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
Flag of the Faroe Islands of the Norwegian flag, with the fimbriated cross. The flag proportion is usually 5:7. White symbolises the creators of the flag, the foam of the sea and the pure, radiant sky of the Faroe Islands, while the old Faroese blue and red colours are reminiscent of other Scandinavian and Nordic flags; representing the Faroe Islands' bonds with other Nordic countries. The modern Faroese flag was devised in 1919 by Jens Oliver Lisberg and others while they were studying in Copenhagen. The first time Merkið was raised in the Faroe Islands was on 22 June that year in Fámjin on the