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
Faroe Islands national football team and 20 November 2018 respectively. "Caps and goals as of 20 November 2018, after the game against Malta." Source: The following players have been called up within the last 12 months. Faroe Islands national football team The Faroe Islands national football team (; ), represents the Faroe Islands in association football and is controlled by the Faroe Islands Football Association. The Faroe Islands became a member of FIFA in 1988 and UEFA in 1990 and is the fourth smallest UEFA country by population. Faroe Islands have never advanced to the finals of the FIFA World Cup or UEFA European Championship.