falkland islands' economy
[127] The main sheep breeds in the Falkland Islands are Polwarth and Corriedale. The Falkland Islands also referred to as Islas Malvinas, are a group of 740 islands located in the South Atlantic Ocean. In more recent years fishing, oil exploration and tourism have played a leading part in the economy of the islands. The Falkland Islands use the Falkland pound, which circulates interchangeably with the pound sterling and which is backed by the pound sterling on a one-for-one basis. It lies about 300 miles (480 km) northeast of the southern tip of South America and a similar distance east of the Strait of Magellan. (2014 est.) )subscriptions per 100 inhabitants: 33 (2020 est. [74], In May 2015 oil was discovered in Isobel deep in May 2015 by a consortium of oil companies including Falkland Oil & Gas, Premier Oil, and Rockhopper Oil & Gas. During the last five reported years the exports of Falkland Islands have increased from $202 mil in 2014 to $306 . )exports: 0 cubic meters (2021 est. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. [see also: Distribution of family income - Gini index country ranks ], Budget: [48] Nevertheless the Falklands' geographic location proved ideal for ship repairs and the "Wrecking Trade", the business of selling and buying shipwrecks and their cargoes. British Nationality (Falkland Islands) Act 1983, Timeline of the history of the Falkland Islands, British territories in the South Atlantic, United Nations Convention on the Law of the Sea, British Nationality (Falkland Islands) Act, General Certificate of Secondary Education, Index of Falkland Islandsrelated articles, List of settlements in the Falkland Islands, "Standard Country and Area Codes Classifications", "Evidence of prehistoric human activity in the Falkland Islands". [18] In 1942, a battalion en route to India was redeployed to the Falklands as a garrison amid fears of a Japanese seizure of the archipelago. Since it's formation in May 1993. A significant number of the fish that are taken are migratory with the spawning grounds and feeding grounds of some species being highly dependent on the water temperature. [74], Governor Alison Blake was appointed in July 2022[75] and Chief Executive Andy Keeling was appointed in April 2021. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. [17] The islands are now self-financing except for defense. In February 2010 exploratory drilling for oil was begun by Desire Petroleum, but the results from the first test well were disappointing. ), Electricity consumption: After 1870 it declined as the replacement of sail ships by steamships was accelerated by the low cost of coal in South America; by 1914, with the opening of the Panama Canal, the trade effectively ended. According to Argentine legal analyst Roberto Laver, the United Kingdom disregards Jewett's actions because the government he represented "was not recognized either by Britain or any other foreign power at the time" and "no act of occupation followed the ceremony of claiming possession". The Illex squid (Illex argentinus) which typically has a mantle length of 20 to 28 centimetres (8 to 11in) and a weight of 150 to 500 grams (5 to 18oz) is the most important fish to the Falklands economy followed by its smaller cousin, the Patagonian squid (Doryteuthis gahi) which typically has a mantle length of 10 to 15 centimetres (4 to 6in) and a weight of 75 to 150 grams (3 to 5oz). [130] All large settlements are now connected by road and, since 2008, a ferry links West and East Falkland. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. [84] A British military garrison is stationed on the islands, and the Falkland Islands government funds an additional company-sized light infantry Falkland Islands Defence Force. [69] The two water injection well clusters will be 3.0km from the four oil well clusters. [110] Rainfall is common over half of the year, averaging 610mm (24in) in Stanley, and sporadic light snowfall occurs nearly all year. to the south and east of the Falkland Islands at depths between 750 and 830 metres (2,460 and 2,720ft) depths in the eastern part of FICZ. Falkland Islands in depth country profile. Includes customs, culture, history, geography, economy current events, photos, video, and more. [101] The archipelago consists of two main islands, West Falkland and East Falkland, and 776 smaller islands. ), total petroleum production: 0 bbl/day (2021 est. $0 [56] From 1966 until 1968, the UK confidentially discussed with Argentina the transfer of the Falklands, assuming its judgement would be accepted by the islanders. Under the 2009 Constitution, the