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 Culture of the Faroe Islands The culture of the Faroe Islands has its roots in the Nordic culture. The Faroe Islands were long isolated from the main cultural phases and movements that swept across parts of Europe. This means that they have maintained a great part of their traditional culture. The language spoken is Faroese. It is one of three insular Scandinavian languages descended from the Old Norse language spoken in Scandinavia in the Viking Age, the others being Icelandic and the extinct Norn, which is thought to have been mutually intelligible with Faroese. Until the 15th century, Faroese had