Faroe Islands: economy and key statistics
Faroe Islands is number 169 in the 311 Nations Index, with a GDP of $4.1 billion in 2024. GDP per person is $74,175. The economy grew by 0.8% in 2024. The economy is 54% services, 18% industry, 16% agriculture.
Part of the 311 Nations Index (311institute.com). Last updated .
National power
Faroe Islands is number 179 in the 311 National Power Index, scoring 12.7 out of 100: economic 30, technology 0, military 0 and human capital 25.
Economy at a glance
| Indicator | Latest figure | Year |
|---|---|---|
| GDP | $4.1 billion | 2024 |
| GDP (purchasing power) | $4.5 billion | 2024 |
| GDP per person | $74,175 | 2024 |
| Economic growth | +0.8% | 2024 |
| Population | 0.1 million | 2025 |
| Services share of GDP | 54% | 2024 |
| Industry share of GDP | 18% | 2024 |
| Manufacturing share of GDP | 9% | 2024 |
| Agriculture share of GDP | 16% | 2024 |
| Exports share of GDP | 55% | 2024 |
Other economies in Europe
- Germany (#3)
- United Kingdom (#5)
- France (#7)
- Russia (#8)
- Italy (#9)
- Spain (#12)
- Türkiye (#16)
- Netherlands (#18)
- Switzerland (#20)
- Poland (#21)
- Belgium (#22)
- Ireland (#23)
- Sweden (#25)
- Austria (#28)
- Norway (#31)
Questions and answers
How big is the economy of Faroe Islands?
Faroe Islands had a GDP of $4.1 billion in 2024, ranking number 169 in the 311 Nations Index.
What is GDP per person in Faroe Islands?
GDP per person in Faroe Islands was $74,175 in 2024.
How fast is the economy of Faroe Islands growing?
The economy of Faroe Islands grew by 0.8% in 2024.
Source: World Bank, World Development Indicators (CC BY 4.0).
© 311 Institute 2026. Facts from Wikidata (CC0) and the sources linked on this page. The selection, classification and links are the proprietary work of the 311 Institute, protected by copyright and database rights.