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Household consumption (% of GDP) — all countries

Household consumption (% of GDP) — Faroe Islands

Household consumption (% of GDP) in the Faroe Islands in 2024 — 40.6%. Ranked 158 in the world out of 168. Since 1998, the indicator has fallen by 10.4 pp.

2024 40.6% +0 pp vs 2023
World rank 158of 168
Period maximum 64.6%2005
Period minimum 40.6%2023

Trend over time

1998–2024 · % of GDP

Household consumption (% of GDP) — Faroe Islands, 1998–20244050607019982001200420072010201320162019202220241998: 51%1999: 53.4%2000: 51.4%2001: 50.1%2002: 50.6%2003: 54.4%2004: 56.4%2005: 64.6%2006: 57.4%2007: 54.9%2008: 54%2009: 58.5%2010: 51.3%2011: 52.1%2012: 54%2013: 51.2%2014: 48.7%2015: 47%2016: 45.7%2017: 43.5%2018: 43.1%2019: 41.9%2020: 43.6%2021: 42.2%2022: 40.8%2023: 40.6%2024: 40.6%
Change over the period: −10.4 pp Annual average: -0.4 pp

Comparison, 2024

How the value compares with the world and the groups this territory belongs to: Faroe Islands

Faroe Islands 40.6%
World 56.6%
Europe & Central Asia 53.5%
Northern Europe computed 52.7%
High-income countries computed 58.9%
Household consumption (% of GDP) — Faroe Islands, by year Faroe Islands All countries CSV XLSX
Year % Change, pp
2024 40.6 +0 pp
2023 40.6 −0.2 pp
2022 40.8 −1.3 pp
2021 42.2 −1.4 pp
2020 43.6 +1.7 pp
2019 41.9 −1.3 pp
2018 43.1 −0.4 pp
2017 43.5 −2.2 pp
2016 45.7 −1.3 pp
2015 47 −1.7 pp
2014 48.7 −2.5 pp
2013 51.2 −2.8 pp
2012 54 +1.9 pp
2011 52.1 +0.8 pp
2010 51.3 −7.2 pp
2009 58.5 +4.5 pp
2008 54 −0.9 pp
2007 54.9 −2.6 pp
2006 57.4 −7.1 pp
2005 64.6 +8.2 pp
2004 56.4 +2 pp
2003 54.4 +3.8 pp
2002 50.6 +0.4 pp
2001 50.1 −1.3 pp
2000 51.4 −2 pp
1999 53.4 +2.4 pp
1998 51 —

Northern Europe, 2024

The same indicator for neighboring countries — with links to their pages

GB United Kingdom 60.8 LV Latvia 58.4 LT Lithuania 55.1 EE Estonia 53.4 FI Finland 51.1 IS Iceland 49.1 SE Sweden 45.3 DK Denmark 43.6 NO Norway 41.1 FO Faroe Islands 40.6 IE Ireland 27.4
Full table for all countries

About the indicator

Household final consumption expenditure as a percent of GDP — the market value of all goods and services bought by the population, including the imputed rent of owner-occupied housing. A low consumption share alongside a high share of capital formation is typical of investment- and export-driven economies; a high one, of countries short of savings.

Source: World Development Indicators (World Bank), license CC BY 4.0.

Other indicators for the Faroe Islands

Economy Household consumption

How much money the residents of a country spend in a year on goods and services for themselves.

Faroe Islands by year Economy Gross capital formation (% of GDP)

Investment in fixed assets and inventories as a percent of GDP — the base of future growth.

Faroe Islands by year Economy Government consumption (% of GDP)

The share of GDP taken by government final consumption spending.

Faroe Islands by year Economy GDP

Gross domestic product in current US dollars — the size of a country's economy.

Faroe Islands by year Economy GDP per capita

GDP divided by the population, in current US dollars.

Faroe Islands by year Economy GDP growth

The annual growth rate of GDP in constant prices — with inflation stripped out.

Faroe Islands by year
All indicators for the Faroe Islands