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
Church of the Faroe Islands his absence, and sits "ex officio" on the Church of the Faroe Islands ministerial council. There are around twenty-five ordained priests serving the churches and chaplaincies of the Church of the Faroe Islands. Around 60 churches and chapels are grouped into 14 parishes across the country. The Church of the Faroe Islands clergy directory lists 25 parish priests "(Sóknarprestur)", of whom one also serves as hospital chaplain, and one as diocesan exorcist. "For pre-Reformation bishops see Ancient Diocese of the Faroe Islands" Church of the Faroe Islands The Church of the Faroe Islands (, "people's church") is one of the