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
Ancient Diocese of the Faroe Islands Magnus Cathedral of Kirkjubøur. The thick basaltic walls broken by high, massive windows are evidence that the original builders meant to erect a Gothic church. It remained unfinished. Ancient Diocese of the Faroe Islands The former Catholic Diocese of the Faroe Islands existed from the 11th century to the Protestant Reformation. The Faroe Islands are now included in the Roman Catholic Diocese of Copenhagen. As recorded in the Færeyinga saga, Sigmundur Brestisson came to the Faroes and converted the people to Christianity more or less one by one. He was eventually attacked at his home by his first (forced) convert,