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
Fauna of the Faroe Islands Fauna of the Faroe Islands The fauna of the Faroe Islands is characterized by the islands' remote location in the North Atlantic Ocean. There are few terrestrial species, but relatively many breeding seabirds and marine animals. Some sub-species and breeds are endemic. All land mammals were introduced by humans. The bird fauna of the Faroes is dominated by seabirds and birds attracted to open land like heather, probably due to the lack of woodland and other suited habitats. There are special Faroese races of eider, starling, wren, guillemot, and black guillemot. Puffins ("Fratercula arctica"), razorbills ("Alca torda"), and guillemots ("Uria