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
National Museum of the Faroe Islands National Museum of the Faroe Islands The National Museum of the Faroe Islands () is the national museum of the Faroe Islands, located in Tórshavn. The National Museum of the Faroe Islands has exhibitions in the museum building on Brekkutún 6 in Tórshavn. The galleries tell the natural and cultural history of the Faroe Islands. This goes back to the origin of the landmass dating back 65 mya, through the pre-settlement era and the culture etc. from the Viking Ages and the Middle Ages. Displays include rocks and minerals, birds, plants and fish, as well as items from the farming