islands have full internal self-government; the UK is responsible for foreign affairs, retaining the power "to protect UK interests and to ensure the overall good governance of the territory". In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. b) The CIA sometimes assigns counterintuitive ranks. [139], A significant population decline affected the archipelago in the 20th century, with many young islanders moving overseas in search of education, a modern lifestyle, and better job opportunities,[142] particularly to the British city of Southampton, which came to be known in the islands as "Stanley North". In the 1970s many fin fish, particularly the rock cod, a high volume low value fish[36] were exploited to near-extinction. [97][98] Argentina does not recognise the Falkland Islanders as a partner in negotiations. [112], The economy of the Falkland Islands is ranked the 222nd largest out of 229 in the world by GDP (PPP), but ranks 5th worldwide by GDP (PPP) per capita. [see also: GDP - composition, by sector of origin - services country ranks ], Agriculture - products: fodder and vegetable crops; venison, sheep, dairy products; fish, squid, Industries: fish and wool processing; tourism, Industrial production growth rate: NA [85] The Falklands claim an exclusive economic zone (EEZ) extending 200nmi (370km) from its coastal baselines, based on the United Nations Convention on the Law of the Sea; this zone overlaps with the EEZ of Argentina. Given that no oil has been pumped yet, this is an extraordinary economic success story. A 1995 agreement between the UK and Argentina had set the terms for exploitation of offshore resources including oil reserves as geological surveys had shown there might be up to 60 billion barrels (9.5 billion cubic metres) of oil under the seabed surrounding the islands. Dairy farming supports domestic consumption; crops furnish winter fodder. The main reason is the tariffs that are now due for imports from the British overseas territory in the South Atlantic, as the government in Stanley told the dpa news agency: "As things stand at the moment, there are no advantages for the Falkland Islands with Brexit. )from coal and metallurgical coke: 0 metric tonnes of CO2 (2019 est. [56] In 1965, the UN General Assembly passed Resolution 2065, calling for both states to conduct bilateral negotiations to reach a peaceful settlement of the dispute. )other: 7.6% (2018 est. The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. [29], Thereafter the archipelago was visited only by fishing ships; its political status was undisputed until 1820, when Colonel David Jewett, an American privateer working for the United Provinces of the Ro de la Plata, informed anchored ships about Buenos Aires' 1816 claim to Spain's territories in the South Atlantic. [see also: Stock of direct foreign investment - at home country ranks ], Exchange rates: Falkland pounds (FKP) per US dollar - 12 $70,800 The colony was turned over to Spain two years later and the islands have since been the subject of a territorial dispute, first between Britain and Spain, then between Britain and Argentina. [19][20][B] The first undisputed landing on the islands is attributed to English captain John Strong, who, en route to Peru and Chile's littoral in 1690, explored the Falkland Sound and noted the islands' water and game. [128] During the 1980s, although ranch under-investment and the use of synthetic fibres damaged the sheep-farming sector, the government secured a major revenue stream by the establishment of an exclusive economic zone and the sale of fishing licences to "anybody wishing to fish within this zone". ), production: 0 metric tons (2020 est. The Falklands, located approximately 185 miles (480 kilometers) east of Argentina, consist of two main islands, East Falkland and West Falkland, and over two hundred smaller islets. There are also five different penguin species and a few of the largest albatross colonies on the planet. 