Faroe Islands
FROEurope & Central AsiaHigh incomeCapital: Torshavn▶About Faroe Islands
with a population of 54,681. Key indicators include life expectancy of 83.1 years. Data sourced from the IMF World Economic Outlook and World Bank World Development Indicators.
Located in Europe and Central Asia, this high-income territory has a robust economy driven by fisheries, tourism, and renewable energy. The GDP is significantly influenced by its high trade openness, with trade accounting for 105.8% of GDP in 2024. The economy benefits from a strong fishing industry, which is a primary export sector. The Gross National Income (GNI) per capita stands at approximately $73K in 2024, reflecting a high standard of living. The economy is characterized by a strong welfare system and a focus on sustainable development, aligning with broader European economic policies. The population is approximately 54,681 as of 2024, with a life expectancy at birth of 83.1 years in 2023, indicating a high quality of life. The fertility rate is 1.9 births per woman in 2023, which is below the replacement rate. The society places a high value on education and healthcare, with significant public spending in these sectors. The territory enjoys a high level of social welfare, supported by a comprehensive social security system and strong community ties.
▶Economy19 indicators · 2012–2024 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| GNI (Current USD) | $4.12B | 2024 | ▲ 3.8% | WB |
| GNI per Capita (USD) | $73,070 | 2024 | ▼ 0.4% | WB |
| GNI per Capita, PPP (USD) | $83,290 | 2024 | ▲ 3.8% | WB |
| Industry Value Added (% of GDP) | 18.3% | 2024 | ▼ 7.7% | WB |
| Services Value Added (% of GDP) | 53.8% | 2024 | ▲ 4.2% | WB |
| Agriculture Value Added (% of GDP) | 16.1% | 2024 | ▼ 9.5% | WB |
| Government Consumption (% of GDP) | 27.9% | 2024 | ▲ 3.3% | WB |
| Household Consumption (% of GDP) | 40.6% | 2024 | ▲ 0.0% | WB |
| Gross Capital Formation (% of GDP) | 28.2% | 2024 | ▼ 10.2% | WB |
| GDP Deflator (%) | 2.0% | 2024 | ▼ 32.2% | WB |
| Manufacturing Value Added (% of GDP) | 9.5% | 2024 | ▼ 17.0% | WB |
| External Balance on Goods & Services (% of GDP) | 3.4% | 2024 | ▲ 219.0% | WB |
| Coal Rents (% of GDP) | 0.00% | 2012 | — | WB |
| Mineral Rents (% of GDP) | 0.00% | 2021 | — | WB |
| Oil Rents (% of GDP) | 0.00% | 2021 | — | WB |
| Natural Gas Rents (% of GDP) | 0.00% | 2021 | — | WB |
| Total Natural Resources Rents (% of GDP) | 0.0% | 2021 | — | WB |
| Forest Rents (% of GDP) | 0.00% | 2021 | — | WB |
| Industry Value Added (Current USD) | $741.7M | 2024 | ▼ 5.1% | WB |
▶Fiscal & Monetary2 indicators · 2024 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Official Exchange Rate (per USD) | 6.89 | 2024 | ▲ 0.1% | WB |
| PPP Conversion Factor | 6.24 | 2024 | ▼ 0.4% | WB |
▶Trade9 indicators · 2011–2024 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Trade (% of GDP) | 105.8% | 2024 | ▼ 6.7% | WB |
| Exports of Goods & Services (% of GDP) | 54.6% | 2024 | ▼ 4.6% | WB |
| Imports of Goods & Services (% of GDP) | 51.2% | 2024 | ▼ 8.8% | WB |
| Exports of Goods & Services (USD) | $2.21B | 2024 | ▼ 2.0% | WB |
| Imports of Goods & Services (USD) | $2.07B | 2024 | ▼ 6.3% | WB |
| Merchandise Exports (USD) | $1.31B | 2017 | ▲ 9.6% | WB |
| Merchandise Imports (USD) | $1.10B | 2017 | ▲ 11.9% | WB |
| Personal Remittances Received (USD) | $158.4M | 2011 | — | WB |
| Current Account Balance (USD) | $194.3M | 2011 | — | WB |
▶People23 indicators · 2023–2025 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Population | 54,681 | 2024 | ▲ 0.5% | WB |
