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 Regions of the Faroe Islands The Faroe Islands are divided into 30 municipalities, six regions/shires (sýsla, sýslur in plural) and since 2007 there has been only one constituency, earlier there were seven constituencies. Each region has one sheriff (sýslumaður). The administrative subdivisions of the Faroe Islands are frequently changing. In the 1980s there were more than 50 municipalities. During the last past decades the number has been decreasing steadily, and more municipal-mergers can be expected within the following years. The aim of the ministry of interior is that in 2015 there will be only seven or nine municipalities in the