o be held NA October
2001)

election results: percent of vote - NA%; seats - independents 8

Judicial branch: Supreme Court (chief justice is a nonresident);
Magistrates Court (senior magistrate presides over civil and
criminal divisions)

Political parties and leaders: none; all independents

Political pressure groups and leaders: none

International organization participation: ICFTU

Diplomatic representation in the US: none (overseas territory of the
UK; also claimed by Argentina)

Diplomatic representation from the US: none (overseas territory of
the UK; also claimed by Argentina)

Flag description: blue with the flag of the UK in the upper
hoist-side quadrant and the Falkland Island coat of arms in a white
disk centered on the outer half of the flag; the coat of arms
contains a 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

Economy - overview: The economy was formerly based on agriculture,
mainly sheep farming, but today fishing contributes the bulk of
economic activity. In 1987 the government began selling fishing
licenses to foreign trawlers operating within the Falklands
exclusive fishing zone. These license fees total more than $40
million per year, which goes to support the island's health,
education, and welfare system. Squid accounts for 75% of the fish
taken. Dairy farming supports domestic consumption; crops furnish
winter fodder. Exports feature shipments of high-grade wool to the
UK and the sale of postage stamps and coins. To encourage tourism,
the Falkland Islands Development Corporation has built three lodges
for visitors attracted by the abundant wildlife and trout fishing.
The islands are now self-financing except for defense. The British
Geological Survey announced a 200-mile oil exploration zone around
the islands in 1993, and early seismic surveys suggest substantial
reserves capable of producing 500,000 barrels per day; to date no
exploitable site has been identified. An agreement between Argentina
and the UK in 1995 seeks to defuse licensing and sovereignty
conflicts that would dampen foreign interest in exploiting potential
oil reserves.

GDP: purchasing power parity - $52 million (FY95/96 est.)

GDP - real growth rate: 1% (FY95/96 est.)

GDP - per capita: purchasing power parity - $19,00