Economy of the Falkland Islands
| Currency | Falkland pound |
|---|---|
| 1 Falkland pound = 100 pence | |
| 1 April–31 March | |
|
Trade organisations
|
N/A |
| Statistics | |
| GDP | $164.5 million (2007 est.) |
| GDP rank | 222nd (PPP, 2007) |
|
GDP per capita
|
PPP: $55,400 (2002 est.) |
|
GDP by sector
|
agriculture (95%), Industry (NA%), Services (NA%)(1996) |
| 1.2% (CPI, 2003) | |
|
Labour force
|
5,246 (2006) |
|
Labour force by occupation
|
agriculture 95% (mostly sheepherding and fishing), industry & services 5% (1996) |
| Unemployment | 4.1% (2010) |
|
Main industries
|
fish and wool processing; tourism |
| External | |
| Exports | $125 million (2004 est.) |
|
Export goods
|
wool, hides, meat, squid |
|
Main export partners
|
Spain 77.4%, UK 9.4%, US 4.9% (2004) |
| Imports | $90 million (2004 est.) |
|
Import goods
|
fuel, food and drink, building materials, clothing |
|
Main import partners
|
UK 63.2%, Spain 30.3%, France 3.6% (2004) |
| Public finances | |
| Revenues | $67.1 million (FY2009 / 2010) |
| Expenses | $75.3 million (FY2009 / 2010) |
| Economic aid | $0 (1997 est.) |
| Tonne / ton conversion | ||||||||
|---|---|---|---|---|---|---|---|---|
|
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The economy of the Falkland Islands, which first involved sealing, whaling and provisioning ships, became heavily dependent on sheep farming from the 1870s to 1980. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. The islands use the Falkland pound, which is backed by sterling.
During the 19th century, the supply and maintenance depot for ships at Stanley developed into a port serving ships rounding Cape Horn. There was also trade in cow hides from the wild descendants of cattle introduced by French settlers in the late 18th century. Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885. The islands also provided a base for whaling and sealing, with factories being built on East Falkland and South Georgia Island, but these industries ended.
By the Falklands War of 1982 sheep farming was the islands' only industry and their economic viability was in doubt, but after the war there was a new commitment from the United Kingdom government. The Falkland Islands Development Corporation was formed in mid 1984 and in its annual report at the end of that year it set out to increase employment opportunities by encouraging diversification, to increase population levels through selective immigration, to aim for long-term self-sufficiency and to improve community facilities. To achieve this, the Corporation identified agricultural improvements, tourism, self-sufficiency in energy, development of the industrial and service sector, fisheries, and land subdivision as areas to tackle.
The largest company in the islands used to be the Falkland Islands Company (FIC), a publicly quoted company on the . The company was responsible for the majority of the economic activity on the islands, though its farms were sold in 1991 to the Falkland Islands Government. The company now operates several retail outlets in Stanley and is involved in port services and shipping operations.
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