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
Education in the Faroe Islands and music schools. The structure of the Faroese educational system bears resemblances with its Danish counterpart. The main language of instruction up to the lower secondary school is Faroese, while Danish is the main language of instruction in upper secondary schools. Education in the Faroe Islands is administered and regulated by the Ministry of Education, Research and Culture (), with Rigmor Dam being the minister since 15 September 2015. The Ministry of Education, Research and Culture has the jurisdiction of educational responsibility in the Faroe Islands. Since the Faroe Islands is a constituent country of the Danish Realm, education in