Industrial Life of Isle of Man

Economical Status of Faroes Islands

Faroe Island depends on most of their economic income from fishing industry. After the tragedy when fishing industry collapsed during the early 1990s, this had been a problem with them leaving 10 to 15 percent of unemployment. They have made some actions to solve this problem and hoping to broaden their economic issue by putting up new fish-processing plants. By 2013, their statistical GDP is around $1.47 billion US dollars and became one of the lowest rates of unemployment in European Continent. By the year 2000, the acquired new information technology and business projects to attract investors around the world. The result is still unknown but this hopes the faroes to bring luck to their country and have a better economic gain.
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