Falkland Islands:
Economy

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Other pages in this profile of the Falkland Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $75 million (2002 est.)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map NA%
GDP - per capita	Definition - World rank and map $25,000 (2002 est.)
GDP - composition by sector	Definition agriculture: 95% industry: NA% services: NA%
Labor force	Definition 1,724 (est.) (1996)
Labor force - by occupation	Definition agriculture: 95% (mostly sheepherding and fishing) industry and services: 5% (1996)
Unemployment rate	Definition - World rank and map full employment; labor shortage (2001)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.6% (1998)
Budget	Definition revenues: $66.2 million expenditures: $67.9 million (FY98/99 est.)
Agriculture - products	Definition fodder and vegetable crops; sheep, dairy products; fish, squid
Industries	Definition fish and wool processing; tourism
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 16 million kWh (2005)
Electricity - consumption	Definition - World rank and map 14.88 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 4,738.9 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 240 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 76.4 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 227.9 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Exports	Definition - World rank and map $125 million (2004 est.)
Exports - commodities	Definition wool, hides, meat, fish, squid
Exports - partners	Definition Spain 81.9%, US 6%, UK 4.5% (2006)
Imports	Definition - World rank and map $90 million (2004 est.)
Imports - commodities	Definition fuel, food and drink, building materials, clothing
Imports - partners	Definition UK 72.5%, US 15.1%, Netherlands 8.5% (2006)
Debt - external	Definition - World rank and map $NA
Economic aid - recipient	Definition $0 (1997 est.)
Currency (code)	Definition Falkland pound (FKP)
Exchange rates	Definition 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	Definition 1 April - 31 March

Falkland Islands: Economy

Falkland Islands:
Economy