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 Harald Hårfagre, and that other Norse were driven to the Faroe Islands due to his chaotic rule. This mass migration to the Faroe Islands shows a prior knowledge of the Viking settlements' locations, furthering the claim of Grímur Kamban's settlement much earlier. While Kamban is recognized as the first Viking settler of the Faroe Islands, his surname is of Gaelic origin. Writings from the Papar, an order of Irish monks, show that they left the Faroe Islands due to ongoing Viking raids. The name of the islands is first recorded on the Hereford "mappa mundi" (1280), where they are labelled