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
Cinema of the Faroe Islands Cinema of the Faroe Islands The cinema of the Faroe Islands does not have a long history. The Faroe Islands has a small population, and due to the high initial cost of movie making, the islands' cinema history is modest. (On the other hand, writing and book publishing is very popular). The first director of the Faroe Islands was Katrin Ottarsdóttir. Her first film set in the Faroe Islands was "Atlantic Rhapsody" in 1989. However, the first feature films in Faroese language with full Faroese castings ("Rannvà" 1975, "Heystblómur" 1976 and "Pall Fángi" 1977) were made in the mid-seventies by