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    Falkland Islands (Islas Malvinas) Economy - 1989

      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. Major sources of income are from the export of high-grade wool to the UK and the sale of stamps and coins. Rich stocks of fish in the surrounding waters are not presently exploited by the islanders, but development plans call for the islands to have six trawlers by 1989. In 1987 the government began to sell fishing licenses to foreign trawlers operating within the Falklands exclusive fishing zone and, through mid-1987, license fees amounted to $25.2 million. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors who are attracted by the abundant wildlife and trout fishing.

      GNP: $56.2 million, per capita $30,860; real growth rate 210% (1987)

      Inflation rate (consumer prices): NA%

      Unemployment rate: 0%

      Budget: revenues $11 million; expenditures $11.8 million, including capital expenditures of $1.2 million (FY87)

      Exports: at least $14.7 million; @m5commodities--wool, hides and skins, and other; @m5partners--UK, Netherlands, Japan (1987 est.)

      Imports: at least $13.9 million; @m5commodities--food, clothing, fuels, and machinery; @m5partners--UK, Netherlands Antilles (Curacao), Japan (1987 est.)

      External debt: $NA

      Industrial production: growth rate NA%

      Electricity: 9,200 kW capacity; 16.9 million kWh produced, 9,281 kWh per capita (1988)

      Industries: wool processing

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

      Aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-79), $24 million

      Currency: Falkland pound (plural--pounds); 1 Falkland pound (LF) = 100 pence

      Exchange rates: Falkland pound (LF) per US$1--0.5631 (January 1989), 0.5614 (1988), 0.6102 (1987), 0.6817 (1986), 0.7714 (1985); 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 1989 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 1989 should be addressed to the CIA.

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