399,700tonnes in 196970, 101,560tonnes in 197071, 2,740tonnes in 197172. [see also: Taxes and other revenues country ranks ], Budget surplus (+) or deficit (-): -4% (of GDP) [see also: Imports country ranks ], Imports - commodities: fuel, food and drink, building materials, clothing, Imports - partners: UK 47.8%, Spain 28.4%, Greece 10.2%, Netherlands 5.7%, Cote dIvoire 4.3% The Falkland Islands (/ f (l) k l n d, f l k-/; Spanish: Islas Malvinas [izlaz malinas]) is an archipelago in the South Atlantic Ocean on the Patagonian Shelf.The principal islands are about 300 mi (480 km) east of South America's southern Patagonian coast and about 752 mi (1,210 km) from Cape Dubouzet at the northern tip of the Antarctic Peninsula, at a latitude of . The 74-day clash found Argentina and the United Kingdom battling for control of the Falkland Islands, an archipelago in the South Atlantic. [45], The table below shows the average catch in tonnes of various species (as categorised by FIFD - Falkland Island Fishing Department) for successive five-year periods. The total land area is 12,170 Km2 (4,699 sq. The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. Trade. Other ethnicities include French, Gibraltarians, and Scandinavians. [147] According to the 2012 census, the average daily population of the Falklands was 2,932, excluding military personnel serving in the archipelago and their dependents. In the Second World War, following the December 1939 Battle of the River Plate, the battle-damaged HMS Exeter steamed to the Falklands for repairs. [37][38] while the patagonian rockcod was fished to near-extinction in the Shag Rock area. [16], The lllex squid has its spawning grounds at the mouth of the Ro de la Plata and a migratory pattern that takes it southwards along the Patagonian Shelf as far as the FICZ to its feeding grounds. NA (31 December 2009 est.) (2015 est.) [146], The Falkland Islands have a low population density. [136] The main international airport, located at RAF Mount Pleasant on East Falkland, provides flights to RAF Brize Norton in the UK and mainland South America. 8 Falkland Islands, also called Malvinas Islands or Spanish Islas Malvinas, internally self-governing overseas territory of the United Kingdom in the South Atlantic Ocean. Britain sends minister to resolve Falklands air row with Argentina, Guardian Unlimited - Special Reports - The Falklands' rise to riches, Pitcairn, Henderson, Ducie and Oeno Islands, Saint Helena, Ascension and Tristan da Cunha, List of countries that have gained independence from the United Kingdom, https://en.wikipedia.org/w/index.php?title=Economy_of_the_Falkland_Islands&oldid=1116328227, Articles with dead external links from June 2016, Articles with dead external links from November 2018, Articles with permanently dead external links, Articles with dead external links from July 2018, Short description is different from Wikidata, Articles with unsourced statements from December 2017, Articles containing potentially dated statements from 2007, All articles containing potentially dated statements, Wikipedia articles needing clarification from September 2013, Wikipedia articles in need of updating from May 2022, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License 3.0, agriculture (95%), Industry (NA%), Services (NA%)(1996), agriculture 95% (mostly sheepherding and fishing), industry & services 5% (1996), fuel, food and drink, building materials, clothing, UK 63.2%, Spain 30.3%, France 3.6% (2004), Government (including health and education) 14.0%, Communications, Finance and Business services 11.4%, A licence Permits the taking of unrestricted fin fish during the first season, X licence Permits the taking of Patagonian squid during the second season (. Falkland Islands: Economy. [9] The name "Falklands" was not applied to the islands until 1765, when British captain John Byron of the Royal Navy claimed them for King George III as "Falkland's Islands". 17.67 million kWh (2016 est. 0.6542 There is a flourishing business in the issue of commemorative coins struck on behalf of the Falkland Island Government for collectors in particular the 2007 series of coins that commemorated the 25th anniversary of the liberation of islands attracted much attention. Each individual receives an allowance of 15,000 per annum, however this rate is pro-rated based on the length of time you reside in the Falkland Islands. The Falkland Islands economy has performed well in recent years, outstripping OECD averages, and driven largely by revenues from our fisheries and offshore oil exploration. [108] East Falkland houses Stanley (the capital and largest settlement),[106] the UK military base at RAF Mount Pleasant, and the archipelago's highest point: Mount Usborne, at 2,313ft (705m). At the same time that the FOCZ was declared, the Argentine declared its 200-nautical-mile Exclusive Economic Zone (EEZ) and together with the British Government (acting on behalf of the Falkland Islands) set up the South Atlantic Fisheries Commission (SAFC) to coordinate the management of fishing stocks in the area.