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
Extreme points of the Faroe Islands Extreme points of the Faroe Islands The extreme points of the Faroe Islands include the coordinates that are further north, south, east or west than any other location in the Faroe Islands; and the highest and the lowest elevations in the territory. The latitude and longitude are expressed in , in which a positive latitude value refers to the northern hemisphere, and a negative value refers to the southern hemisphere. Similarly, a positive longitude value refers to the eastern hemisphere, and a negative value refers to the western hemisphere. The coordinates used in this article are sourced from Google Earth,