Faroe Islands in figures

Agriculture, forestry and fishing produced 16.1% of the Faroe Islands' GDP in 2024, and exports equalled 54.6% of it. The fertility rate fell from 2.56 births per woman in 2000 to 1.91 in 2024. In 2025, 39.6% of the islanders lived in towns and cities.

GDP

$4.1 bn

2024

from $1.1 bn in 2000

GDP per person

$74 175

2024

from $23 323 in 2000

Real growth

0.8%

2024

from −4.5% in 2009

Sections

Economy

How large Faroe Islands's economy is, how fast it grows and what it is made of

The World Bank's growth series starts in 2009, with a fall of 4.5%. Output shrank again in 2010, by 0.4%, and in 2020, by 1.6%, and in between it grew every year, fastest in 2012 at 7.1%. In 2024 it slowed to 0.8%. GDP in current dollars went from $1.1 billion in 2000 to $4.1 billion in 2024, and each resident's share at purchasing power was $82,089 in 2024. Agriculture, forestry and fishing accounted for 18.0% of GDP in 2000. The share fell to 9.5% in 2008. It peaked at 19.4% in 2016, and in 2024, when it was 16.1%, services made up 53.8% of GDP and industry, construction included, 18.3%, of which manufacturing was 9.5%.

GDP, current US dollars

$4.1 bn2024

World Bank

Data

Year	GDP, current US dollars
2024	$4.1 bn
2023	$3.9 bn
2022	$3.6 bn
2021	$3.7 bn
2020	$3.3 bn
2019	$3.3 bn
2018	$3.2 bn
2017	$3.0 bn
2016	$2.8 bn
2015	$2.6 bn
2014	$2.9 bn
2013	$2.7 bn
2012	$2.4 bn
2011	$2.5 bn
2010	$2.3 bn
2009	$2.3 bn
2008	$2.5 bn
2007	$2.3 bn
2006	$2.0 bn
2005	$1.8 bn
2004	$1.7 bn
2003	$1.5 bn
2002	$1.3 bn
2001	$1.2 bn
2000	$1.1 bn

Series World Bank NY.GDP.MKTP.CD

Real GDP growth

0.8%2024

World Bank

Data

Year	Growth
2024	0.8%
2023	3.2%
2022	3.9%
2021	5.1%
2020	−1.6%
2019	4.5%
2018	2.8%
2017	3.5%
2016	1.4%
2015	1.0%
2014	5.4%
2013	5.9%
2012	7.1%
2011	3.6%
2010	−0.4%
2009	−4.5%

Series World Bank NY.GDP.MKTP.KD.ZG

GDP per person

$74 1752024

At market exchange ratesAt purchasing power parity

World Bank

Data

Year	GDP per person	At purchasing power
2024	$74 175	$82 089
2023	$72 487	$79 784
2022	$67 069	$75 266
2021	$69 422	$68 433
2020	$62 248	$61 656
2019	$63 071	$62 226
2018	$62 525	$58 932
2017	$59 389	$56 417
2016	$56 876	$54 319
2015	$52 638	$53 685
2014	$60 173	$53 200
2013	$55 759	$49 782
2012	$50 263	$46 198
2011	$51 620	$42 134
2010	$47 924	$39 767
2009	$47 060	$39 331
2008	$51 288	$41 160
2007	$48 349
2006	$41 744
2005	$36 389
2004	$35 648
2003	$31 270
2002	$26 938
2001	$24 880
2000	$23 323

Series World Bank NY.GDP.PCAP.CD · World Bank NY.GDP.PCAP.PP.CD

Value added, share of GDP

Manufacturing has its own band and is left out of other industry. The remainder is taxes on products less subsidies, which the national accounts add to reach GDP.

200051%11%18%13%

202454%9%9%16%12%

Services
Manufacturing
Other industry and construction
Agriculture, forestry, fishing
Taxes less subsidies

World Bank

Trade

How open the economy is

Imports were larger than exports in every year from 2000 to 2013 and peaked at 64.6% of GDP in 2012. Since 2014 the two have run close. In 2024 exports equalled 54.6% of GDP and imports 51.2%, two years after exports had reached 61.4% in 2022. The current account figures stop in 2011, when the surplus was 7.8% of GDP.

