CountryFacts.com > Falkland Islands (Islas Malvinas) > Economy
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Falkland Islands (Islas Malvinas) Economy
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
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
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.)
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)
Agriculture - products:
fodder and vegetable crops; sheep, dairy products
Exports:
$82 million (2002)
Exports - commodities:
wool, hides, meat
Exports - partners:
Spain 80%, UK 9.3%, US 3.6% (2003 est.)
Imports:
$53 million (2002)
Imports - commodities:
fuel, food and drink, building materials, clothing
Imports - partners:
UK 62%, Spain 30.4%, Italy 2.5% (2003 est.)
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
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