World Factbook

Faroe Islands

Last updated: 2026-03-28 (today)

Exports

note

note: GDP expenditure basis - exports of goods and services in current dollars

Exports 2021

$1.923 billion (2021 est.)

Exports 2022

$2.219 billion (2022 est.)

Exports 2023

$2.255 billion (2023 est.)

Imports

note

note: GDP expenditure basis - imports of goods and services in current dollars

Imports 2021

$1.906 billion (2021 est.)

Imports 2022

$2.223 billion (2022 est.)

Imports 2023

$2.212 billion (2023 est.)

Industries

fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2021

4.3% of GDP (2021 est.)

Remittances 2022

4.4% of GDP (2022 est.)

Remittances 2023

4.1% of GDP (2023 est.)

Exchange rates

Currency

Danish kroner (DKK) per US dollar -

Exchange rates 2020

6.542 (2020 est.)

Exchange rates 2021

6.287 (2021 est.)

Exchange rates 2022

7.076 (2022 est.)

Exchange rates 2023

6.89 (2023 est.)

Exchange rates 2024

6.894 (2024 est.)

Economic overview

high-income Danish territorial economy; party neither to the EU nor the Schengen Area; associate Nordic Council member; very low unemployment; unique foreign ownership allowance in fishing industry; known salmon exporter; growing IT industries

Exports - partners

Russia 26.4%, UK 14.1%, Germany 8.4%, China 7.9%, Spain 6.8%, Denmark 6.2%, US 4.7%, Poland 4.4%, Norway 4.1% (2017)

Imports - partners

Denmark 33%, China 10.7%, Germany 7.6%, Poland 6.8%, Norway 6.7%, Ireland 5%, Chile 4.3% (2017)

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2021

$67,800 (2021 est.)

Real GDP per capita 2022

$69,400 (2022 est.)

Real GDP per capita 2023

$70,400 (2023 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2021

5.5% (2021 est.)

Real GDP growth rate 2022

3.6% (2022 est.)

Real GDP growth rate 2023

2.5% (2023 est.)

Agricultural products

milk, potatoes, lamb/mutton, sheepskins, sheep offal, beef, sheep fat, beef offal, cattle hides, beef suet (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

fish and fish products (2021)

Imports - commodities

goods for household consumption, machinery and transport equipment, fuels, raw materials and semi-manufactures, cars

GDP (official exchange rate)

$3.907 billion (2023 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

40.6% (2023 est.)

government consumption

27.3% (2023 est.)

investment in inventories

0% (2023 est.)

investment in fixed capital

31% (2023 est.)

exports of goods and services

57.7% (2023 est.)

imports of goods and services

-56.6% (2023 est.)

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2021

$3.613 billion (2021 est.)

Real GDP (purchasing power parity) 2022

$3.741 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$3.834 billion (2023 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

19.7% (2023 est.)

services

52% (2023 est.)

agriculture

18.2% (2023 est.)