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 (USD)
$3.9B(2023)
GDP PPP (USD)
$4.3B(2023)
GDP per Capita (USD)
$71,718(2023)
GDP Growth (inflation-adjusted)
2.5%(2023)

Trade & Finance

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Exports (as share of GDP)
57.7%(2023)
Imports (as share of GDP)
56.6%(2023)
Remittance Inflow (USD)
$158.4M(2023)

Labor & Income

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

Energy & Environment

Coming Soon
Renewable Energy Consumption (%)
7.9%(2022)

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 in Purchasing Power Parity (PPP) terms is estimated at $4.26B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 2.5%
    2023
    ,
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country has a relatively balanced trade profile, with exports making up 57.7% of GDP and imports 56.6%
    2023
    . Additionally, personal remittances received amount to a substantial $158.41M annually
    2023
    , highlighting the economic importance of its diaspora.
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $72,150
    2023
  • On the environment and energy front, The energy mix is still heavily reliant on traditional sources, with renewables contributing 7.9%
    2022

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

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.