Economy of the Faroe Islands Economy of the Faroe Islands The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum. High dependence on fishing means the economy remains extremely vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis to sustained economic prosperity. Also important are the annual subsidy from Denmark, which amounts to about 3% of the GDP. The Faroes have one of
Regions of the Faroe Islands which villages the whale meat and blubber should be given to. This is the case in Suðuroy, if men from the southern part of the island participate in a whale hunt, they are not sure to get any meat at all, if the sheriff decides, that there are too few whales in order to divide it to the whole island and can decide to give it only, for example, to the northern part or to specific villages or to homes for the elderly. Regions of the Faroe Islands The Faroe Islands are divided into 30 municipalities, six regions/shires (sýsla, sýslur