white ram (sheep raising is the major
economic activity) above the sailing ship Desire (whose crew discovered the
islands) with a scroll at the bottom bearing the motto DESIRE THE RIGHT

:Falkland Islands (Islas Malvinas) Economy

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.
GDP:
$NA, per capita $NA; real growth rate NA%
Inflation rate (consumer prices):
7.4% (1980-87 average)
Unemployment rate:
NA%; labor shortage
Budget:
revenues $62.7 million; expenditures $41.8 million, excluding capital
expenditures of $NA (FY90)
Exports:
at least $14.7 million
commodities:
wool, hides and skins, and other
partners:
UK, Netherlands, Japan (1987 est.)
Imports:
at least $13.9 million
commodities:
food, clothing, fuels, and machinery
partners:
UK, Netherlands Antilles (Curacao), Japan (1987 est.)
External debt:
$NA
Industrial production:
growth rate NA%
Electricity:
9,200 kW capacity; 17 million kWh produced, 8,638 kWh per capita (1991)
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:
Falkland pound (plural - pounds); 1 Falkland pound (#F) = 100 pence
Exchange rates:
Falkland pound (#F) per US$1 - 0.5519 (January 1992), 0.5652 (1991), 0.5604
(1990), 0.6099 (1989), 0.5614 (1988), 0.6102 (1987); note - the