Inflation, GDP deflator: linked series (annual %) in Faroe Islands
Faroe Islands: Inflation, GDP deflator: linked series (annual %) was 2.0% in 2024. ◆ Volatile
Inflation, GDP deflator: linked series in Faroe Islands, 2009–2024
Source: Staff estimates, World Bank (WB). Measured in annual %.
Analysis
In 2024, inflation, gdp deflator: linked series in Faroe Islands stood at 2.0%.
The figure is down 32.2% on the previous year and down 25.3% over ten years.
Over the whole period, inflation, gdp deflator: linked series in Faroe Islands peaked at 7.9% in 2016 and was at its lowest, -2.4%, in 2012.
Faroe Islands ranks 154th of 214 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Inflation, GDP deflator: linked series (annual %) in Faroe Islands, year by year
| Year | annual % | Change |
|---|---|---|
| 2009 | 1.6% | — |
| 2010 | 6.9% | +335.8% |
| 2011 | -1.0% | -113.7% |
| 2012 | -2.4% | +152.1% |
| 2013 | 1.5% | -163.2% |
| 2014 | 2.7% | +76.2% |
| 2015 | 4.9% | +82.6% |
| 2016 | 7.9% | +61.2% |
| 2017 | 0.4% | -95.2% |
| 2018 | -0.4% | -213.2% |
| 2019 | 3.5% | -922.8% |
| 2020 | -0.1% | -103.2% |
| 2021 | 3.4% | -3170.7% |
| 2022 | 5.9% | +72.1% |
| 2023 | 2.9% | -50.1% |
| 2024 | 2.0% | -32.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 2.0% is below the median for high income countries, which is 2.6%, 76% of the median. (82 countries reporting)
- Faroe Islands's 2.0% is below the median for Europe & Central Asia, which is 3.5%, 57% of the median. (56 countries reporting)
Biggest year-on-year movements
Years where Inflation, GDP deflator: linked series (annual %) in Faroe Islands changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2021 | +3170.7% | -0.1% | 3.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 1.6% | 1.6% | 1.6% | 1 |
| 2010s | 2.4% | -2.4% | 7.9% | 10 |
| 2020s | 2.8% | -0.1% | 5.9% | 5 |
Countries ranked near Faroe Islands
More financial sector data for Faroe Islands
- Net migration, annual growth rate -20.9 % change on previous year (2025)
- Net migration 386 (2025)
- Official exchange rate 6.62 LCU per US$, period average (2025)
- GDP deflator: linked series 135.45 base year varies by country (2024)
- GDP deflator: linked series (base year varies by country), annual 2 % change on previous year (2024)
- Banking crisis dummy 0 1=banking crisis, 0=none (2017)
- Remittance inflows to GDP 0.0% (2019)
- Total current account credit/revenue, Credit/Revenue 1.68 billion (2011)
- Services balance (credit less debit), Net (credits less debits) -187.40 million (2011)
- Secondary income balance (credit less debit), Net (credits less) 202.96 million (2011)
Frequently asked questions
- What is inflation, gdp deflator: linked series in Faroe Islands?
- Inflation, gdp deflator: linked series in Faroe Islands was 2.0% in 2024, according to Staff estimates, World Bank (WB).
- What is the highest inflation, gdp deflator: linked series recorded in Faroe Islands?
- The highest recorded value was 7.9% in 2016.
- What is the lowest inflation, gdp deflator: linked series recorded in Faroe Islands?
- The lowest recorded value was -2.4% in 2012.
- How does Faroe Islands rank for inflation, gdp deflator: linked series?
- Faroe Islands ranks 154th out of 214 countries with data for 2024.
- Is inflation, gdp deflator: linked series rising or falling in Faroe Islands?
- Over the last ten years it is down 25.3%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Staff estimates, World Bank (WB), published as part of Inflation, GDP deflator: linked series (annual %). Statizoid updates them automatically from the source API.
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CSV · JSON — 16 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.