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
Nordic House in the Faroe Islands fittings. All the exterior materials originated from the Faroe Islands or were produced on the Islands except for the glass and anodized aluminum facades, which are Danish. "Red. Kim Dirchinck-Holmfeld "et al." 1996. Færøsk arkitektur (Architecture on the Faroe Islands). Arkitektens forlag." Nordic House in the Faroe Islands The Nordic House () is the most important cultural institution in the Faroe Islands. Its aim is to support and promote Nordic and Faroese culture, locally and in the Nordic region Erlendur Patursson (1913-1986), Faroese member of the Nordic Council, brought forward the idea of a Nordic cultural house in the Faroe