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
Demographics of the Faroe Islands Demographics of the Faroe Islands This article is about the demographic features of the population of the Faroe Islands, including population density, ethnicity, education level, health of the populace, economic status, religious affiliations and other aspects of the population. Recent DNA analysis have revealed that Y chromosomes, tracing male descent, are 87% Scandinavian. The studies show that mitochondrial DNA, tracing female descent, is 84% Scottish / Irish. Of the approximately 48,000 inhabitants of the Faroe Islands (16,921 private households (2004)), 98% are Danish realm citizens, meaning Faroese, Danish, or Greenlandic. By birthplace one can derive the following origins of the