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
University of the Faroe Islands University of the Faroe Islands The University of the Faroe Islands () is a state-run university located in Tórshavn, the capital of the Faroe Islands. It consists of two faculties: the Faculty of Humanities, Social Sciences and Education and the Faculty of Natural and Health Sciences. The university offers bachelor's, master's, and Ph.D.'s in both faculties. The student body is small, having almost 600 students. The university organizes an annual dissertation competition open to all students. The educational language of the university is Faroese, making it the only university in the world to conduct classes officially in that language. The