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
Regions of the Faroe Islands Faroe Islands, more or less following the boundaries of the districts and constituencies. If this happens the Faroe Islands will have left the administrative structure of "parish-municipalities" which was built up in the first half of the 20th century and entered a structure of "regional-municipalities". Furthermore, there was a long-running discussion on reducing or even removing the constituencies. In the end, from the 2008 election onwards, the constituencies were abolished. The regions (sýsla) are not administrative parts of the islands like the municipalities (kommuna), the municipalities charge taxes from the citizens who live there. The regions cannot charge taxes from