Exports and imports, share of GDP

54.6%2024

ExportsImports

World Bank

Data

Year	Exports of goods and services	Imports
2024	54.6%	51.2%
2023	57.2%	56.1%
2022	61.4%	61.5%
2021	52.0%	51.5%
2020	47.4%	48.8%
2019	55.8%	52.9%
2018	52.8%	54.1%
2017	56.4%	50.9%
2016	54.5%	50.0%
2015	53.2%	52.4%
2014	53.4%	52.7%
2013	55.4%	58.6%
2012	52.6%	64.6%
2011	52.4%	53.4%
2010	46.7%	50.5%
2009	43.7%	53.2%
2008	46.0%	57.5%
2007	42.1%	57.4%
2006	41.8%	55.6%
2005	42.0%	58.9%
2004	43.7%	49.7%
2003	46.8%	61.5%
2002	49.1%	49.6%
2001	51.6%	53.3%
2000	51.3%	59.2%

Series World Bank NE.EXP.GNFS.ZS · World Bank NE.IMP.GNFS.ZS

Current account balance, share of GDP

7.8%2011

World Bank

Data

Year	Current account balance
2011	7.8%
2010	6.2%
2009	−1.1%
2008	−1.2%
2007	−3.4%
2006	1.1%
2005	1.8%
2004	7.5%
2003	−0.4%
2002	9.9%
2001	12.6%
2000	9.3%

Series World Bank BN.CAB.XOKA.GD.ZS

People

Who lives in Faroe Islands

The population grew from 45,754 in 2000 to 54,900 in 2025. It dipped from 2010 to 2013. Net migration was negative from 2005 to 2010, reaching −780 in 2010, and has been positive every year since 2011, peaking at 676 in 2018. Fertility peaked at 2.61 births per woman in 2005. Life expectancy at birth reached 83.1 years in 2024, up from 78.4 years in 2000, and people aged 65 or over made up 17.8% of residents in 2025, against 13.5% in 2000.

Population

54 9002025

The axis does not start at zero, so the change looks larger than it is.

World Bank

Data

Year	Population
2025	54 900
2024	54 640
2023	54 398
2022	53 903
2021	53 291
2020	52 561
2019	51 790
2018	50 997
2017	50 179
2016	49 463
2015	48 898
2014	48 427
2013	48 245
2012	48 290
2011	48 542
2010	48 656
2009	48 790
2008	48 547
2007	48 378
2006	48 335
2005	48 359
2004	48 384
2003	48 032
2002	47 335
2001	46 635
2000	45 754

Series World Bank SP.POP.TOTL

Age structure, share of the population

World Bank

Data

Year	Aged 0 to 14	15 to 64	65 and over
2025	19.9%	62.4%	17.8%
2024	20.0%	62.3%	17.7%
2023	20.2%	62.1%	17.7%
2022	20.4%	61.8%	17.8%
2021	20.6%	61.5%	17.8%
2020	20.8%	61.6%	17.7%
2019	20.9%	61.6%	17.5%
2018	20.9%	61.6%	17.4%
2017	20.9%	61.7%	17.3%
2016	20.9%	61.9%	17.1%
2015	21.1%	62.0%	16.9%
2014	21.2%	62.3%	16.5%
2013	21.2%	62.8%	16.1%
2012	21.3%	63.1%	15.7%
2011	21.4%	63.3%	15.3%
2010	21.7%	63.5%	14.9%
2009	22.0%	63.6%	14.4%
2008	22.1%	63.8%	14.1%
2007	22.2%	64.0%	13.8%
2006	22.5%	64.0%	13.5%
2005	22.9%	63.8%	13.3%
2004	23.3%	63.5%	13.3%
2003	23.5%	63.2%	13.4%
2002	23.6%	63.0%	13.4%
2001	23.7%	62.9%	13.4%
2000	23.8%	62.7%	13.5%

