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
Flora of the Faroe Islands Flora of the Faroe Islands The flora of the Faroe Islands consists of over 400 different plant species. Most of the lowland area is grassland and some is heather mainly "Calluna vulgaris". The Faroese nature is characterized by the lack of trees, and resembles that of Connemara and Dingle in Ireland. Among the numerous herbaceous flora that occur in the Faroe Islands is the marsh thistle, "Cirsium palustre". There are no native forests in the Faroe Islands, and only a few woody plants occur. Findings of "Betula pubescens" trunks and branches in the soil, dated to c. 2300 BC, and