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
Economy of the Faroe Islands lithium-ion battery became operational in 2016. Planners also consider converting the existing hydropower to pumped-storage hydroelectricity. Tidal power and Thermal energy storage solutions are also considered. The islands have a goal of 100% green electricity production by 2030. In 2014 50.8% of the electricity production of SEV in the Faroe Islands came from green energy like hydro and wind, while 49.2% was produced by the thermal power plants, which was 12.4% less than in 2013. Total annual production: 305.4 GWh (2014) of which the production of thermal, hydropower and wind power was: The Faroe Islands have no electricity connections to