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
Culture of the Faroe Islands Eystanstevna is always held in Runavík, but the boat race is only held there every second year (even years), odd years the regatta is held in Fuglafjørður at the Varmakelda Festival (Varmakeldustevna). Swimming is a quite popular sport in the Faroe Islands. The Faroese freestyle swimmer Pál Joensen is the sportsperson of the Faroe Islands with the best international result for the country, a bronze medal at the 2012 FINA World Swimming Championships. In July 2011 he qualified for the finals in the men's 800 meters and 1500 meters freestyle at the 2011 World Aquatics Championships in Shanghai. He placed