Falkland Islands Economy - 2024

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.)

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 -

Exchange rates:
0.7836 (2017 est.)
0.6542 (2016 est.)
0.6542 (2015)
0.6542 (2014 est.)
0.6391 (2013 est.)