| 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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Definition: Economy > Currency |
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Source: CIA World Factbook, 28 July 2005 |
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Economic aid > Recipient
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$0.00 |
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[13th of 134]
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Definition: Economy > Economic aid > Recipient |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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. |
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Definition: Economy > Economy > Overview |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Exchange rates
Falkland pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000) |
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Definition: Economy > Exchange rates |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Exchange rates > Note
the Falkland pound is at par with the British pound |
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Definition: Economy > Exchange rates > Note |
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Source: CIA World Factbook, 28 July 2005 |
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Exports
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$125,000,000.00 |
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[34th of 189]
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Definition: Economy > Exports |
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Source: CIA World Factbook, 14 June, 2007
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Exports > Commodities
wool, hides, meat, fish, squid |
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Definition: Economy > Exports > Commodities |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Exports > Partners
Spain 81.9%, US 6%, UK 4.5% |
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Definition: Economy > Exports > Partners |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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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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Definition: Economy > Exports to US |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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Fiscal year
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1 April - 31 March |
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Definition: Economy > Fiscal year |
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Source: US Census Bureau |
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GDP
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$75,000,000.00 |
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[201st of 203]
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Definition: Economy > GDP |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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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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Definition: Economy > GDP (purchasing power parity) |
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Source: World Development Indicators database and CIA World Factbook |
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Imports
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$90,000,000.00 |
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[52nd of 185]
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Definition: Economy > Imports |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Imports > Commodities
fuel, food and drink, building materials, clothing |
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Definition: Economy > Imports > Commodities |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Imports > Partners
UK 72.5%, US 15.1%, Netherlands 8.5% |
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Definition: Economy > Imports > Partners |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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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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Definition: Economy > Imports from US |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Industries
fish and wool processing; tourism |
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Definition: Economy > Industries |
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Source: US Census Bureau |
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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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Definition: Economy > Trade balance with US |
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Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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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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Definition: Economy > Trade with US > US exports of textile, sewing machines |
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Source: US Census Bureau |
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