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Falkland Islands:
Economy

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Falkland Islands Page


Other pages in this profile of the Falkland Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. These license fees total more than $40 million per year, which help support the island's health, education, and welfare system. Squid accounts for 75% of the fish taken. Dairy farming supports domestic consumption; crops furnish winter fodder. Exports feature shipments of high-grade wool to the UK and the sale of postage stamps and coins. The islands are now self-financing except for defense. The British Geological Survey announced a 200-mile oil exploration zone around the islands in 1993, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day; to date, no exploitable site has been identified. An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves. Tourism, especially eco-tourism, is increasing rapidly, with about 30,000 visitors in 2001. Another large source of income is interest paid on money the government has in the bank. The British military presence also provides a sizeable economic boost.
GDP (purchasing power parity)
Definition - World rank and map
$75 million (2002 est.)
GDP (official exchange rate)
Definition
$NA
GDP - real growth rate
Definition - World rank and map
NA%
GDP - per capita
Definition - World rank and map
$25,000 (2002 est.)
GDP - composition by sector
Definition
agriculture: 95%
industry: NA%
services: NA%
Labor force
Definition
1,724 (est.) (1996)
Labor force - by occupation
Definition
agriculture: 95% (mostly sheepherding and fishing)
industry and services: 5% (1996)
Unemployment rate
Definition - World rank and map
full employment; labor shortage (2001)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3.6% (1998)
Budget
Definition
revenues: $66.2 million
expenditures: $67.9 million (FY98/99 est.)
Agriculture - products
Definition
fodder and vegetable crops; sheep, dairy products; fish, squid
Industries
Definition
fish and wool processing; tourism
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
16 million kWh (2005)
Electricity - consumption
Definition - World rank and map
14.88 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
4,738.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
240 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
76.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
227.9 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$125 million (2004 est.)
Exports - commodities
Definition
wool, hides, meat, fish, squid
Exports - partners
Definition
Spain 81.9%, US 6%, UK 4.5% (2006)
Imports
Definition - World rank and map
$90 million (2004 est.)
Imports - commodities
Definition
fuel, food and drink, building materials, clothing
Imports - partners
Definition
UK 72.5%, US 15.1%, Netherlands 8.5% (2006)
Debt - external
Definition - World rank and map
$NA
Economic aid - recipient
Definition
$0 (1997 est.)
Currency (code)
Definition
Falkland pound (FKP)
Exchange rates
Definition
Falkland pounds per US dollar - 0.4993 (2007), 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Falkland pound is at par with the British pound
Fiscal year
Definition
1 April - 31 March


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