| Population Growth (%) | 0.5% | 2024 | ▼ 47.2% | WB |
| Population Density (per km²) | 40 | 2023 | ▲ 0.9% | WB |
| Surface Area (sq km) | 12,960 | 2023 | ▲ 0.0% | WB |
| Land Area (sq km) | 1,370 | 2023 | ▲ 0.0% | WB |
| Urban Population (%) | 39.4% | 2024 | ▲ 0.6% | WB |
| Urban Population (total) | 21,552 | 2024 | ▲ 1.0% | WB |
| Rural Population (%) | 60.6% | 2024 | ▼ 0.4% | WB |
| Life Expectancy at Birth | 83.1 years | 2023 | ▲ 0.2% | WB |
| Life Expectancy, Male | 80.9 years | 2023 | ▲ 0.2% | WB |
| Life Expectancy, Female | 85.5 years | 2023 | ▲ 0.2% | WB |
| Fertility Rate (births per woman) | 1.9 | 2023 | ▼ 10.3% | WB |
| Birth Rate (per 1,000) | 10.6 | 2023 | ▼ 10.2% | WB |
| Death Rate (per 1,000) | 7.6 | 2023 | ▼ 16.5% | WB |
| Net Migration | 386 | 2025 | ▼ 20.9% | WB |
| Population Ages 0–14 (%) | 20.0% | 2024 | ▼ 0.9% | WB |
| Population Ages 15–64 (%) | 62.3% | 2024 | ▲ 0.3% | WB |
| Population Ages 65+ (%) | 17.7% | 2024 | ▲ 0.1% | WB |
| Age Dependency Ratio (%) | 60.5% | 2024 | ▼ 0.8% | WB |
| Old-Age Dependency Ratio (%) | 28.5% | 2024 | ▼ 0.2% | WB |
| Youth Dependency Ratio (%) | 32.1% | 2024 | ▼ 1.2% | WB |
| Mortality Rate, Adult Male (per 1,000) | 62.5 | 2023 | ▼ 15.0% | WB |
| Mortality Rate, Adult Female (per 1,000) | 36.2 | 2023 | ▼ 14.3% | WB |
▶Energy & Environment12 indicators · 2015–2024 · WB / WHO
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| CO₂ Emissions (tonnes per capita) | 0 | 2024 | ▼ 0.5% | WB |
| CO₂ Emissions (total kilotonnes) | 0 | 2024 | ▲ 0.0% | WB |
| Renewable Electricity Output (%) | 38.1% | 2021 | ▼ 1.6% | WB |
| Renewable Energy Consumption (%) | 7.9% | 2022 | ▲ 54.9% | WB |
| Access to Electricity (%) | 100.0% | 2023 | ▲ 0.0% | WB |
| Forest Area (%) | 0.1% | 2023 | ▲ 0.0% | WB |
| Forest Area (sq km) | 1 | 2023 | ▲ 0.0% | WB |
| Arable Land (%) | 0.1% | 2023 | ▲ 0.0% | WB |
| Terrestrial Protected Areas (%) | 0.0% | 2024 | — | WB |
| Marine Protected Areas (%) | 0.0% | 2024 | — | WB |
| Access to Basic Drinking Water (%) | 100.0% | 2024 | ▲ 0.0% | WHO |
| Access to Basic Sanitation (%) | 90.9% | 2015 | ▲ 0.0% | WHO |
▶Agriculture6 indicators · 2022–2023 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Agricultural Land (%) | 70.1% | 2023 | ▲ 0.1% | WB |
| Food Production Index (2014–2016=100) | 106.6 | 2022 | ▲ 3.7% | WB |
| Crop Production Index (2014–2016=100) | 99.4 | 2022 | ▲ 0.3% | WB |
| Livestock Production Index (2014–2016=100) | 107.1 | 2022 | ▲ 3.9% | WB |
| Total Fisheries Production (metric tonnes) | 792,468 | 2023 | ▲ 30.7% | WB |
| Fertilizer Consumption (kg per hectare) | 614.3 | 2023 | ▲ 258.3% | WB |
▶Technology4 indicators · 2017–2024 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Internet Users (%) | 97.6% | 2017 | ▲ 2.6% | WB |
| Mobile Subscriptions (per 100 people) | 106 | 2022 | ▼ 4.8% | WB |
| Fixed Broadband Subscriptions (per 100) | 34.6 | 2022 | ▼ 0.0% | WB |
| Secure Internet Servers (per million) | 11,411.6 | 2024 | ▲ 36.5% | WB |
▶Infrastructure3 indicators · 2019–2021 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Container Port Traffic (TEU) | 31,214 | 2019 | ▼ 10.9% | WB |
| Electricity from Oil (%) | 61.9% | 2021 | ▲ 1.0% | WB |
| Electricity from Nuclear (%) | 0.0% | 2021 | — | WB |
▶Gender1 indicator · 2023 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Adolescent Fertility Rate (per 1,000) | 4.7 | 2023 | ▼ 2.0% | WB |
▶Urban Development2 indicators · 2024 · WB
| Indicator | Value | Year | Δ YoY | Src |
|---|---|---|---|---|
| Urban Population Growth (%) | 1.0% | 2024 | ▼ 27.8% | WB |
| Rural Population Growth (%) | 0.1% | 2024 | ▼ 77.7% | WB |
