
Adjusted for US inflation, in 2025 dollars: $593 million in 1965, $4.16 billion in 2024.
GDP per capita
In 2025 dollars: $16,306 per person in 1965, $76,191 in 2024.
Real GDP growth
Average over 2015–2024: 2.4% a year. Years of falling GDP since 2009: 3 of 16.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Population
1960: 34,127 · 2025: 54,900.
Life expectancy at birth
1960: 72.1 years · 2024: 83.1 years.
Exports of goods and services
1962: 46.5% · 2024: 54.6%.
Data by year
Show the year-by-year table
| Year | GDP | GDP per capita | Per capita, PPP | Real growth | Population | Life expectancy | Exports, % GDP |
|---|---|---|---|---|---|---|---|
| 2025 | 54.9K | ||||||
| 2024 | $4.05B | $74,175 | $82,089 | 0.8% | 54.6K | 83.1 | 54.6% |
| 2023 | $3.94B | $72,487 | $79,784 | 3.2% | 54.4K | 83.0 | 57.2% |
| 2022 | $3.62B | $67,069 | $75,266 | 3.9% | 53.9K | 82.8 | 61.4% |
| 2021 | $3.7B | $69,422 | $68,433 | 5.1% | 53.3K | 82.7 | 52.0% |
| 2020 | $3.27B | $62,248 | $61,656 | −1.6% | 52.6K | 82.5 | 47.4% |
| 2019 | $3.27B | $63,071 | $62,226 | 4.5% | 51.8K | 82.4 | 55.8% |
| 2018 | $3.19B | $62,525 | $58,932 | 2.8% | 51K | 82.2 | 52.8% |
| 2017 | $2.98B | $59,389 | $56,417 | 3.5% | 50.2K | 82.1 | 56.4% |
| 2016 | $2.81B | $56,876 | $54,319 | 1.4% | 49.5K | 82.0 | 54.5% |
| 2015 | $2.57B | $52,638 | $53,685 | 1.0% | 48.9K | 81.8 | 53.2% |
| 2014 | $2.91B | $60,173 | $53,200 | 5.4% | 48.4K | 81.6 | 53.4% |
| 2013 | $2.69B | $55,759 | $49,782 | 5.9% | 48.2K | 81.4 | 55.4% |
| 2012 | $2.43B | $50,263 | $46,198 | 7.1% | 48.3K | 81.1 | 52.6% |
| 2011 | $2.51B | $51,620 | $42,134 | 3.6% | 48.5K | 80.9 | 52.4% |
| 2010 | $2.33B | $47,924 | $39,767 | −0.4% | 48.7K | 80.6 | 46.7% |
| 2009 | $2.3B | $47,060 | $39,331 | −4.6% | 48.8K | 80.4 | 43.7% |
| 2008 | $2.49B | $51,288 | $41,160 | 48.5K | 80.1 | 46.0% | |
| 2007 | $2.34B | $48,349 | 48.4K | 79.9 | 42.1% | ||
| 2006 | $2.02B | $41,744 | 48.3K | 79.7 | 41.8% | ||
| 2005 | $1.76B | $36,389 | 48.4K | 79.4 | 42.0% | ||
| 2004 | $1.72B | $35,648 | 48.4K | 79.2 | 43.7% | ||
| 2003 | $1.5B | $31,270 | 48K | 79.0 | 46.8% | ||
| 2002 | $1.28B | $26,938 | 47.3K | 78.8 | 49.1% | ||
| 2001 | $1.16B | $24,880 | 46.6K | 78.6 | 51.6% | ||
| 2000 | $1.07B | $23,323 | 45.8K | 78.4 | 51.3% | ||
| 1999 | $1.13B | $24,979 | 45.1K | 78.2 | 48.8% | ||
| 1998 | $1.1B | $24,729 | 44.7K | 78.0 | 46.7% | ||
| 1997 | $934M | $21,158 | 44.1K | 77.8 | 48.7% | ||
| 1996 | $990M | $22,706 | 43.6K | 77.6 | 49.8% | ||
| 1995 | $901M | $20,669 | 43.6K | 77.3 | 40.7% | ||
| 1994 | $759M | $16,976 | 44.7K | 77.1 | 43.6% | ||
| 1993 | $761M | $16,374 | 46.5K | 76.8 | 43.8% | ||
| 1992 | $913M | $19,301 | 47.3K | 76.6 | 48.4% | ||
| 1991 | $909M | $19,164 | 47.4K | 76.4 | 48.4% | ||
| 1990 | $961M | $20,125 | 47.7K | 76.1 | 43.8% | ||
| 1989 | $872M | $18,181 | 48K | 75.9 | 40.2% | ||
| 1988 | $969M | $20,453 | 47.4K | 75.6 | 36.5% | ||
| 1987 | $887M | $18,982 | 46.7K | 75.4 | 39.8% | ||
| 1986 | $689M | $14,934 | 46.1K | 75.2 | 36.5% | ||
| 1985 | $459M | $10,049 | 45.7K | 76.2 | 39.9% | ||
| 1984 | $426M | $9,437 | 45.1K | 76.1 | 38.1% | ||
| 1983 | $487M | $10,893 | 44.7K | 76.1 | 35.1% | ||
| 1982 | $444M | $10,053 | 44.2K | 76.0 | 33.7% | ||
| 1981 | $456M | $10,458 | 43.6K | 75.9 | 36.5% | ||
| 1980 | $493M | $11,446 | 43.1K | 75.8 | 36.2% | ||
| 1979 | $449M | $10,549 | 42.5K | 75.8 | 33.6% | ||
| 1978 | $398M | $9,479 | 42K | 75.7 | 35.3% | ||
| 1977 | $348M | $8,387 | 41.5K | 75.6 | 41.3% | ||
| 1976 | $270M | $6,594 | 41K | 75.5 | 38.6% | ||