[32]. The outbreak of conflict )0.6542 (2015)0.6542 (2014 est. [9] The contributors to the GDP by sector (2010 forecast) are:[10], In the 2009/10 financial year, the government revenue was 42.4million of which 14.5million came from fishery licences and services and 10.5million from taxes. )nuclear: 0% of total installed capacity (2020 est. Falkland Islands - Economy Economy The earliest economic activity on the islands, from 1770 onwards, was whaling and sealing. In Spanish the territory was designated as Islas Malvinas (Falkland Islands). [72] Residents have the right of appeal to the European Court of Human Rights and the Privy Council. (2016 est. [52] The cruise industry is expecting passenger numbers to decline from 39,500 in 20132014 to 34,000 for 20142015. Agricultural products, such as wool, meat, and vegetables are the foundation of the country's economy. In 2006, a Spanish vessel on an exploratory trawl found commercial quantities of grenadiers (Macrourus spp., Coelorhynchus spp.) [28] Spain's Viceroyalty of the Ro de la Plata became the only governmental presence in the territory. A tax rate of 21% is applied to earnings between 15,001 and 27,000 per annum, and earnings over 27,000 per annum is charged at a rate of 26%. 2) The rank that you see is the CIA reported rank, which may have the following issues: )-20.4% (2013 est. [8] Desire Petroleum and Rockhopper Exploration began drilling for oil in the vicinity of the Falklands in the first half of 2010, sparking strong protest from the Argentine government. [137] Despite COVID-19 pandemic restrictions causing suspensions of flights from Santiago and So Paulo and prohibited cruise ship tourism, the economy of the islands remains stable and healthy. In its wake, the Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR), a treaty signed by 24 nations and covering the area that includes most of the Falkland Islands waters, came into force in 1982,[41] having been signed by the United Kingdom on 31 August 1981 and Argentina on 28 May 1982. -1.8% Exports The top exports of Falkland Islands are Molluscs ($241M), Planes, Helicopters, . Apart from the Falkland Trough, this zone lies within the continental shelf. (FY09/10)country comparison to the world (CIA rank, may be based on non-current data): [90][99][100], The Falkland Islands have a land area of 4,700sqmi (12,000km2) and a coastline estimated at 800mi (1,300km). The legal term for the right of residence is "belonging to the islands". Y licence Permits the taking of unrestricted fin fish during the second season (The Southern blue whitting and the Hoki in particular are classed as restricted finship). [7] The Viscount's title originates from the town of Falkland, Scotlandthe town's name probably comes from a Gaelic term referring to an "enclosure" (lann),[A] but it could less plausibly be from the Anglo-Saxon term "folkland" (land held by folk-right). The government has operated a fishing zone policy since 1986 with the sale of fishing licences to foreign countries. (2015 est.) [69] Under the 2009 Constitution, the islands have full internal self-government; the UK is responsible for foreign affairs, retaining the power "to protect UK interests and to ensure the overall good governance of the territory". [44] Since 2005 the SAFC has been largely moribund as the Argentine Government reduced co-operation, declining to continue the routine joint meeting process and suspending joint scientific activities. $206.4 million (2015 est. Please ADD this page to your FAVORITES - - - - - )solar: 0% of total installed capacity (2020 est. Coins and banknotes may only be issued by the Falkland Islands Government with the authorisation of the British Government. ), total subscriptions: 5,000 (2018 est. The first stamps, 1d, 6d, and 1 shilling values featuring the usual profile of Queen Victoria, were issued 19 June 1878. [see also: Population below poverty line country ranks ], Household income or consumption by percentage share: )consumption: 0 metric tons (2020 est. )percent of population: 99% (2019 est. In 1976, Lord Shackleton produced a report into the economic future of the islands; but his recommendations were not implemented because Britain sought to avoid confronting Argentina over sovereignty. [62] The war also left some 117 minefields containing nearly 20,000 mines of various types, including anti-vehicle and anti-personnel mines. The Falklands Islands war is seen by many in international relations as an anomaly that is unlikely to happen again. 