Economics
Economy overview: According to Thenailmythology.com, the economy was formerly based on agriculture, mainly sheep farming, but today fishing constitutes the main economic activity. In 1987, the government began selling licenses to foreign trawlers to fish in the exclusive economic zone of the Falkland Islands. These licenses bring in more than $40 million a year, which is used for health care, education and social welfare. Squid make up 75% of the seafood harvested. Dairy farming provides for domestic needs, and winter forage crops are also harvested. Exports consist of deliveries of high quality wool to the UK and sales of stamps and coins. In order to increase tourism, the Falkland Islands Development Corporation has built three hunting lodges for tourists, attracted by a large number of wild animals and the possibility of trout fishing. Now the islands do not need financial subsidies, except for defense spending. The British Geological Society in 1993 announced a two-hundred-mile zone of oil deposits, seismic studies suggest the presence of reserves with a production capacity of 500,000 barrels per day; to date, the reserves are not developed. An agreement between Argentina and the UK in 1995 aims to mitigate conflicts over the sale of licenses and sovereignty over the islands, which could reduce the interest of foreign companies in developing potential oil reserves. announced a 200-mile zone of oil deposits, seismic studies suggest reserves with a production capacity of 500,000 barrels per day; to date, the reserves are not developed. An agreement between Argentina and the UK in 1995 aims to mitigate conflicts over the sale of licenses and sovereignty over the islands, which could reduce the interest of foreign companies in developing potential oil reserves. announced a 200-mile zone of oil deposits, seismic studies suggest reserves with a production capacity of 500,000 barrels per day; to date, the reserves are not developed. An agreement between Argentina and the UK in 1995 aims to mitigate conflicts over the sale of licenses and sovereignty over the islands, which could reduce the interest of foreign companies in developing potential oil reserves.
GDP: Purchasing Power Parity $52 million (FY95-96 est.)
Real GDP growth rate: 1% (FY95-96 est.).
GDP per capita: Purchasing Power Parity $19,000 (FY95-96 est.)
Composition of GDP by sectors of the economy: agriculture: no data; industry: no data; service sector: no data.
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 3.6% (1998).
Labor force: 1 100 people (est.).
Employment structure: agriculture 95% (mainly sheep breeding and fishing).
Unemployment rate: full employment, labor shortage.
Budget: revenues: $66.2 million; expenses: $67.9 million, including capital expenditures of $23.2 million (FY98-99 est.).
Spheres of economy: sheep breeding for wool and fish processing; issue of stamps and coins.
Growth in industrial production: no data available.
Electricity generation: 12 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 11.2 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: feed and vegetables, sheep, dairy products.
Export: $7.6 million (1995)
Exports: wool, leather, meat.
Export partners: UK, Japan, Chile, New Zealand.
Import: $24.7 million (1995)
Imports: fuel, food and beverages, building materials, clothing.
Import partners: UK, Japan, Chile, New Zealand.
External debt: no data. Economic aid recipient: $1.7 million (1995)
Economic aid donor:
Currency: Falkland pound.
Currency code: FKP.
Exchange rate: FKP/USD – 0.6764 (January 2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996); note – the Falkland pound is equal to the English pound.
Fiscal year: April 1-March 31.
Telecommunications
Telecommunications Telephone lines: no data.
Mobile cellular phones: no data available.
Telephone system: domestic: public radiotelephone and private VHF/HF radiotelephone networks provide efficient communications at almost all points on both islands; international: ground satellite station – 1 Intelsat (Atlantic Ocean), communication with other countries via London.
Broadcast stations: AM – 1, FM – 7, shortwave -0 (1998).
Radio receivers: 1,000 (1997).
Television broadcast stations: 2 (operated by the British Armed Forces Broadcasting Service) (1997).
Televisions: 1,000 (1997).
Internet country code: fk
Internet Service Providers: 2 (2000).
Number of users: no data.
Transport
Transport Railways: 0 km.
Roads: total: 440 km; coated: 50 km; unpaved: 390 km.
Waterways:
Pipelines:
Ports and harbors: Stanley.
Merchant fleet: none (2000 est.).
Airports: 5 (2000 est.).
Airports with paved runways: total: 2; from 2438 to 3047 m:1; less than 914 m: 1 (2000 est.).
Airports with unpaved runways: total: 3; less than 914 m: 3 (2000 est.).
Armed forces
Branches of the armed forces: British forces of the Falkland Islands (includes the army, Royal Air Force, Royal Navy, Royal Marines), police forces.
Conscription age:
Total military manpower:
Eligible for military service:
Number of persons reaching draft age each year:
Military spending in dollar terms: not available.
Military spending as part of GDP: no data available. Armed Forces – Note: Defense is the responsibility of the UK.
(International problems)
International problems International disputes: Argentina claims the islands.
