Economy - overview The economy was formerly based on agriculture, mainly sheep farming,which directly or indirectly employs most of the work force. Dairy farmingsupports domestic consumption; crops furnish winter fodder. Exports featureshipments of high-grade wool to the UK and the sale of postage stamps andcoins. Rich stocks of fish in the surrounding waters are not presently exploitedby the islanders. So far, efforts to establish a domestic fishing industryhave been unsuccessful. The economy has diversified since 1987, when the governmentbegan selling fishing licenses to foreign trawlers operating within the Falklandsexclusive fishing zone. These license fees total more than $40 million peryear and support the island's health, education, and welfare system. To encouragetourism, the Falkland Islands Development Corporation has built three lodgesfor visitors attracted by the abundant wildlife and trout fishing. The islandsare now self-financing except for defense. The British Geological Survey announceda 200-mile oil exploration zone around the islands in 1993, and early seismicsurveys suggest substantial reserves capable of producing 500,000 barrelsper day. An agreement between Argentina and the United Kingdom in 1995 seeksto defuse licensing and sovereignty conflicts that would dampen foreign interestin 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%

Inflation rate - consumer price index NA%

Labor force
total: 1,100 (est.)
by occupation: agriculture 95% (mostly sheepherding)

Unemployment rate NA%; labor shortage

Budget
revenues: $53.4 million
expenditures: $53.1 million, including capital expenditures of $NA (1994-95 est.)

Industries wool and fish processing

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

Agriculture - products fodder and vegetable crops; sheep farming, small dairy herds

Exports
total value: $7.6 million (1995)
commodities: wool, hides, meat
partners: UK, Netherlands, Japan (1992)

Imports
total value : $24.7 million (1995)
commodities: food, clothing, timber, and machinery
partners : UK, Netherlands Antilles (Curacao), Japan (1992)

Debt - external $NA

Economic aid
recipient: ODA, $NA
note: UK, ODA and OOF bilateral commitments totaled $18 million (1993-94)

Currency 1 Falkland pound (£F) = 100 pence

Exchange rates Falkland pound (£F) per US$1 - 0.6023 (January 1997), 0.6403 (1996),0.6335 (1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992); note - the Falkland pound is at par with the British pound

Fiscal year 1 April - 31 March

NOTE: The information regarding Falkland Islands (Islas Malvinas) on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 1997 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 1997 should be addressed to the CIA.