Faroe Islands | Imports of goods and services (% of GDP)

Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source
Faroe Islands | Imports of goods and services (% of GDP)
1960
1961
1962 52.21238938
1963 44.44444444
1964 45.60315671
1965 45.54084437
1966 43.88489209
1967 40.43846321
1968 43.23992637
1969 44.59870673
1970 35.855573
1971 40.91588531
1972 39.27408658
1973 42.26983802
1974 53.09764029
1975 49.83546338
1976 48.28746177
1977 43.61798937
1978 44.94279593
1979 45.88753761
1980 45.05146477
1981 46.96307692
1982 45.57837838
1983 49.42022472
1984 61.6387126
1985 54.0373947
1986 51.52493721
1987 53.3146438
1988 49.40184049
1989 39.69250078
1990 35.04877228
1991 33.28748281
1992 36.46759848
1993 28.9014998
1994 32.1798591
1995 34.97029703
1996 48.91948414
1997 48.88924923
1998 44.95927162
1999 51.73001144
2000 59.2097941
2001 53.34120352
2002 49.55942979
2003 61.48590603
2004 49.71354469
2005 58.91689567
2006 55.59518948
2007 57.37655994
2008 57.52144765
2009 53.20215454
2010 50.45980693
2011 53.41197984
2012 64.59902557
2013 58.61932025
2014 52.72825103
2015 52.39417913
2016 50.01636903
2017 50.87360878
2018 54.05665812
2019 52.85352967
2020 48.94193282
2021 52.13448333
2022 62.51455551

Faroe Islands | Imports of goods and services (% of GDP)

Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Faroe Islands
Records
63
Source