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
Tour of Faroe Islands Tour of Faroe Islands The Tour of Faroe Islands () is a road cycling race held in the Faroe Islands. The race consists of a men's, women's and juniors' competition over a prologue and four or five stages, which are for elite cyclists and shorter distances for non-elite cyclists. From 2011 to 2013, the race was changed to four stages in three days. The first edition of the "Kring Føroyar" tour was held in 1996 but it was not an official race; the 1997 Tour was the first official edition of the race. The race is normally held in July