| People | 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. 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 (official exchange rate):
|
$NA |
GDP - real growth rate:
|
NA% |
GDP - per capita (PPP):
|
$25,000 (2002 est.) |
GDP - composition by sector:
|
agriculture: 95%
industry: NA%
services: NA% |
Investment (gross fixed):
|
void |
Population below poverty line:
|
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):
|
3.6% (1998) |
Labor force:
|
1,724 (est.) (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:
|
full employment; labor shortage (2001) |
Budget:
|
revenues: $66.2 million
expenditures: $67.9 million (FY98/99 est.) |
Budget revenues per capita:
|
21,083 USD per capita |
Public debt:
|
void |
Industries:
|
fish and wool processing; tourism |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
16 million kWh (2005) |
Electricity - production per capita:
|
5,096 kWh per capita |
Electricity - consumption:
|
14.88 million kWh (2005) |
Electricity - consumption - per capita:
|
4,739 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
240 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
27.90 bbl/year per capita |
Oil - exports:
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0 bbl/day (2004) |
Oil - imports:
|
227.9 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
fodder and vegetable crops; sheep, dairy products; fish, squid |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$125 million (2004 est.) |
Exports per capita:
|
39,809 USD per capita |
Exports - commodities:
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wool, hides, meat, fish, squid |
Exports - partners:
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Spain 81.9%, US 6%, UK 4.5% (2006) |
Imports:
|
$90 million (2004 est.) |
Imports per capita:
|
28,663 USD per capita |
Imports - commodities:
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fuel, food and drink, building materials, clothing |
Imports - partners:
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UK 72.5%, US 15.1%, Netherlands 8.5% (2006) |
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 - abroad:
|
void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$0 (1997 est.) |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Falkland pound (FKP) |
Exchange rates:
|
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:
|
1 April - 31 March |
|
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