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
Education in the Faroe Islands Faroese Research Council that decides its recipients. From 2002 to 2012 the Research Foundation had received over 70 million DKK. Research is conducted by several governmental institutions (i.e. museums, laboratories, hospitals, marine institutes) and the University of the Faroe Islands. Education in the Faroe Islands The levels of education in the Faroe Islands are primary, secondary and higher education. Most institutions are funded by the state; there are few private schools in the country. Education is compulsory for 9 years between the ages of 7 and 16. In the twelfth century education in the Faroe Islands was provided by the