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
Fauna of the Faroe Islands In the same nest, three youngsters could be black while one could be white-speckled. This colour variation was unique to the Faroe Islands, and maybe because of this, the demand from foreign collectors was big for these ravens. This might be a reason why it became extinct; the last white-speckled raven was seen on Nólsoy in 1949. The land mammals of Faroe have all been introduced, accidentally or deliberately by people. Although nine species of wild land mammal have been reported on the Faroe Islands, only three have survived and are thriving on the islands today: mountain hare ("Lepus timidus"),