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
History of the Faroe Islands suggested that the people living there might have been from Ireland, Scotland or Scandinavia, with possibly groups from all three areas settling there. There is a Latin account of a voyage made by Saint Brendan, an Irish monastic saint who lived around 484–578, there is a description of "insulae" (islands) resembling the Faroe Islands. This association, however, is far from conclusive in its description. The earliest text which has been claimed to be a description of the Faroe Islands was written by an Irish monk in the Frankish Kingdom named Dicuil, who, around 825, described certain islands in the north