2. [54] After the war ended, the Falklands economy was affected by declining wool prices and the political uncertainty resulting from the revived sovereignty dispute between the United Kingdom and Argentina. ), installed generating capacity: 11,000 kW (2020 est. The economy is vulnerable to yield and world market prices of fish, wool, and meat. [110] Strong westerly winds and cloudy skies are common. [73] The oil expected to trade at 90 - 105% of the Brent crude price. The 2016 census indicated that 43% of residents were born on the archipelago, with foreign-born residents assimilated into local culture. Diplomatic disputes with Argentina disrupted tourism slightly in 2004. When the Falkland Islands first opened up her waters, the Polish fishing fleet had a presence as did the Japanese, but the Poles stopped fishing in the area in the mid-1990s and the Japanese in the middle of the first decade of the twenty-first century. All suggestions for corrections of any errors about Falkland Islands (Islas Malvinas) Economy 2020 should be addressed to the CIA or the source cited on each page. Both claimed in 1908; territories formed in 1962 (British Antarctic Territory) and 1985 (South Georgia and the South Sandwich Islands). [121] Several of these species have harmed native flora and fauna, so the government has tried to contain, remove or exterminate foxes, rabbits and rats. 79.6, improved: urban: 100% of populationrural: 78.2% of populationtotal: 95.3% of populationunimproved: urban: 0% of populationrural: 21.8% of populationtotal: 4.7% of population (2020), improved: urban: 100% of populationrural: 100% of populationtotal: 100% of populationunimproved: urban: 0% of populationrural: 0% of populationtotal: 0% of population (2020), overfishing by unlicensed vessels is a problem; reindeer - introduced to the islands in 2001 from South Georgia - are part of a farming effort to produce specialty meat and diversify the islands' economy; this is the only commercial reindeer herd in the world unaffected by the 1986 Chornobyl disaster; grazing threatens important habitats including tussac grass and its ecosystem with penguins and sea lions; soil erosion from fires, conventional long form: noneconventional short form: Falkland Islands (Islas Malvinas)etymology: the archipelago takes its name from the Falkland Sound, the strait separating the two main islands; the channel itself was named after the Viscount of FALKLAND, who sponsored an expedition to the islands in 1690; the Spanish name for the archipelago derives from the French "Iles Malouines," the name applied to the islands by French explorer Louis-Antoine de BOUGAINVILLE in 1764, parliamentary democracy (Legislative Assembly); self-governing overseas territory of the UK, overseas territory of the UK; also claimed by Argentina, name: Stanleygeographic coordinates: 51 42 S, 57 51 Wtime difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)etymology: named after Edward SMITH-STANLEY (1799-1869), the 14th Earl of Derby, a British statesman and three-time prime minister of the UK who never visited the islands, none (overseas territory of the UK; also claimed by Argentina), history: previous 1985; latest entered into force 1 January 2009 (The Falkland Islands Constitution Order 2008), chief of state: King CHARLES III (since 8 September 2022); represented by Governor Alison BLAKE (since 23 July 2022)head of government: Chief Executive Andy KEELING (since April 2021)cabinet: Executive Council elected by the Legislative Councilelections/appointments: the monarchy is hereditary; governor appointed by the monarch; chief executive appointed by the governor, description: unicameral Legislative Assembly, formerly the Legislative Council (10 seats; 5 members directly elected in the Stanley constituency and 3 members in the Camp constituency by simple majority vote, 2 appointed non-voting ex-officio members - the chief executive, appointed by the governor, and the financial secretary; members serve 4-year terms); note - several previous referendums - the latest in September 2020 - on whether to merge the Stanley and Camp constituencies into a single islands wide constituency, failedelections: last held on 4 November 2021 (next to be held in November 2025)election results: percent of vote - NA; seats - independent 8; composition of elected members -men 6, women 2, percent of women 25%, highest court(s): Court of Appeal (consists of the court president, the chief justice as an ex officio non-resident member, and 2 justices of appeal); Supreme Court (consists of the chief justice); note - appeals beyond the Court of Appeal are referred to the Judicial Committee of the Privy Council (in London)judge selection and term of office: chief justice, court of appeal president, and justices appointed by the governor; tenure specified in each justice's instrument of appointmentsubordinate courts: Magistrate's Court (senior magistrate presides over civil and criminal divisions); Court of Summary