| FALKLAND ISLAND ECONOMY STATS: |
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Agriculture > products
fodder and vegetable crops; sheep, dairy products |
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Currency
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Falkland pound |
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Economic aid > Recipient
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$0.00 |
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[13th of 134]
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Economy > Overview
The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes 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 total more than $40 million per year, which help support the island's health, education, and welfare system. Squid accounts for 75% of the fish taken. 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. 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; to date, no exploitable site has been identified. An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves. Tourism, especially eco-tourism, is increasing rapidly, with about 30,000 visitors in 2001. Another large source of income is interest paid on money the government has in the bank. The British military presence also provides a sizeable economic boost. |
Exchange rates
Falkland pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000) |
Exchange rates > Note
the Falkland pound is at par with the British pound |
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Exports
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$125,000,000.00 |
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[34th of 189]
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Exports > Commodities
wool, hides, meat, fish, squid |
Exports > Partners
Spain 81.9%, US 6%, UK 4.5% |
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Exports to US
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$1,600,000.00 |
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[167th of 224]
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Fiscal year
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1 April - 31 March |
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GDP
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$75,000,000.00 |
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[201st of 203]
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GDP (purchasing power parity)
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$75,000,000.00 |
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[18th of 187]
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Imports
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$90,000,000.00 |
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[52nd of 185]
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Imports > Commodities
fuel, food and drink, building materials, clothing |
Imports > Partners
UK 72.5%, US 15.1%, Netherlands 8.5% |
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Imports from US
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$100,000.00 |
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[215th of 224]
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Industries
fish and wool processing; tourism |
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Trade balance with US
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-$1,500,000.00 |
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[120th of 224]
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Trade with US > US exports of textile, sewing machines
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0 |
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[165th of 183]
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