Falkland Islands (Islas Malvinas) Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

British South American territorial economy; longstanding fishing industry; surging tourism prior to COVID-19 and Brexit; recent offshore hydrocarbon discoveries threaten ecotourism industries; no central bank and must have British approval on currency shifts

Real GDP (purchasing power parity)

$206.4 million (2015 est.)

$164.5 million (2014 est.)

$167.5 million (2013 est.)

Real GDP growth rate

25.5% (2015 est.)

-1.8% (2014 est.)

-20.4% (2013 est.)

Real GDP per capita

$70,800 (2015 est.)

$63,000 (2014 est.)

GDP (official exchange rate)

$206.4 million (2015 est.)

Inflation rate (consumer prices)

1.4% (2014 est.)

GDP - composition, by sector of origin

agriculture: 41% (2015 est.)

industry: 20.6% (2015 est.)

services: 38.4% (2015 est.)

Agricultural products

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

Industries

fish and wool processing; tourism

Industrial production growth rate

N/A

Labor force

1,850 (2016 est.)

Labor force - by occupation

agriculture: 41%

industry: 24.5%

services: 34.5% (2015 est.)

Unemployment rate

1% (2016 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

36 (2015)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $67.1 million (FY09/10)

expenditures: $75.3 million (FY09/10)

Budget surplus (+) or deficit (-)

-4% (of GDP) (FY09/10)

Public debt

0% of GDP (2015 est.)

Taxes and other revenues

32.5% (of GDP) (FY09/10)

Fiscal year

1 April - 31 March

Exports

$257.3 million (2015 est.)

$125 million (2004 est.)

Exports - partners

Spain 78%, United States 6% (2019)

Exports - commodities

mollusks, fish, wool, sheep and goat meats, aircraft parts (2021)

Imports

$90 million (2004 est.)

Imports - partners

United Kingdom 79%, Netherlands 16% (2019)

Imports - commodities

refined petroleum, spark-ignition engines, stone processing machinery, construction vehicles, cars (2019)

Debt - external

$0 (2017 est.)

$0 (2016 est.)

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: The information regarding Falkland Islands (Islas Malvinas) on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) 2023 information contained here. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) 2023 should be addressed to the CIA or the source cited on each page.