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| Choose the first letter to select required country: Economy Of 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 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 |
| Investment gross fixed | |
| Population below poverty line | NA |
| Household income or consumption by percentage share |
lowest 10%: na highest 10%: na |
| Distribution of family income - Gini index | |
| 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.) |
| Public debt | |
| Agriculture products | fodder and vegetable crops; sheep, dairy products |
| 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) |
| Oil proved reserves | |
| Natural gas production | |
| Natural gas consumption | |
| Natural gas exports | |
| Natural gas imports | |
| Natural gas proved reserves | |
| Current account balance | |
| Exports | $82 million (2002) |
| Exports commodities | wool, hides, meat |
| Exports partners | Spain 80%, UK 9.3%, US 3.6% (2003) |
| Imports | $53 million (2002) |
| Imports commodities | fuel, food and drink, building materials, clothing |
| Imports partners | UK 62%, Spain 30.4%, Italy 2.5% (2003) |
| Reserves of foreign exchange gold | |
| 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 |
Introduction and Background to Falkland Islands (Islas Malvinas) | Geography Of Falkland Islands (Islas Malvinas) | People Of Falkland Islands (Islas Malvinas) | Government Of Falkland Islands (Islas Malvinas) | Communications Of Falkland Islands (Islas Malvinas) | Transportation Of Falkland Islands (Islas Malvinas) | Military Of Falkland Islands (Islas Malvinas) | Transnational Issues Of Falkland Islands (Islas Malvinas)
Falkland Flag Map Of Falkland Islands (Islas Malvinas)
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