Overview: The economy is based on sheep farming, which directly or indirectly employs most of the work force. A few dairy herds are kept to meet domestic consumption of milk and milk products, and crops grown are primarily those for providing winter fodder. Exports feature shipments of high-grade wool to the UK and the sale of postage stamps and coins. Rich stocks of fish in the surrounding waters are not presently exploited by the islanders. So far, efforts to establish a domestic fishing industry have been unsuccessful. In 1987 the government began selling fishing licenses to foreign trawlers operating within the Falklands exclusive fishing zone. These license fees amount to more than $40 million per year and are a primary source of income for the government. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors attracted by the abundant wildlife and trout fishing.

National product: GDP $NA

National product real growth rate: NA%

National product per capita: $NA

Inflation rate (consumer prices): 7.4% (1980-87 average)

Unemployment rate: NA%; labor shortage

Budget:
revenues: $62.7 million
expenditures: $42.8 million, including capital expenditures of $NA (FY90)

Exports: at least $14.7 million
commodities: wool, hides and skins, and meat
partners: UK, Netherlands, Japan (1987 est.)

Imports: at least $13.9 million
commodities: food, clothing, fuels, and machinery
partners: UK, Netherlands Antilles (Curacao), Japan (1987 est.)

External debt: $NA

Industrial production: growth rate NA%

Electricity:
capacity: 9,200 kW
production: 17 million kWh
consumption per capita: 8,940 kWh (1992)

Industries: wool and fish processing

Agriculture: predominantly sheep farming; small dairy herds; some fodder and vegetable crops

Economic aid:
recipient: Western (non-US) countries, ODA and OOF bilateral commitments (1992-93), $87 million

Currency: 1 Falkland pound (#F) = 100 pence
Exchange rates: Falkland pound (#F) per US$1 - 0.6699 (January 1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5604 (1990), 0.6099 (1989); 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 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 1995 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 1995 should be addressed to the CIA.