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
National Museum of the Faroe Islands an outdoors museum with all the buildings and tools etc. which belonged to the farmhouse. The medieval pew ends from Saint Olav's church at Kirkjubøur (mentioned above) featured in three series of Faroese stamps, engraved by Czeslaw Slania. Faroese stamps 1980: Faroese stamps 1984: Faroese stamps 2001: National Museum of the Faroe Islands The National Museum of the Faroe Islands () is the national museum of the Faroe Islands, located in Tórshavn. The National Museum of the Faroe Islands has exhibitions in the museum building on Brekkutún 6 in Tórshavn. The galleries tell the natural and cultural history of the