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
Faroe Islands and Alaska thrive on the islands. The bird fauna of the Faroe Islands is dominated by seabirds and birds attracted to open land like heather, probably because of the lack of woodland and other suitable habitats. Many species have developed special Faroese sub-species: common eider, Common starling, Eurasian wren, common murre, and black guillemot. The pied raven was endemic to the Faroe Islands, but has now become extinct. Only a few species of wild land mammals are found in the Faroe Islands today, all introduced by humans. Three species are thriving on the islands today: mountain hare ("Lepus timidus"), brown