Economy Of Falkland Islands (Islas Malvinas)

Economy overview	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 Falklands exclusive fishing zone. These license fees total more than $40 million per year, which goes to 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 - $75 million (2002 est.)
GDP - real growth rate	NA
GDP - per capita	purchasing power parity - $25,000 (2002 est.)
GDP - composition by sector	agriculture: NA industry: NA services: NA
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	3.6% (1998)
Labor force	1,100 (est.)
Labor force by occupation	agriculture 95% (mostly sheepherding and fishing)
Unemployment rate	full employment; labor shortage (2001)
Budget	revenues: $66.2 million expenditures: $67.9 million, including capital expenditures of $23.2 million (FY98/99 est.)
Public debt
Agriculture products	fodder and vegetable crops; sheep, dairy products
Industries	fish and wool processing; tourism
Industrial production growth rate	NA
Electricity production	16.33 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	15.19 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	200 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$82 million (2002)
Exports commodities	wool, hides, meat
Exports partners	Spain 80%, UK 9.3%, US 3.6% (2003)
Imports	$53 million (2002)
Imports commodities	fuel, food and drink, building materials, clothing
Imports partners	UK 62%, Spain 30.4%, Italy 2.5% (2003)
Reserves of foreign exchange gold
Debt external	NA (1999 est.)
Economic aid recipient	none (1997 est.)
Currency	Falkland pound (FKP)
Currency code	FKP
Exchange rates	Falkland pounds per US dollar - 0.6125 (2003), 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.618 (1999), 0.6037 (1998); note - the Falkland pound is at par with the British pound
Fiscal year	1 April - 31 March

Applied Language Solutions offer English Translation .

This information was reproduced in part from the CIA World Fact book.

Flags

If you would like to use this flag of Falkland Islands (Islas Malvinas) or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Map

If you would like to use this map of Falkland Islands (Islas Malvinas) or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Country Information

If you would like to use this information for Falkland Islands (Islas Malvinas) or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Economy Of Falkland