| Economy | Falkland Islands (Islas Malvinas) |
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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 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. Foreign exchange earnings come from 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. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters around the Falkland Islands. In September 2011, a British exploration firm announced that it plans to commence oil production in 2016. Tourism, especially eco-tourism, is increasing rapidly, with about 69,000 visitors in 2009. The British military presence also provides a sizeable economic boost. |
GDP (purchasing power parity):
|
$105.1 million (2002 est.) |
GDP - per capita (PPP):
|
$35,400 (2002 est.) |
GDP (official exchange rate):
|
$105.1 million (2002 est.) |
GDP - real growth rate:
|
NA% |
GDP - composition by sector:
|
agriculture: 95%
industry: NA%
services: NA% (1996) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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3.6% (1998) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
1,724 (1996) |
Labor force participation rate:
|
54.90 % of population |
Labor force - by occupation:
|
agriculture: 95% (mostly sheepherding and fishing)
industry and services: 5% (1996) |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $66.2 million
expenditures: $67.9 million (FY98/99) |
Budget revenues per capita:
|
21,083 USD per capita |
Taxes and other revenues:
|
63% of GDP (FY98/99) |
Budget surplus (+) or deficit (-):
|
-1.6% of GDP (FY98/99) |
Public debt:
|
void |
Industries:
|
fish and wool processing; tourism |
Industrial production growth rate:
|
NA% |
Electricity - production:
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17 million kWh (2008 est.) |
Electricity - production per capita:
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5,415 kWh per capita |
Electricity - consumption:
|
15.81 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
5,036 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
300 bbl/day (2010 est.) |
Oil - consumption - per capita:
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34.87 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
|
312.5 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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fodder and vegetable crops; sheep, dairy products; fish, squid |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
|
$125 million (2004 est.) |
Exports per capita:
|
39,809 USD per capita |
Exports - commodities:
|
wool, hides, meat, fish, squid |
Exports - partners:
|
void |
Imports:
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$90 million (2004 est.) |
Imports per capita:
|
28,663 USD per capita |
Imports - commodities:
|
fuel, food and drink, building materials, clothing |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$NA |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Falkland pound (FKP) |
Exchange rates:
|
Falkland pounds (FKP) per US dollar -
0.6176 (2011)
0.6468 (2010)
0.6175 (2009)
|
Fiscal year:
|
1 April - 31 March |
|
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