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 imports.
Analysis
The most recent figure for insurance and financial services in Faroe Islands is 0.8%, measured in 2011. That is the lowest value across all 14 years on record.
The figure is down 45.1% on the previous year and down 91.9% over ten years.
Over the whole period, insurance and financial services in Faroe Islands peaked at 10.3% in 1998 and was at its lowest, 0.8%, in 2011.
Faroe Islands ranks 195th of 197 countries on this measure, 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 imports | Change |
|---|---|---|
| 1998 | 10.3% | — |
| 1999 | 9.9% | -3.6% |
| 2000 | 8.6% | -13.1% |
| 2001 | 10.1% | +17.1% |
| 2002 | 9.0% | -10.6% |
| 2003 | 5.2% | -42.8% |
| 2004 | 3.1% | -39.2% |
| 2005 | 2.3% | -25.5% |
| 2006 | 2.0% | -12.7% |
| 2007 | 1.0% | -49.4% |
| 2008 | 1.4% | +37.4% |
| 2009 | 1.7% | +19.6% |
| 2010 | 1.5% | -11.9% |
| 2011 | 0.8% | -45.1% |
Faroe Islands compared with similar countries
- Faroe Islands's 0.8% is below the median for high income countries, which is 6.4%, 13% of the median. (72 countries reporting)
- Faroe Islands's 0.8% is below the median for Europe & Central Asia, which is 5.2%, 16% of the median. (51 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 10.1% | 9.9% | 10.3% | 2 |
| 2000s | 4.5% | 1.0% | 10.1% | 10 |
| 2010s | 1.2% | 0.8% | 1.5% | 2 |
Countries ranked near Faroe Islands
- 192 Guyana 1.2% compare
- 193 North Macedonia 1.2% compare
- 194 Niger 1.0% compare
- 196 Marshall Islands 0.3% compare
- 197 Mauritania 0.0% compare
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 10.3% in 1998.
- What is the lowest insurance and financial services recorded in Faroe Islands?
- The lowest recorded value was 0.8% in 2011.
- How does Faroe Islands rank for insurance and financial services?
- Faroe Islands ranks 195th out of 197 countries with data for 2011.
- Is insurance and financial services rising or falling in Faroe Islands?
- Over the last ten years it is down 91.9%. 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 imports). 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 imports which are commercial services provided by non-residents to residents.