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
Faroe Islands Nólsoy. Production of hard alcohol such as snaps is forbidden in the Faroe Islands, hence the Faroese akvavit is produced abroad. Since the friendly British occupation, the Faroese have been fond of British food, in particular fish and chips and British-style chocolate such as Cadbury Dairy Milk, which is found in many of the island's shops. There are records of drive hunts in the Faroe Islands dating from 1584. Whaling in the Faroe Islands is regulated by Faroese authorities but not by the International Whaling Commission as there are disagreements about the Commission's legal authority to regulate cetacean hunts. Hundreds