Series World Bank SP.POP.0014.TO.ZS · World Bank SP.POP.1564.TO.ZS · World Bank SP.POP.65UP.TO.ZS

Births per woman

1.912024

World Bank

Data

Year	Births per woman
2024	1.91
2023	1.87
2022	2.08
2021	2.31
2020	2.33
2019	2.42
2018	2.50
2017	2.47
2016	2.61
2015	2.41
2014	2.55
2013	2.51
2012	2.53
2011	2.28
2010	2.50
2009	2.34
2008	2.53
2007	2.54
2006	2.48
2005	2.61
2004	2.58
2003	2.53
2002	2.54
2001	2.30
2000	2.56

Series World Bank SP.DYN.TFRT.IN

Life expectancy at birth

83.1 years2024

World Bank

Data

Year	Life expectancy at birth
2024	83.1 years
2023	83.0 years
2022	82.8 years
2021	82.7 years
2020	82.5 years
2019	82.4 years
2018	82.3 years
2017	82.1 years
2016	82.0 years
2015	81.8 years
2014	81.6 years
2013	81.4 years
2012	81.1 years
2011	80.8 years
2010	80.6 years
2009	80.4 years
2008	80.2 years
2007	79.9 years
2006	79.7 years
2005	79.5 years
2004	79.2 years
2003	79.0 years
2002	78.8 years
2001	78.6 years
2000	78.4 years

Series World Bank SP.DYN.LE00.IN

Net migration

3862025

People arriving less people leaving, each year. The largest net inflow in the series was 676 people, in 2018.

World Bank

Data

Year	Net migration
2025	386
2024	488
2023	599
2022	614
2021	662
2020	548
2019	670
2018	676
2017	634
2016	541
2015	499
2014	85
2013	48
2012	8
2011	32
2010	−780
2009	−187
2008	−206
2007	−189
2006	−179
2005	−188
2004	319
2003	325
2002	327
2001	342
2000	301

Series World Bank SM.POP.NETM

Living standards

Health, schooling, the internet and inequality

By 2017, 97.6% of people were online, against 32.9% in 2000. The World Bank publishes no later figure, and no series on health or education spending or income inequality for the islands.

Using the internet

97.6%2017

World Bank

Data

Year	Using the internet
2017	97.6%
2016	95.1%
2015	94.2%
2014	93.3%
2013	90.0%
2012	85.3%
2011	80.7%
2010	75.2%
2009	75.2%
2008	75.6%
2007	76.0%
2006	69.4%
2005	67.9%
2004	66.5%
2003	58.9%
2002	53.3%
2001	43.3%
2000	32.9%

Series World Bank IT.NET.USER.ZS

Living in towns and cities

39.6%2025

+3.9 points since 2000, between 35.7% and 39.6% in every year

200035.7%

202539.6%

World Bank

Data

Year	Living in towns and cities
2025	39.6%
2024	39.4%
2023	39.2%
2022	39.0%
2021	38.8%
2020	38.7%
2019	38.4%
2018	38.4%
2017	38.3%
2016	38.3%
2015	38.1%
2014	37.9%
2013	37.7%
2012	37.3%
2011	37.3%
2010	37.3%
2009	36.9%
2008	36.5%
2007	36.3%
2006	36.5%
2005	36.3%
2004	36.3%
2003	36.1%
2002	35.9%
2001	35.9%
2000	35.7%

Series World Bank SP.URB.TOTL.IN.ZS

Energy and environment

Energy, emissions and forest

The renewable share of the islands' electricity peaked at 60.1% in 2015 and was 38.1% in 2021, after a low of 28.9% in 2010. In 2022 they met 7.9% of final energy use. Trees cover almost none of the islands: 0.1% of the land in 2023.

