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
Association of Writers of the Faroe Islands established in 1957. Association of Writers of the Faroe Islands Association of Writers of the Faroe Islands (in Faroese called Rithøvundafelag Føroya) is an association for authors and translators who write in the Faroese language. These authors live primarily in the Faroe Islands, but some of them also live in other countries. Some Faroese writers write not only in Faroese but also in Danish, but most Faroese writers write primarily in Faroese. The Faroese language is only spoken by the Faroese people of the Faroe Islands, which currently have a population of 50.000 people. The Association of Writers of the