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
Faroe Islands rat ("Rattus norvegicus"), and the house mouse ("Mus musculus"). Apart from these, there once was a local domestic sheep breed, the Faroe sheep (depicted on the coat of arms), a variety of feral sheep survived on Lítla Dímun until the mid-19th century. Grey seals ("Halichoerus grypus") are common around the shorelines. Several species of cetacea live in the waters around the Faroe Islands. Best known are the long-finned pilot whales ("Globicephala melaena"), which are still hunted by the islanders in accordance with longstanding local tradition. Orcas ("Orcinus orca") are regular visitors around the islands. The domestic animals of the Faroe