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Falkland Islands (Islas Malvinas)

    • Overview:
      The economy was formerly based on agriculture, mainly sheep farming, which directly or indirectly employs most of the work force. 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. 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. The economy has diversified since 1987 when 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 and support the island's health, education, and welfare system. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors attracted by the abundant wildlife and trout fishing. 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.

    • National product:
      GDP $NA

    • National product real growth rate:

    • National product per capita:

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

    • Unemployment rate:
      NA%; labor shortage

    • Budget:

        $65 million

        $55.2 million, including capital expenditures of $NA (1992-93)

    • Exports:
      at least $14.7 million

        wool, hides and skins, and meat

        UK, Netherlands, Japan (1987 est.)

    • Imports:
      at least $13.9 million

        food, clothing, timber, and machinery

        UK, Netherlands Antilles (Curacao), Japan (1987 est.)

    • External debt:

    • Industrial production:
      growth rate NA%

    • Electricity:

        9,200 kW

        17 million kWh

        consumption per capita:
        7,253 kWh (1993)

    • Industries:
      wool and fish processing

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

    • Economic aid:

        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 - 0.6350 (January 1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5604 (1990); note - the Falkland pound is at par with the British pound

    • Fiscal year:
      1 April - 31 March

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Revised 13-August-1997