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Falkland Islands (Islas Malvinas) Economy 1996

Overview:

The economy was formerly based on agriculture, mainly sheep farming, which directly or indirectly employs most of the work force. 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. Rich stocks of fish in the surrounding waters are not presently exploited by the islanders. So far, efforts to establish a domestic fishing industry have been unsuccessful. The economy has diversified since 1987 when 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 and support the island's health, education, and welfare system. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors attracted by the abundant wildlife and trout fishing. 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.

National product:

GDP $NA

National product real growth rate:

NA%

National product per capita:

$NA

Inflation rate (consumer prices):

7.4% (1980-87 average)

Unemployment rate:

NA%; labor shortage

Budget:

revenues:

$65 million

expenditures:

$55.2 million, including capital expenditures of $NA (1992-93)

Exports:

at least $14.7 million

commodities:

wool, hides and skins, and meat

partners:

UK, Netherlands, Japan (1987 est.)

Imports:

at least $13.9 million

commodities:

food, clothing, timber, and machinery

partners:

UK, Netherlands Antilles (Curacao), Japan (1987 est.)

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

9,200 kW

production:

17 million kWh

consumption per capita:

7,253 kWh (1993)

Industries:

wool and fish processing

Agriculture:

predominantly sheep farming; small dairy herds; some fodder and vegetable crops

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1992-93), $87 million

Currency:

1 Falkland pound (#F) = 100 pence

Exchange rates:

Falkland pound (#F) per US$1 - 0.6350 (January 1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991), 0.5604 (1990); note - the Falkland pound is at par with the British pound

Fiscal year:

1 April - 31 March

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