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
History of the Faroe Islands History of the Faroe Islands The early details of the history of the Faroe Islands are unclear. It is possible that Brendan, an Irish monk, sailed past the islands during his North Atlantic voyage in the 6th century. He saw an 'Island of Sheep' and a 'Paradise of Birds,' which some say could be the Faroes with its dense bird population and sheep. This does suggest however that other sailors had got there before him, to bring the sheep. Norsemen settled the Faroe Islands in the 9th century or 10th century. The islands were officially converted to Christianity around the