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
Fauna of the Faroe Islands might start again on the islands at some point. Several species of whales live in the waters around the Faroe Islands. Best known are the long-finned pilot whales ("Globicephala melas"), but the more exotic killer whales ("Orcinus orca") sometimes visit the Faroese fjords, and this can lead to a somewhat dangerous encounter if you are in a small boat. Harbor porpoises are the most frequently sighted cetacea. They frequent the islands year round, though it seems to be in larger numbers around the northern islands than the rest of the country. Blue whales can sometimes appear during the months of