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    Falkland Islands (Islas Malvinas) Economy - 2003
    https://theodora.com/wfb2003/falkland_islands_/falkland_islands__economy.html
    SOURCE: 2003 CIA WORLD FACTBOOK

      Economy - overview: The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. In 1987 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, which goes to support the island's health, education, and welfare system. Squid accounts for 75% of the fish taken. 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. 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; to date no exploitable site has been identified. An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves. Tourism, especially eco-tourism, is increasing rapidly, with about 30,000 visitors in 2001. Another large source of income is interest paid on money the government has in the bank. The British military presence also provides a sizeable economic boost.


      GDP: purchasing power parity - $75 million (2002 est.)


      GDP - per capita: purchasing power parity - $25,000 (2002 est.)


      Population below poverty line: NA%


      Household income or consumption by percentage share: lowest 10%: NA%
      highest 10%: NA%


      Inflation rate (consumer prices): 3.6% (1998)


      Labor force: 1,100 (est.)


      Labor force - by occupation: agriculture 95% (mostly sheepherding and fishing)


      Unemployment rate: full employment; labor shortage


      Budget: revenues: $66.2 million
      expenditures: $67.9 million, including capital expenditures of $23.2 million (FY98 est.)


      Industries: fish and wool processing; tourism


      Industrial production growth rate: NA%


      Electricity - production: 16.33 million kWh (2001)


      Electricity - production by source: fossil fuel: 100%
      hydro: 0%
      other: 0% (2001)
      nuclear: 0%


      Electricity - consumption: 15.19 million kWh (2001)


      Electricity - exports: 0 kWh (2001)


      Electricity - imports: 0 kWh (2001)


      Oil - production: 0 bbl/day (2001 est.)


      Oil - consumption: 200 bbl/day (2001 est.)


      Oil - exports: NA (2001)


      Oil - imports: NA (2001)


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


      Exports: $7.6 million (1995)


      Exports - commodities: wool, hides, meat


      Exports - partners: UK, Japan, Chile, NZ (2000)


      Imports: $24.7 million (1995)


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


      Imports - partners: UK, Japan, Chile, NZ (2000)


      Debt - external: $NA


      Economic aid - recipient: none


      Currency: Falkland pound (FKP)


      Currency code: FKP


      Exchange rates: Falkland pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.618 (1999), 0.6037 (1998); 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 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 2003 should be addressed to the CIA.

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    https://theodora.com/wfb2003/falkland_islands_/falkland_islands__economy.html

    Revised 20-Sep-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)


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