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
Geology of the Faroe Islands Geology of the Faroe Islands The Faroe Islands lie on the Eurasian plate between Scotland, Norway and Iceland. The islands are of volcanic origin and are made up of three layers of basalt, with the top and bottom layers resembling each other. The age of this rock is between 54 and 58 million years, with the oldest material at the bottom. The Faroe Islands were formed during a period of a few million years, some 55 million years ago in early Paleogene times, when Europe and Greenland started to separate, opening up what became the Northeast Atlantic Ocean. Countless volcanic