Faroe Islands GNP for 2022 was 3.95 billion US dollars, a 6.97% increase from 2021.
Faroe Islands GNP for 2021 was 3.69 billion US dollars, a 9.33% increase from 2020.
Faroe Islands GNP for 2020 was 3.38 billion US dollars, a 1.08% decline from 2019.
Faroe Islands GNP for 2019 was 3.42 billion US dollars, a 6.49% increase from 2018.
GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.