Falkland Islands (Islas Malvinas) Economy 2013


Falkland Islands (Islas Malvinas) Economy 2013

Page last updated on November 15, 2012

Economy - overview:
The economy was formerly based on agriculture, mainly sheep farming but fishing and tourism currently comprise 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 net more than $40 million per year, which help support the island's health, education, and welfare system. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000 ton fish catch. Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. In 2001, the government purchased 100 reindeer with the intent to increase the number to 10,000 over the following 20 years so that Falkland could export venison to Scandinavia and Chile. Tourism, especially eco-tourism, is increasing rapidly, with about 69,000 visitors in 2009. The British military presence also provides a sizeable economic boost. The islands are now self-financing except for defense. In 1993 the British Geological Survey announced a 200-mile oil exploration zone around the islands, 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. In September 2011, a British exploration firm announced that it plans to commence oil production in 2016.

GDP (purchasing power parity):
$164.5 million (2007 est.)
country comparison to the world: 219

$105.1 million (2002 est.)
[see also: GDP country ranks ]

GDP (official exchange rate):
$164.5 million (2007 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - per capita (PPP):
$55,400 (2002 est.)
country comparison to the world: 8
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 95%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: NA%
services: NA% (1996)

Labor force:
5,246 (2006)
country comparison to the world: 220
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 95% (mostly sheepherding and fishing)
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 5% (1996)

Unemployment rate:
4.1% (2010)
country comparison to the world: 35
[see also: Unemployment rate country ranks ]

Population below poverty line:
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

revenues: $67.1 million
[see also: Budget revenues country ranks ]
expenditures: $75.3 million (FY09/10)

Taxes and other revenues:
40.8% of GDP (FY09/10)
country comparison to the world: 49
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% of GDP (FY09/10)
country comparison to the world: 157
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
1.2% (2003)
country comparison to the world: 15

3.6% (1998)
[see also: Inflation rate (consumer prices) country ranks ]

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

fish and wool processing; tourism

Industrial production growth rate:
[see also: Industrial production growth rate country ranks ]

$125 million (2004 est.)
country comparison to the world: 188
[see also: Exports country ranks ]

Exports - commodities:
wool, hides, meat, venison, fish, squid

$90 million (2004 est.)
country comparison to the world: 212
[see also: Imports country ranks ]

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

Debt - external:
[see also: Debt - external country ranks ]

Exchange rates:
Falkland pounds (FKP) per US dollar -

0.6324 (2012)
0.624 (2011)
0.6472 (2010)
0.6175 (2009)

Fiscal year:
1 April - 31 March

NOTE: 1) The information regarding Falkland Islands (Islas Malvinas) on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 2013 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order

This page was last modified 11-Mar-13
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