Faroe Islands 2023
Detailed economic analysis and indicators for 2023
Key Economic Indicators (2023)
GDP (Current USD)
$3.91 billion
↑ 9.55% vs 2022GDP per Capita
$71,717.70
↑ 8.48% vs 2022GDP Growth (Annual %)
2.49%
↓ 1.07pp vs 2022Inflation Rate (CPI %)
N/A
Year-over-Year Comparison
| Indicator | 2022 | 2023 | Change |
|---|---|---|---|
| GDP (Current USD) | $3.57 billion | $3.91 billion | +9.55% |
| GDP per Capita | $66,108.73 | $71,717.70 | +8.48% |
| GDP Growth (Annual %) | 3.56% | 2.49% | -1.07pp |
| Inflation (CPI %) | N/A | N/A | N/A |
All Economic Indicators (2023)
National Accounts
- GDP (Current USD)
- $3.91 billion
- GDP per Capita
- $71,717.70
- GDP Growth (Annual %)
- 2.49%
- Gross National Income
- $3.94 billion
Prices & Employment
- Inflation (CPI %)
- N/A
- Inflation (GDP Deflator %)
- 4.07%
- Unemployment Rate (%)
- N/A
- Interest Rate (Real %)
- N/A
Trade & Investment
- Exports (Goods & Services)
- N/A
- Imports (Goods & Services)
- N/A
- FDI Inflow
- N/A
- FDI Outflow
- N/A
Balance & Debt
- Current Account Balance (% GDP)
- N/A
- Government Debt (% GDP)
- N/A
- Data Last Updated
- 2025-10-23
Frequently Asked Questions
As of 2023, Faroe Islands's Gross Domestic Product (GDP) is $3.91 billion. This represents the total value of goods and services produced in the country.
The GDP per capita in Faroe Islands for 2023 is $71,717.70. GDP per capita is calculated by dividing the country's GDP by its population.
Faroe Islands's annual GDP growth rate for 2023 is 2.49%. This indicates the rate at which the country's economy is expanding or contracting.