Other branches of industry are represented by the village's fish farm and guest house / hostel and campsite.

[1] On the opposite side of the road a sculpture stands as a memorial to fishermen lost at sea, bearing the names and ages of men from the late nineteenth to the mid twentieth century.

The nearest grocery store is at Eiði, but Gjógv has a post office in a private home, which opens five days a week for 30 minutes each morning and afternoon.

To tourists and boating natives alike, the harbour in the gorge is also a well-known site of outstanding natural scenery.

The village gets its name from the gorge, Faroese gjógv is derived from the same Norse word (gjó) as the Shetland dialect geo.

The inhabitants are known as Gjáarfólk, possibly related to the Icelandic word gjá which itself comes from the Old Norse gjó from which the village name is derived.

There are no locomotives, and motive power is provided by a winch operating a rope which is attached to the goods wagons.

The rope passes from the winch house to the pivot through an underground channel, the route of which may be observed as a series of metal plates set into the road surface.

From the pivot onwards the rope is attached to the wagons, and on the incline section of the line it passes over rollers set centrally between the rails of the permanent way.

Today delivery lorries come to the village to supply the hotel, the post office, and the coffee shop, and use of the incline railway has consequently declined.

In 1995 the german artist Ingo Kühl painted watercolors in Gjógv, after which the nine-part Faroe Islands picture cycle was created, which was exhibited in the Royal Danish Embassy in Berlin in 2003/2004.