(2014 est. [105], The Falklands' approximate location is latitude 5140 5300 S and longitude 5740 6200 W.[106] The archipelago's two main islands are separated by the Falkland Sound,[107] and its deep coastal indentations form natural harbours. Economic summary: GDP/PPP (2007 est. 91
Due to the difficult climatic conditions of the southern seas exploitation will be difficult, though economically viable; the continuing sovereignty dispute with Argentina is also hampering progress. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. The capital and major town is Stanley, on East . [15] The base flock are Corriedale and Polwarth breeds with Dohne Merino, South African Meat Merinos, Afrinos and other breeds having been introduced to improve the fineness of wool and meat characteristics. )country comparison to the world (CIA rank, may be based on non-current data):
industry: 20.6%
[33] By 2002 the license revenue was so great that the island government had no debt and had built up more than 80 million in savings.[3]. [29] Vernet's venture lasted until a dispute over fishing and hunting rights led to a raid by the American warship USS Lexington in 1831,[36][F] when United States Navy commander Silas Duncan declared the dissolution of the island's government. Although first sighted by an English navigator in 1592, the first landing (English) did not occur until almost a century later in 1690, and the first settlement (French) was not established until 1764. Both the coins and stamps are a source of revenue from overseas collectors. miles) [74], In May 2015 oil was discovered in Isobel deep in May 2015 by a consortium of oil companies including Falkland Oil & Gas, Premier Oil, and Rockhopper Oil & Gas. [34] In some years, such as 2007, it enters the FICZ with a resultant good harvest, it other years, such as 2009, it does not migrate as far south as the FICZ at all. It has been estimated that this species needs a stock biomass of 40000tonnes to produce a sustainable harvest of 3000tonnes per annum and is now reflected as a separate entry in the tables below. Today, apart from defence, the islands are self sufficient with annual exports of $125 million and imports of $90 million (2004 estimate). There was also trade in cow hides from the wild descendants of cattle introduced by French settlers in the late 18th century. [see also: Budget surplus (+) or deficit (-) country ranks ], Public debt:
[56] In 1965, the UN General Assembly passed Resolution 2065, calling for both states to conduct bilateral negotiations to reach a peaceful settlement of the dispute. Thanks in no small part to these fishing rights, the residents of the Falkland Islands have been able to create a sovereign wealth fund, which currently has about USD 250m in reserves, equal to about USD 65,000 per resident. [131] Port Stanley Airport provides internal flights. (2004 est. The Falkland Islands economy has performed well in recent years. Britain sends minister to resolve Falklands air row with Argentina, Guardian Unlimited - Special Reports - The Falklands' rise to riches, Pitcairn, Henderson, Ducie and Oeno Islands, Saint Helena, Ascension and Tristan da Cunha, List of countries that have gained independence from the United Kingdom, https://en.wikipedia.org/w/index.php?title=Economy_of_the_Falkland_Islands&oldid=1116328227, Articles with dead external links from June 2016, Articles with dead external links from November 2018, Articles with permanently dead external links, Articles with dead external links from July 2018, Short description is different from Wikidata, Articles with unsourced statements from December 2017, Articles containing potentially dated statements from 2007, All articles containing potentially dated statements, Wikipedia articles needing clarification from September 2013, Wikipedia articles in need of updating from May 2022, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License 3.0, agriculture (95%), Industry (NA%), Services (NA%)(1996), agriculture 95% (mostly sheepherding and fishing), industry & services 5% (1996), fuel, food and drink, building materials, clothing, UK 63.2%, Spain 30.3%, France 3.6% (2004), Government (including health and education) 14.0%, Communications, Finance and Business services 11.4%, A licence Permits the taking of unrestricted fin fish during the first season, X licence Permits the taking of Patagonian squid during the second season (. Political Life Government. During the 19th century, the supply and maintenance depot for ships at Stanley developed into a port serving ships rounding Cape Horn. 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 . 186
The economy was based on livestock, mainly sheep farming, but today fishing is the core of economic activity. [25] The Falkland Islands Development Corporation which formed as a result of the Shackleton Report provided the impetus for the Falkland Islands to exploit their marine environment. )-20.4% (2013 est. Nevertheless, the oil and gas exploration industry remains an attractive sector for investment in the islands, as well as a key sector in its economy, accounting for 3.4% of nominal gross domestic product in 2020, according to the Falkland Islands National Accounts. [119], Virtually the entire land area of the islands is used as pasture for sheep. 8
The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. [71] Under the 2009 Constitution, the islands have full internal self-government; the UK is responsible for foreign affairs, retaining the power "to protect UK interests and to ensure the overall good governance of the territory". [see also: Distribution of family income - Gini index country ranks ], Budget:
