Faroe Islands GDP: PPP: 2021 Price

Faroe Islands GDP: PPP: 2021 Price data was reported at 3,940.290 Intl $ mn in 2024. This records an increase from the previous number of 3,907.323 Intl $ mn for 2023. Faroe Islands GDP: PPP: 2021 Price data is updated yearly, averaging 3,173.364 Intl $ mn from Dec 2008 (Median) to 2024, with 17 observations. The data reached an all-time high of 3,940.290 Intl $ mn in 2024 and a record low of 2,504.823 Intl $ mn in 2010. Faroe Islands GDP: PPP: 2021 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Faroe Islands – Table FO.World Bank.WDI: Gross Domestic Product: Purchasing Power Parity. This indicator provides values for gross domestic product (GDP) expressed in constant international dollars, converted by purchasing power parities (PPPs). PPPs account for the different price levels across countries and thus PPP-based comparisons of economic output are more appropriate for comparing the output of economies and the average material well-being of their inhabitants than exchange-rate based comparisons. Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2021. The PPP conversion factor is a currency conversion factor and a spatial price deflator. PPPs convert different currencies to a common currency and, in the process of conversion, equalize their purchasing power by eliminating the differences in price levels between countries, thereby allowing volume or output comparisons of GDP and its expenditure components.;International Comparison Program (ICP), World Bank (WB), uri: https://www.worldbank.org/en/programs/icp/data, note: This information is for ICP’s PPPs utilized in WDI, publisher: International Comparison Program (ICP), date accessed: May 30, 2024, date published: May 30, 2024; The Eurostat PPP Programme, Eurostat (ESTAT), uri: https://ec.europa.eu/eurostat/databrowser/explore/all/all_themes, publisher: Eurostat; The OECD PPP Programme, Organisation for Economic Co-operation and Development (OECD), uri: https://data-explorer.oecd.org/, publisher: OECD; Staff estimates, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD); World Economic Outlook database, International Monetary Fund (IMF);Gap-filled total;

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