Falkland Islands Economy

Is Falkland Islands a rich country?

The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise 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 net more than $40 million per year, which help support the island's health, education, and welfare system. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000-ton catch.

Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins.

Tourism, especially ecotourism, is increasing rapidly, with about 69,000 visitors in 2009 and adds approximately $5.5 million to the Falkland’s annual GDP. The British military presence also provides a sizable economic boost. The islands are now self-financing except for defense.

In 1993, the British Geological Survey announced a 200-mile oil exploration zone around the islands, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters. In May 2010 the first commercial oil discovery was made, signaling the potential for the development of a long term hydrocarbon industry in the Falkland Islands.

Falkland Islands Economy Data

What is the GDP of Falkland Islands?

Currency Name and Code Falkland pounds (FKP)
GDP - Gross Domestic Product (PPP) $206,400,000 (USD)
GDP - official exchange rate $206,400,000 (USD)
GDP - real growth rate 25.5%
GDP Per Capita $70,800.00 (USD)
GDP by Sector- agriculture 41%
GDP by Sector- Industry 20.6%
GDP by Sector- services 38.4%
Inflation Rate 1.4%
Labor Force 1,850
Labor Force By Occupation- agriculture 41%
Labor Force By Occupation- industry 24.5%
Labor Force By Occupation- services 34.5%
Labor Force by Occupation - note mostly sheepherding and fishing
Unemployment Rate 1%
Fiscal Year 1 April - 31 March
Annual Budget $67,100,000 (USD)
Budget Surplus or Deficit - percent of GDP -4%
Taxes and other revenues - percent of GDP 32.5%
Major Industries fish and wool processing; tourism
Agriculture Products fodder and vegetable crops; venison, sheep, dairy products; fish, squid
Exchange Rate per US Dollar .7836

Labor Force by Occupation- As reported by Falkland Islands

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