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
LGBT rights in the Faroe Islands or be imprisoned for up to two years." When the law took effect on 1 January 2007, the Faroe Islands became the last Northern European country to ban discrimination and harassment based on sexual orientation. Prior to 2012, LGBT rights was not a high-profile issue in the Faroe Islands. The Faroe Islands had been viewed by neighboring countries and worldwide media as a homophobic country for a long time. Generally, this was because religious observance is stronger and more widespread in the Faroe Islands than any other Nordic country, and due to the lack of LGBT rights, such as recognition