| 1975 | $227M | $5,606 | 40.6K | 75.4 | 35.5% | ||
| 1974 | $197M | $4,906 | 40.1K | 75.4 | 40.5% | ||
| 1973 | $161M | $4,068 | 39.6K | 75.3 | 48.3% | ||
| 1972 | $119M | $3,046 | 39.2K | 75.2 | 38.8% | ||
| 1971 | $99.2M | $2,564 | 38.7K | 75.1 | 37.9% | ||
| 1970 | $84.9M | $2,219 | 38.3K | 75.0 | 39.4% | ||
| 1969 | $70.1M | $1,849 | 37.9K | 74.8 | 34.7% | ||
| 1968 | $65.2M | $1,736 | 37.6K | 74.7 | 31.5% | ||
| 1967 | $66.2M | $1,780 | 37.2K | 74.5 | 38.5% | ||
| 1966 | $64.4M | $1,749 | 36.8K | 74.3 | 32.4% | ||
| 1965 | $58M | $1,594 | 36.3K | 74.1 | 41.9% | ||
| 1964 | 35.8K | 73.9 | 36.7% | ||||
| 1963 | 35.4K | 73.6 | 41.7% | ||||
| 1962 | 35K | 73.2 | 46.5% | ||||
| 1961 | 34.6K | 72.7 | |||||
| 1960 | 34.1K | 72.1 |
e: IMF estimate; f: IMF forecast.
Nearby economies in Europe & Central Asia
Nearest by distance between capitals, with GDP per capita.
Albania · Andorra · Armenia · Austria · Azerbaijan · Belarus · Belgium · Bosnia and Herzegovina · Bulgaria · Channel Islands · Croatia · Cyprus · Czechia · Denmark · Estonia · Faroe Islands · Finland · France · Georgia · Germany · Gibraltar · Greece · Greenland · Hungary · Iceland · Ireland · Isle of Man · Italy · Kazakhstan · Kosovo · Kyrgyzstan · Latvia · Liechtenstein · Lithuania · Luxembourg · Moldova · Monaco · Montenegro · Netherlands · North Macedonia · Norway · Poland · Portugal · Romania · Russia · San Marino · Serbia · Slovakia · Slovenia · Spain · Sweden · Switzerland · Tajikistan · Turkmenistan · Türkiye · Ukraine · United Kingdom · Uzbekistan
Rankings
GDP by country · GDP per capita · Real GDP growth · Inflation by country · Government debt to GDP · Stock market to GDP · Population by country · Unemployment by country
Data and methods
- GDP: gross domestic product in current US dollars, converted from the local currency at market exchange rates (World Bank); not adjusted for inflation.
- Purchasing power parity (PPP): GDP per person in international dollars, which buy the same basket of goods and services in every country. It compares living standards across countries in the same year; it is not adjusted for inflation over time.
- In 2025 dollars: the charts can remove US inflation (US consumer price index, annual average) so that dollar amounts from different years compare in today's money. Exchange rate swings still show.
- Growth and inflation: World Bank data (calendar years). Years the World Bank does not cover yet, and the estimates and forecasts, come from the IMF World Economic Outlook (October 2026): its forecasts start in 2026, and the years after a country's last actual year are IMF estimates.
- Government debt: gross debt of the general government (central, state and local government and social security funds) as a percentage of GDP, IMF. The World Bank's central government debt is narrower and covers fewer countries.
- Stock market capitalization: the end-of-year value of domestic companies listed on the country's exchanges (World Federation of Exchanges via the World Bank; before 2016, Standard & Poor's), as a percentage of GDP: the “Buffett indicator”. Investment funds are excluded, and so are companies listed only abroad; companies from elsewhere that list on an exchange count for its country (Hong Kong lists many mainland Chinese companies).
- Unemployment: ILO modeled estimates (share of the labor force); comparable across countries, but they may differ from national figures.
Source: World Bank, World Development Indicators (CC BY 4.0)