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General profile: Faroe Islands

GENERAL INFORMATION FOR 2022
Exchange rate
Population
Population
Exchange rates
GDP
GDP
0.053 Millions
7.076 DKK/US$
..
Land area¹
Land area
CPI growth (%)
CPI growth
GDP growth
GDP growth
(q) 1 366 km²
..
..
INTERNATIONAL MERCHANDISE TRADE
More data on UNCTADstat
+11.1 %
Merchandise exports growth rate in 2022
Total merchandise trade
(millions of US$)
2005
2010
2015
2022
Merchandise exports
599
839
1 023
1 778
Merchandise imports
743
780
910
1 698
Merchandise trade balance
-144
59
113
80
Export structure by product group in 2022
(as % of total exports)
2 %2 %8 %8 %17 %17 %73 %73 %
Top 5 partners in 2022
(exports, millions of US$)
602270144134118602270144134118
INTERNATIONAL TRADE IN SERVICES
More data on UNCTADstat
Total trade in services²
(millions of US$)
2005
2010
2015
2022
Services exports
133
(e) 194
(e) 252
-
Services imports
230
(e) 354
(e) 388
-
Services trade balance
-97
(e) -160
(e) -136
-
Services exports by main category²
(as % of total services)
2005
2010
2015
2022
Transport
35.7
(e) 52.2
(e) 35.3
-
Travel
25.8
(e) 28.7
(e) 33.8
-
Other services
38.5
(e) 19.1
(e) 30.9
-
TRADE INDICES
More data on UNCTADstat
1311191331181311241009693798580778178737280847975689899105105106108100939087889490868992858793959190
ECONOMIC TRENDS
More data on UNCTADstat
..
Gross domestic product growth rate in 2022
Economic indicators
(millions of US$ unless otherwise specified)
2005
2010
2015
2022
GDP, current
..
..
..
..
GDP per capita, current US$
..
..
..
..
Real GDP growth, y-on-y, %
..
..
..
..
Current account balance, % of GDP
..
..
..
..
Exchange rate (/US$)
5.997
5.624
6.728
7.076
GDP by expenditure in 2021
(as % of total GDP)
FDI AND EXTERNAL FINANCIAL RESOURCES
More data on UNCTADstat
..
FDI outflows as % of GDP in 2022
Financial flows
(millions of US$ unless otherwise specified)
2005
2010
2015
2022
FDI inflows
..
..
..
..
FDI outflows
..
..
..
..
Personal remittances, % of GDP
..
..
..
..
Financial flows trends
(millions of US$)
158.4158.4158.4158.4158.4158.4158.4158.4158.4158.4158.4158.4146.4138.7136.6109.289.180.349.244.439.839.043.0FDI Inwards flowsFDI Inwards flowsFDI Inwards flowsMigrant's remittances receiptsMigrant's remittances receiptsMigrant's remittances receipts
TRADE IN GOODS AND SERVICES
More data on UNCTADstat
Trade balance indicators²
(as % and index)
2005
2010
2015
2022
Balance, % of GDP
..
..
..
..
Balance, % of imports
-19.03
-6.32
1.27
-
Normalized balance
-0.105
(e) -0.033
(e) 0.006
-
Trade openness²
(sum of imports and exports as % of GDP)
LIVING AREA
Population by living area in 2022
(% of population)
Urban
43%Urban 43%Rural
57%Rural 57%
OTHER INDICATORS
More data on UNCTADstat
0.017 %
Share of the total world merchant fleet in 2022
Maritime transport indicators
 
2005
2010
2015
2022
Merchant fleet, national flag (thousands of DWT)
..
..
317
365
Liner shipping connectivity index (maximum 2006 = 100 for China)
..
4.55
4.40
6.45
Container port throughput (TEU)
..
..
..
..
Information economy indicators
(as % of)
2005
2010
2015
2022
Share of ICT goods, % of total exports
-
..
..
..
Share of ICT goods, % of total imports
4.29
..
..
..
Share of workforce involved in the ICT sector
..
..
..
..
Source: UNCTADstat (http://unctadstat.unctad.org)
Notes:
1
Land area refers to the total area of a country excluding area under inland water bodies. It differs from the country area, that includes area under inland water bodies, but excludes offshore territorial waters.
2
Statistics presented correspond to the 6th edition of the IMF Balance of Payments and International Investment Position Manual (BPM6, 2009).
e
Estimated.
q
Estimated. Data refers to 2020.
Symbols for missing values:
0
Zero means that the amount is nil or negligible
..
Not available or not separately reported
_
Not applicable
...
Not available, including no quotation
#
Non-relevant calculation
-
Not publishable
***
Negative accumulation of flows; Value included in regional and global totals
Abbreviations & acronyms:
DWT:
Dead weight tons
FDI:
Foreign direct investment
GDP:
Gross domestic product
ICT:
Information and communication technology
TEU:
Twenty foot equivalent unit
US$:
United States dollar
Disclaimer:
The designations employed and the presentation of the material on UNCTADstat do not imply the expression of any opinion whatsoever on the part of the secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries.
Where the designations "economy" or "country or area" appear in texts or tables, they cover regions, countries, territories, cities or areas.

UNCTAD strives for the highest level of accuracy and is committed to promptly correcting any errors on its part. It does not guarantee or make any express or implied representations regarding the accuracy, reliability, correctness, fitness for use for a particular purpose, or otherwise, whatsoever, of any of the tables in UNCTADstat.
Generation date: 21 December 2023