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 games were hosted by the islands in 1989 and Faroes won the Island Games in 2009. Football is by far the biggest sports activity on the islands, with 7,000 registered players out of the whole population of 50,000. Ten football teams contest the Faroe Islands Premier League, currently ranked 51st by UEFA's League coefficient. The Faroe Islands are a full member of UEFA and the Faroe Islands national football team competes in the UEFA European Football Championship qualifiers. The country is also a full member of FIFA and therefore the Faroe Islands football team also competes in the FIFA World