Electricity from renewable sources

38.1%2021

World Bank

Data

Year	Electricity from renewable sources
2021	38.1%
2020	38.7%
2019	40.4%
2018	48.8%
2017	51.1%
2016	49.9%
2015	60.1%
2014	50.8%
2013	38.4%
2012	37.9%
2011	39.1%
2010	28.9%
2009	39.0%
2008	39.5%
2007	44.6%
2006	44.3%
2005	44.5%
2004	41.4%
2003	35.6%
2002	40.4%
2001	32.6%
2000	35.4%

Series World Bank EG.ELC.RNEW.ZS

Renewable share of final energy use

7.9%2022

World Bank

Data

Year	Renewable share of final energy use
2022	7.9%
2021	5.1%
2020	5.3%
2019	5.4%
2018	5.9%
2017	6.0%
2016	6.3%
2015	7.5%
2014	6.5%
2013	4.5%
2012	4.7%
2011	5.0%
2010	3.4%
2009	5.1%
2008	4.5%
2007	4.5%
2006	4.3%
2005	3.8%
2004	3.4%
2003	3.1%
2002	3.4%
2001	2.6%
2000	2.8%

Series World Bank EG.FEC.RNEW.ZS

CO2 emissions per person

0.0 t2024

+0.0 t since 2000, between 0.0 t and 0.0 t in every year

20000.0 t

20240.0 t

World Bank

Data

Year	CO2 emissions per person
2024	0.0 t
2023	0.0 t
2022	0.0 t
2021	0.0 t
2020	0.0 t
2019	0.0 t
2018	0.0 t
2017	0.0 t
2016	0.0 t
2015	0.0 t
2014	0.0 t
2013	0.0 t
2012	0.0 t
2011	0.0 t
2010	0.0 t
2009	0.0 t
2008	0.0 t
2007	0.0 t
2006	0.0 t
2005	0.0 t
2004	0.0 t
2003	0.0 t
2002	0.0 t
2001	0.0 t
2000	0.0 t

Series World Bank EN.GHG.CO2.PC.CE.AR5

Forest cover

0.1%2023

+0.0 points since 2000, between 0.1% and 0.1% in every year

20000.1%

20230.1%

World Bank

Data

Year	Forest cover
2023	0.1%
2022	0.1%
2021	0.1%
2020	0.1%
2019	0.1%
2018	0.1%
2017	0.1%
2016	0.1%
2015	0.1%
2014	0.1%
2013	0.1%
2012	0.1%
2011	0.1%
2010	0.1%
2009	0.1%
2008	0.1%
2007	0.1%
2006	0.1%
2005	0.1%
2004	0.1%
2003	0.1%
2002	0.1%
2001	0.1%
2000	0.1%

Series World Bank AG.LND.FRST.ZS

Codes

Faroe Islands's codes and memberships

The state

Status: Dependency of Denmark
State since: 1948
Official languages: Danish, Faroese
United Nations: Not a member

Identifiers

FOISO alpha-2

FROISO alpha-3

234ISO numeric

Calling code: +298
Internet domain: .fo
Time zone: UTC

Memberships

Also a member, joining year not on record

Nordic CouncilNordic Council

Questions

Questions about Faroe Islands in figures

How big is the Faroese economy?

The World Bank put Faroese GDP at $4.1 billion in 2024 in current US dollars, $74,175 per person. Output per head at purchasing power parity came to $82,089 in 2024.

How fast did the Faroese economy grow in 2024?

By 0.8%, according to the World Bank, after 3.2% in 2023 and 3.9% in 2022. The fastest year since the series began in 2009 was 2012, at 7.1%.

How much of the Faroese economy is fishing?

The World Bank groups fishing with agriculture and forestry. Together they produced 16.1% of GDP in 2024, against 18.0% in 2000 and a peak of 19.4% in 2016.

Is the Faroese population growing?

Yes. The World Bank estimated 54,900 people in 2025, against 45,754 in 2000 and a dip to 48,245 in 2013.

What share of Faroe Islanders are 65 or older?

17.8% in 2025, according to the World Bank, up from 13.5% in 2000. Children under 15 made up 19.9% of the islands' population in 2025, and a newborn in 2024 could expect to live 83.1 years.

Record generated 2026-08-31, series 2026-09-27 · Q4628 · World Bank data · Europe