Remittance inflows to GDP (%) in Faroe Islands
Faroe Islands: Remittance inflows to GDP (%) was 0.0% in 2019. ◆ Volatile
Remittance inflows to GDP in Faroe Islands, 1998–2019
Source: World Development Indicators (WDI), World Bank. Measured in %.
Analysis
In 2019, remittance inflows to gdp in Faroe Islands stood at 0.0%. That is the lowest value across all 22 years on record.
That represents a change of down 100.0% over ten years.
Over the whole period, remittance inflows to gdp in Faroe Islands peaked at 6.3% in 2011 and was at its lowest, 0.0%, in 2012.
That places Faroe Islands 190th out of 197 countries with data for 2019, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Remittance inflows to GDP (%) in Faroe Islands, year by year
| Year | % | Change |
|---|---|---|
| 1998 | 4.4% | — |
| 1999 | 4.4% | +1.6% |
| 2000 | 4.0% | -9.0% |
| 2001 | 3.4% | -16.5% |
| 2002 | 3.1% | -7.3% |
| 2003 | 3.0% | -5.0% |
| 2004 | 2.9% | -2.6% |
| 2005 | 4.6% | +58.8% |
| 2006 | 4.4% | -3.4% |
| 2007 | 4.7% | +5.9% |
| 2008 | 5.5% | +17.3% |
| 2009 | 6.0% | +10.1% |
| 2010 | 6.3% | +4.3% |
| 2011 | 6.3% | +0.5% |
| 2012 | 0.0% | -100.0% |
| 2013 | 0.0% | — |
| 2014 | 0.0% | — |
| 2015 | 0.0% | — |
| 2016 | 0.0% | — |
| 2017 | 0.0% | — |
| 2018 | 0.0% | — |
| 2019 | 0.0% | — |
Faroe Islands compared with similar countries
- Faroe Islands's 0.0% is below the median for high income countries, which is 0.8%. (67 countries reporting)
- Faroe Islands's 0.0% is below the median for Europe & Central Asia, which is 1.5%. (50 countries reporting)
Biggest year-on-year movements
Years where Remittance inflows to GDP (%) 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 |
|---|---|---|---|
| 2012 | -100.0% | 6.3% | 0.0% |
| 2005 | +58.8% | 2.9% | 4.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 4.4% | 4.4% | 4.4% | 2 |
| 2000s | 4.2% | 2.9% | 6.0% | 10 |
| 2010s | 1.3% | 0.0% | 6.3% | 10 |
Countries ranked near Faroe Islands
- 187 Angola 0.0% compare
- 188 Papua New Guinea 0.0% compare
- 189 Turkmenistan 0.0% compare
- 190 Central African Republic 0.0% compare
- 190 Chad 0.0% compare
- 190 Equatorial Guinea 0.0% compare
- 190 Eritrea 0.0% compare
- 190 Libya 0.0% compare
- 190 Singapore 0.0%
- 190 Tuvalu 0.0% compare
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)
- Inflation, GDP deflator: linked series 2.0% (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)
- 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 remittance inflows to gdp in Faroe Islands?
- Remittance inflows to gdp in Faroe Islands was 0.0% in 2019, according to World Development Indicators (WDI), World Bank.
- What is the highest remittance inflows to gdp recorded in Faroe Islands?
- The highest recorded value was 6.3% in 2011.
- What is the lowest remittance inflows to gdp recorded in Faroe Islands?
- The lowest recorded value was 0.0% in 2012.
- How does Faroe Islands rank for remittance inflows to gdp?
- Faroe Islands ranks 190th out of 197 countries with data for 2019.
- Is remittance inflows to gdp rising or falling in Faroe Islands?
- Over the last ten years it is down 100.0%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from World Development Indicators (WDI), World Bank, published as part of Remittance inflows to GDP (%). Statizoid updates them automatically from the source API.
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CSV · JSON — 22 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Workers' remittances and compensation of employees comprise current transfers by migrant workers and wages and salaries earned by nonresident workers. Data are the sum of three items defined in the fifth edition of the IMF's Balance of Payments Manual: workers' remittances, compensation of employees, and migrants' transfers. Remittances are classified as current private transfers from migrant workers resident in the host country for more than a year, irrespective of their immigration status, to recipients in their country of origin. Migrants' transfers are defined as the net worth of migrants who are expected to remain in the host country for more than one year that is transferred from one country to another at the time of migration. Compensation of employees is the income of migrants who have lived in the host country for less than a year.