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 recorded in 2006; most likely a lost pet. Flies, moths, spiders, beetles, slugs, snails, earthworms and other small invertebrates are part of the indigenous fauna of the Faroe Islands. More recent introductions are the New Zealand flatworm, the Spanish slug, and the common wasp which all have become part of the natural fauna. Cockroaches, black garden ants, pharaoh ants and burgundy snails have also been found, but it is not clear if they have become part of the established fauna. Fauna of the Faroe Islands The fauna of the Faroe Islands is characterized by the islands' remote location in the