@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.)