was it absorbed by any country?
Yes - initially by Norway and now by Scotland
Shetland
In the 14th century, Orkney and Shetland remained a Norwegian possession, but Scottish influence was growing. Jon Haraldsson, who was murdered in Thurso in 1231, was the last of an unbroken line of Norse jarls, and thereafter the earls were Scots noblemen of the houses of Angus and St Clair. On the death of Haakon VI in 1380, Norway formed a political union with Denmark, after which the interest of the royal house in the islands declined. In 1469, Shetland was pledged by Christian I, in his capacity as King of Norway, as security against the payment of the dowry of his daughter Margaret, betrothed to James III of Scotland. As the money was never paid, the connection with the Crown of Scotland became permanent. In 1470, William Sinclair, 1st Earl of Caithness ceded his title to James III, and the following year the Northern Isles were directly absorbed to the Crown of Scotland, an action confirmed by the Parliament of Scotland in 1472. Nonetheless, Shetland's connection with Norway has 
what is the latitude of the shetland islands Somewhere between 50°N and 70°N latitude where is it located? Northern Isles of Scotland what makes up its economy? Agriculture, aquaculture, fishing, renewable energy, the petroleum industry which animals are domesticated here? Shetland pony, Shetland Sheepdog, Shetland cattle
wiki:19683683
Shetland [SEP] Absorption by Scotland
In the 14th century, Orkney and Shetland remained a Norwegian possession, but Scottish influence was growing. Jon Haraldsson, who was murdered in Thurso in 1231, was the last of an unbroken line of Norse jarls, and thereafter the earls were Scots noblemen of the houses of Angus and St Clair. On the death of Haakon VI in 1380, Norway formed a political union with Denmark, after which the interest of the royal house in the islands declined. In 1469, Shetland was pledged by Christian I, in his capacity as King of Norway, as security against the payment of the dowry of his daughter Margaret, betrothed to James III of Scotland.