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Falkland Islands (Islas Malvinas) Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Falkland Islands (Islas Malvinas) Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. These license fees net more than $40 million per year, which help support the island's health, education, and welfare system. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000-ton catch.

Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins.

Tourism, especially ecotourism, is increasing rapidly, with about 69,000 visitors in 2009 and adds approximately $5.5 million to the Falkland’s annual GDP. The British military presence also provides a sizable economic boost. The islands are now self-financing except for defense.

In 1993, the British Geological Survey announced a 200-mile oil exploration zone around the islands, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters. In May 2010 the first commercial oil discovery was made, signaling the potential for the development of a long term hydrocarbon industry in the Falkland Islands.

GDP (purchasing power parity):
$206.4 million (2015 est.)
$164.5 million (2014 est.)
$167.5 million (2013 est.)
country comparison to the world: 220
[see also: GDP country ranks ]

GDP (official exchange rate):
$206.4 million (2015 est.) (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
25.5% (2015 est.)
-1.8% (2014 est.)
-20.4% (2013 est.)
country comparison to the world: 3
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$70,800 (2015 est.)
$63,000 (2014 est.)
country comparison to the world: 12
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 41%
[see also: Labor force - by occupation - agriculture country ranks ] (2015 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.6% NA (2015 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 38.4% NA (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
fish and wool processing; tourism

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
1,850 (2016 est.)
country comparison to the world: 227
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 41%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 34.5% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1% (2016 est.)
country comparison to the world: 8
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36 (2015)
country comparison to the world: 91
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 67.1 million (FY09/10)
[see also: Budget - revenues country ranks ]
expenditures: 75.3 million (FY09/10)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
32.5% (of GDP) (FY09/10)
country comparison to the world: 66
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4% (of GDP) (FY09/10)
country comparison to the world: 156
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
0% of GDP (2015 est.)
country comparison to the world: 209
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.4% (2014 est.)
country comparison to the world: 77
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$257.3 million (2015 est.)
$125 million (2004 est.)
country comparison to the world: 187
[see also: Exports country ranks ]

Exports - partners:
Spain 74.4%, Namibia 10.4%, US 5% (2017)

Exports - commodities:
wool, hides, meat, venison, fish, squid

Imports:
$90 million (2004 est.)
country comparison to the world: 217
[see also: Imports country ranks ]

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

Imports - partners:
UK 47.8%, Spain 28.4%, Greece 10.2%, Netherlands 5.7%, Cote dIvoire 4.3% (2017)

Debt - external:
$0 (2017 est.)
$0 (2016 est.)
country comparison to the world: 205
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
(31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Falkland pounds (FKP) per US dollar -
0.7836 (2017 est.)
0.6542 (2016 est.)
0.6542 (2015)
0.6542 (2014 est.)
0.6391 (2013 est.)

NOTE: 1) The information regarding Falkland Islands (Islas Malvinas) on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 2019 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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