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 the abundance of "Corylus" pollen in deep layers, suggest that at least some local stands of birch and hazel trees were present in the Faroe Islands, prior to human settlement. Four species of willow are still present in the Faroe Islands: "Salix herbacea" is very common in the mountains, but the other three species: "Salix phylicifolia", "Salix lanata" and "Salix arctica" are only to be found in a few places, due to heavy grazing by animals. Only one evergreen, "Juniperus communis" (the prostrate form) grows naturally in the Faroe Islands, and small populations are spread throughout the islands, though for