Faroe Islands | GDP (current US$)

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Limitations and exceptions: Gross domestic product (GDP), though widely tracked, may not always be the most relevant summary of aggregated economic performance for all economies, especially when production occurs at the expense of consuming capital stock. While GDP estimates based on the production approach are generally more reliable than estimates compiled from the income or expenditure side, different countries use different definitions, methods, and reporting standards. World Bank staff review the quality of national accounts data and sometimes make adjustments to improve consistency with international guidelines. Nevertheless, significant discrepancies remain between international standards and actual practice. Many statistical offices, especially those in developing countries, face severe limitations in the resources, time, training, and budgets required to produce reliable and comprehensive series of national accounts statistics. Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Statistical concept and methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source
Faroe Islands | GDP (current US$)
1960
1961
1962
1963
1964
1965 57954522.421726
1966 64397131.084646
1967 66225403.558807
1968 65186666.666667
1969 70106666.666667
1970 84933333.333333
1971 99219082.853799
1972 119335897.8152
1973 161236465.82362
1974 196771070.89534
1975 227404436.01368
1976 270470345.44936
1977 347798304.63527
1978 397833034.88451
1979 448568492.65856
1980 493014300.00522
1981 456244919.01091
1982 444047495.3201
1983 486605127.70268
1984 426008864.69217
1985 459307281.19533
1986 688914288.8783
1987 886508622.33432
1988 968576956.93026
1989 871935350.38491
1990 960805408.94987
1991 909253214.82608
1992 912670413.32588
1993 760957189.75765
1994 758739178.61217
1995 901404709.83068
1996 989536914.65908
1997 933763083.39563
1998 1104744235.3011
1999 1127684827.3569
2000 1067109530.648
2001 1160268212.0729
2002 1275093689.2711
2003 1501941580.889
2004 1724770770.8339
2005 1759739599.2269
2006 2017680834.8992
2007 2339015313.2951
2008 2489873249.6281
2009 2296065170.0555
2010 2331796784.3601
2011 2505740669.2704
2012 2427200388.9183
2013 2690110520.9255
2014 2914012679.2728
2015 2573905971.0546
2016 2813278868.7821
2017 2980057377.8797
2018 3188600927.4669
2019 3266432734.2282
2020 3262045883.3729
2021 3655063937.9314
2022 3555929833.0505

Faroe Islands | GDP (current US$)

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Limitations and exceptions: Gross domestic product (GDP), though widely tracked, may not always be the most relevant summary of aggregated economic performance for all economies, especially when production occurs at the expense of consuming capital stock. While GDP estimates based on the production approach are generally more reliable than estimates compiled from the income or expenditure side, different countries use different definitions, methods, and reporting standards. World Bank staff review the quality of national accounts data and sometimes make adjustments to improve consistency with international guidelines. Nevertheless, significant discrepancies remain between international standards and actual practice. Many statistical offices, especially those in developing countries, face severe limitations in the resources, time, training, and budgets required to produce reliable and comprehensive series of national accounts statistics. Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Statistical concept and methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source