The levels of rock cod taken in the whole of the South Atlantic dropped by 99.3% in the space of two years between the 196970 and 197172 seasons. Up until the mid-1980s Falkland Islands' economy was very small and heavily relied on the export of wool. According to the Falkland Islands Economy Report (2015), "because most goods consumed in the Falkland Islands are imported this makes the Islands highly integrated in the world economy. [69] The two water injection well clusters will be 3.0km from the four oil well clusters. [80] The islands' judicial system, overseen by the Foreign and Commonwealth Office, is largely based on English law,[81] and the constitution binds the territory to the principles of the European Convention on Human Rights. ), Christian 57.1%, other 1.6%, none 35.4%, unspecified 6% (2016 est. [136] The main international airport, located at RAF Mount Pleasant on East Falkland, provides flights to RAF Brize Norton in the UK and mainland South America. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. (2017), Debt - external:
b) The CIA sometimes assigns counterintuitive ranks. [129], The primary sector of the economy accounts for most of the Falkland Islands' gross domestic product, with the fishing industry alone contributing between 50% and 60% of annual GDP; agriculture also contributes significantly to GDP and employs about a tenth of the population. Please ADD this page to your FAVORITES - - - - - agriculture: 41%
", "Argentina snubs UK over oil deal as anniversary nears", "Britain and Argentina Reach an Accord on Falkland Oil Rights", "Falklands oil prospects stir Anglo-Argentinian tensions", "Preliminary GDP Estimates, 20082009 and 2010 Forecast (Constant Prices)", "The Falkland Islands Constitution Order 2008", "Wanted: holiday rep to sell joys of Falklands tourism", "Agriculture in the Falkland Islands [pamphlet]", "The Falkland Islands Government - Agriculture", "Patagonian Shelf large marine ecosystem", "Goce gravity mission traces ocean circulation", "Fisheries Department Fisheries Statistics, Volume 14, 2009", "The Offshore Fishery; balancing commercial activities & conservation", "Illex 2010: the case for improved conservation", "Regional Reviews: B17 - Southern Oceans", "Large-scale commercial marine harvesting", "Fisheries Department Fisheries Statistics, Volume 11, 2006", "Text of the convention on the conservation of Antarctic marine living resources", "Claims and potential claims to maritime jurisdiction in the South Atlantic and Southern Oceans by Argentina and the UK", "Falkland Focus - News from the Falkland Island Government", "Tourism is an important source of revenue to the Falkland Islands", "Falklands tourism ready for brighter future after challenging year", "Four Seasons and more than 3,000 Tourists in One Day", "Record of The Budget Meeting of the Legislative Assembly held in Stanley on 26th and 28th May 2009", "Falklands oil prospects stir Anglo-Argentinean tensions", "BHP Billiton strikes $100m Falklands drilling deal", "Argentina protests at Falklands oil stake", "Drilling for oil begins off the Falkland Islands", "Explorers fail to strike oil in test sites off Falklands", "Falklands oil firm Rockhopper claims discovery", "Discovery in disputed waters puts Argentina back on the defensive", "Capital Markets Presentation Development", "First Falklands Islands oil production delayed to 2018", http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12367637.html, http://www.rigzone.com/news/oil_gas/a/138815/Oil_Discovered_at_Isobel_Deep, http://subseaworldnews.com/2015/05/12/fogl-isobel-deep-bop-fixed/, "Falkland Oil and Gas 2012 drilling programme", "Falkland Islands Three new Enercon turbines operating Staff", "Commemorative Coin Lifetime of Service", Falkland Islands Development Corporation - Annual Report 1984, Four Seasons and more than 3,000 Tourists in One Day. )country comparison to the world (CIA rank, may be based on non-current data):
As of 2010, the ferry company making the crossing charged commercial vehicles 30 per metre for a single trip plus 2 per head of sheep. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. [137] Despite COVID-19 pandemic restrictions causing suspensions of flights from Santiago and So Paulo and prohibited cruise ship tourism, the economy of the islands remains stable and healthy. Trade. [131] The islands' major exports include wool, hides, venison, fish and squid; its main imports include fuel, building materials and clothing. (2015 est.) Initially there were seven classes of licence, but as of the 2009 season, this was increased to ten classes of licence. [96] In March 2013 the Falkland Islands held a referendum on its political status: 99.8% of votes cast favoured remaining a British overseas territory. Falkland Island pound. Between 1990 and 2005, common hake and austral hake were categorised as. [see also: GDP - real growth rate country ranks ], GDP - per capita:
Between 2000 and 2008, the islands issued between six and eight sets of commemorative stamps. [10] Tourism forms a significant part of this figure with land-based visitors expected to contribute 2.7 million to the Islands' economy in 2010. [120], The port settlement of Stanley has regained the islands' economic focus, with an increase in population as workers migrate from Camp. 24. ), 46,000 metric tonnes of CO2 (2019 est. (2015 est.) [14] These restrictions effectively give the British Government the ability to prevent the island's government from declaring the islands to be a tax haven or from establishing a central bank. The supply and maintenance depot for ships at Stanley developed into a Port serving ships rounding Horn! Water injection well clusters will be 3.0km from the sale of postage and! ) the CIA sometimes assigns counterintuitive ranks 19th century, the supply and maintenance depot for ships Stanley... 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