Faroe Islands/Economy

Economy of Faroe Islands

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon
GDP (Current US$)
$3.9B(2023)
GDP PPP (Current US$)
$4.3B(2023)
GDP per Capita (Current US$)
$71,718(2023)
GDP Growth (Annual)
2.5%(2023)

Trade & Finance

Coming Soon
Exports
57.7%(2023)
Imports
56.6%(2023)
Remittance Inflow (Current US$)
$158.4M(2023)

Labor & Income

Coming Soon
GNI per Capita (Current US$)
$72,150(2023)

Energy & Environment

Coming Soon
Renewable Energy Consumption (%)
7.9%(2022)
Greenhouse Gas Emissions (Mt CO₂e)
0.1(2023)

Economic Snapshot Overview

A summary of key economic indicators for Faroe Islands

  • The economic architecture of Faroe Islands is substantial, anchored by a Gross Domestic Product (GDP) of approximately $3.91B
    2023
    On a per capita basis, GDP stands at $71.72K
    2023
    , while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $4.26B, offering a clearer picture of the population's domestic purchasing power. The economy is navigating a period of modest growth, recorded at 2.5%
    2023
  • On the global stage, Faroe Islands's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country exhibits a balanced trade profile, with exports making up 57.7% of GDP and imports 56.6%
    2023
    . Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $158.41M annually
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $72,150
    2023
  • In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 7.9%
    2022
    Total greenhouse gas emissions were last recorded at 50.7 tonnes of CO2 equivalent
    2023
    , a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.