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
Culture of the Faroe Islands competed. The Faroe Islands compete in the biannual Island Games, which have been hosted by the islands in 1989. The Faroe Islands won the games in 2009 Island Games with 34 gold medals, 23 silver and 24 bronze. Culture of the Faroe Islands The culture of the Faroe Islands has its roots in the Nordic culture. The Faroe Islands were long isolated from the main cultural phases and movements that swept across parts of Europe. This means that they have maintained a great part of their traditional culture. The language spoken is Faroese. It is one of three insular Scandinavian