bearing the motto DESIRE THE RIGHT

@Falkland Islands (islas Malvinas):Economy

Overview: The economy was formerly based on agriculture, mainly sheep
farming, which directly or indirectly employs most of the work force.
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. 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. The economy has diversified since 1987 when 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 and support the island's
health, education, and welfare system. 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.

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: $65 million
expenditures: $55.2 million, including capital expenditures of $NA
(1992-93)

Exports: at least $14.7 million
commodities: wool, hides and skins, and meat
partners: UK, Netherlands, Japan (1987 est.)

Imports: at least $13.9 million
commodities: food, clothing, timber, and machinery
partners: UK, Netherlands Antilles (Curacao), Japan (1987 est.)

External debt: $NA

Industrial production: growth rate NA%

Electricity:
capacity: 9,200 kW
production: 17 million kWh
consumption per capita: 7,253 kWh (1993)

Industries: wool and fish processing

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

Economic aid:
recipient: Western (non-US) countries, ODA and OOF bilateral
commitments (1992-93), $87 million

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

Exchange rates: Falkland pound (#F) per US$1 - 0.6350 (January 1995),
0.6529 (1994), 0.6658 (1