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Economy of the Falkland Islands

From Academic Kids

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. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors attracted by the abundant wildlife and trout fishing. The islands are now self-financing except for defence. 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.

GDP: purchasing power parity - $NA

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $NA

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)

Labour force: 1,100 (est.)

Labour force - by occupation: agriculture 95% (mostly sheepherding and fishing)

Unemployment rate: full employment; labour shortage

Budget:
revenues: $66.1 million
expenditures: $66.8 million, including capital expenditures of $NA (FY97/98 est.)

Industries: wool and fish processing; sale of stamps and coins

Industrial production growth rate: NA%

Electricity - production: 12 GWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 11 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: fodder and vegetable crops; sheep, dairy products

Exports: $7.6 million (1995)

Exports - commodities: wool, hides, meat

Exports - partners: UK, Japan

Imports: $24.7 million (1995)

Imports - commodities: fuel, food and drink, building materials, clothing

Imports - partners: UK, Japan

Debt - external: $NA

Economic aid - recipient: $1.7 million (1995)

Currency: 1 Falkland pound = 100 pence

Exchange rates: Falkland pound per US$1 - 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Falkland pound is at par with the Pound Sterling

Fiscal year: 1 April31 March

See also : Falkland Islands
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