Overview: The economy is based on sheep farming, which directly or indirectly employs most of the work force. A few dairy herds are kept to meet domestic consumption of milk and milk products, and crops grown are primarily those for providing 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. In 1987 the government began selling fishing licenses to foreign trawlers operating within the Falklands exclusive fishing zone. These license fees amount to more than $40 million per year and are a primary source of income for the government. To encourage tourism, the Falkland Islands Development Corporation has built three lodges for visitors attracted by the abundant wildlife and trout fishing.

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 $62.7 million; expenditures $41.8 million, including capital expenditures of $NA (FY90)

External debt: $NA

Industrial production: growth rate NA%

Electricity: 9,200 kW capacity; 17 million kWh produced, 8,940 kWh per capita (1992)

Industries: wool and fish processing

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

Economic aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $277 million

Currency: 1 Falkland pound (#F)=100 pence

Exchange rates: Falkland pound (#F) per US$1 - 0.6527 (January 1993), 0.5664 (1992), 0.5652 (1991), 0.5604 (1990), 0.6099 (1989), 0.5614 (1988); note - the Falkland pound is at par with the British pound

Fiscal year: 1 April-31 March