Insurance and financial services in Faroe Islands
Faroe Islands: Insurance and financial services was 0.8% in 2011. ◆ Volatile
Insurance and financial services in Faroe Islands, 1998–2011
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
The most recent figure for insurance and financial services in Faroe Islands is 0.8%, measured in 2011.
The figure is up 6.2% on the previous year and down 90.3% over ten years.
Over the whole period, insurance and financial services in Faroe Islands peaked at 14.9% in 2002 and was at its lowest, 0.3%, in 2005.
That places Faroe Islands 149th out of 190 countries with data for 2011, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Faroe Islands, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1998 | 5.0% | — |
| 1999 | 7.8% | +55.7% |
| 2000 | 14.5% | +85.7% |
| 2001 | 8.0% | -44.5% |
| 2002 | 14.9% | +85.0% |
| 2003 | 3.9% | -73.5% |
| 2004 | 1.0% | -74.9% |
| 2005 | 0.3% | -66.2% |
| 2006 | 0.5% | +49.7% |
| 2007 | 0.5% | -0.4% |
| 2008 | 0.5% | +1.2% |
| 2009 | 0.8% | +55.0% |
| 2010 | 0.7% | -6.5% |
| 2011 | 0.8% | +6.2% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8% is below the median for high income countries, which is 5.3%, 15% of the median. (69 countries reporting)
- Faroe Islands's 0.8% is below the median for Europe & Central Asia, which is 3.6%, 22% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.4% | 5.0% | 7.8% | 2 |
| 2000s | 4.5% | 0.3% | 14.9% | 10 |
| 2010s | 0.8% | 0.7% | 0.8% | 2 |
Countries ranked near Faroe Islands
More private sector data for Faroe Islands
- Merchandise trade 80.8% (2024)
- Food imports 17.1% (2009)
- Manufactures imports 62.3% (2009)
- Merchandise imports 1.67 billion current US$ (2025)
- Food exports 88.0% (2009)
- Manufactures exports 7.4% (2009)
- Merchandise exports 2.06 billion current US$ (2025)
- Merchandise exports (current US$), per capita 37,577 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.4389 current US$ per US$ of GDP (2024)
- Merchandise exports (current US$), annual growth rate 15.96 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Faroe Islands?
- Insurance and financial services in Faroe Islands was 0.8% in 2011, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Faroe Islands?
- The highest recorded value was 14.9% in 2002.
- What is the lowest insurance and financial services recorded in Faroe Islands?
- The lowest recorded value was 0.3% in 2005.
- How does Faroe Islands rank for insurance and financial services?
- Faroe Islands ranks 149th out of 190 countries with data for 2011.
- Is insurance and financial services rising or falling in Faroe Islands?
- Over the last ten years it is down 90.3%. The long-run trend across the full record is volatile.
- Where does this Faroe Islands data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of commercial service exports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 14 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.