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 from Tierra del Fuego to the Faroe Islands, making it the biggest "Nothofagus" population in Europe. Species from the Alaskan coastline and islands have also adapted well in the Faroe Islands, especially "Pinus contorta", "Picea sitchensis", "Salix alaxensis", "Populus trichocarpa" and "Alnus sinuata". The biggest Alaskan pine tree ("Pinus contorta") in Europe (in width, not in height), is to be found in the Selatrað plantation in the Faroe Islands. Generally, species from the oceanic climates of coastal Alaska, New Zealand, Tierra del Fuego and Tasmania are adapted to Faroe, while species from the more continental climates of Scandinavia and Europe