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
Music of the Faroe Islands released seven albums since their founding in 1998 and they perform worldwide. Tutl Records is the major record label of the Faroe Islands Music of the Faroe Islands Faroese music is primarily vocal, accompanied by the fiddle (which arrived in the 17th century) and European dances like the minuet and polka. During the twentieth century choirs have played an important role in the musical history of the Faroes, and some of the best known current choirs are Tarira, Havnarkórið, Tórshavnar Manskór, Ljómur, Fuglafjarðar Gentukór, and the choirs situated in Copenhagen: Húsakórið and Mpiri. Much of the imported music and instruments