High dependence on fishing (including salmon farming) means the Faroe Islands' economy remains vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants. The islands allow up to 25% foreign ownership of ocean industry decreasing gradually until 2032 when foreign ownership must end. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, which may lay the basis for sustained economic prosperity. Also important are the annual subsidy from Denmark, which amounted to about 3% of the GDP.
High dependence on fishing (including salmon farming) means the Faroe Islands' economy remains vulnerable. The Faroese hope to broaden their economic base by building new fish-processing plants The islands allow up to 25% foreign ownership of ocean industry decreasing gradually until 2032 when foreign ownership must end. Petroleum found close to the Faroese area gives hope for deposits in the immediate area which may lay the basis for sustained economic prosperity. Also important are the annual subsidy from Denmark, which amounted to about 3% of the GDP