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1994-05-02
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<text>
<title>
Falkland Islands (UK): Economy
</title>
<article><hdr>The World Factbook 1993: Falkland Islands (Islas Malvinas)
Economy</hdr><body>
<p>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.
</p>
<p>National product: GDP $NA
</p>
<p>National product real growth rate: NA%
</p>
<p>National product per capita: $NA
</p>
<p>Inflation rate (consumer prices): 7.4% (1980-87 average)
</p>
<p>Unemployment rate: NA%; labor shortage
</p>
<p>Budget: revenues $62.7 million; expenditures $41.8 million,
including capital expenditures of $NA (FY90)
</p>
<list>
<l>Exports: at least $14.7 million</l>
<l> commodities: wool, hides and skins, and meat</l>
<l> partners: UK, Netherlands, Japan (1987 est.)</l>
<l>Imports: at least $13.9 million</l>
<l> commodities: food, clothing, fuels, and machinery</l>
<l> partners: UK, Netherlands Antilles (Curacao), Japan (1987
est.)</l>
</list>
<p>External debt: $NA
</p>
<p>Industrial production: growth rate NA%
</p>
<p>Electricity: 9,200 kW capacity; 17 million kWh produced, 8,940
kWh per capita (1992)
</p>
<p>Industries: wool and fish processing
</p>
<p>Agriculture: predominantly sheep farming; small dairy herds;
some fodder and vegetable crops
</p>
<p>Economic aid: Western (non-US) countries, ODA and OOF
bilateral commitments (1970-89), $277 million
</p>
<p>Currency: 1 Falkland pound (#F)=100 pence
</p>
<p>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
</p>
<p>Fiscal year: 1 April-31 March
</p></body></article></text>