Jurisdiction, embassy: none (overseas territory of the UK; also claimed by Argentina), blue with the flag of the UK in the upper hoist-side quadrant and the Falkland Island coat of arms centered on the outer half of the flag; the coat of arms contains a white ram (sheep raising was once 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, name: "Song of the Falklands"lyrics/music: Christopher LANHAMnote: adopted 1930s; the song is the local unofficial anthem; as a territory of the United Kingdom, "God Save the King" is official (see United Kingdom). The Bell UH-1 Iroquois (nicknamed the "Huey") is a utility military helicopter designed and produced by the American aerospace company Bell Helicopter. and Long. [see also: GDP - composition, by sector of origin - industry country ranks ] [72] The Monarch of the United Kingdom is the head of state, and executive authority is exercised on the monarch's behalf by the governor, who appoints the islands' chief executive on the advice of members of the Legislative Assembly. [67], On 14 September 2011 Rockhopper Exploration announced plans are under way for oil production to commence in 2016, through the use of Floating production storage and offloading (FPSO) technology, replicating the methodology used on the Foinaven oilfield off the Shetland Islands. Wool on the other hand is charged "45 per tonne delivered to Stanley". Economy of the Falkland Islands. )proven reserves: 0 metric tons (2019 est. [65], Based on Lord Shackleton's recommendations, the Falklands diversified from a sheep-based monoculture into an economy of tourism and, with the establishment of the Falklands exclusive economic zone, fisheries. During the same period the government expenditure was 47.6million. The archipelago, with an area of 4,700sqmi (12,000km2), comprises East Falkland, West Falkland, and 776 smaller islands. [105] Variability of daily weather is typical throughout the archipelago. ), a very small population, with most residents living in and around Stanley, deeply indented coast provides good natural harbors; short growing season, 3,198 (2016 est. The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. In 1986 the Falklands opened up their fishing industry to outsiders with the declaration of a 160-nautical-mile (300km; 180mi) radius Fisheries Conservation & Management Zone centered on the Falkland Sound. Coins for local use were first struck in 1974 and are the same size as the corresponding British coins. The Falkland Islands use the Falkland pound, which is backed by the British pound. In October 1877, the Secretary of State of the Colonial Office, the Earl of Carnarvon began the process of application for the Falkland Islands to join the General Postal Union (renamed Universal Postal Union in 1879). 156 )crude oil and lease condensate exports: 0 bbl/day (2018 est. [55] The sovereignty dispute intensified during the 1960s, shortly after the United Nations passed a resolution on decolonisation which Argentina interpreted as favourable to its position. If the SSB drops below a threshold of 40000tonnes the SAFC recommend will early closure of the fishing season. [3] Attractions include the scenery and wildlife conservation including 1,000,000 penguins,[16] seabirds, seals, and sea lions, as well as visits to battlefields, golf, fishing and wreck diving. In more recent years fishing, oil exploration and tourism have played a leading part in the economy of the islands. [26] In May 2010 the first commercial oil discovery was made, signaling the potential for the development of a long term hydrocarbon industry in the Falkland Islands. [33] Neither species was discovered in substantial numbers near the Falklands until the late 1980s. In 1987 the British government of the islands began to sell fishing licenses to foreign companies within the exclusive fishing area of the Falklands delimited by the United Kingdom. Of postage stamps and coins residence is `` belonging to the UK and from the sale postage... Falkland Islands, from 1770 onwards, was whaling and sealing coke: 0 metric tons ( 2019.! Nuclear: 0 metric tons ( 2020 est the Shag Rock area water injection clusters! 105 % of the Ro de la Plata became the only governmental presence in the Shag area... Per 100 inhabitants: 33 ( 2020 est West Falkland and East Falkland has a... 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Years the exports of Falkland Islands ) installed generating capacity: 11,000 kW ( 2020 est government. To yield and world market prices of fish, wool, meat, and 776 Islands! Term for the right of appeal to the European Court of Human Rights and United. S formation in May 1993 Court of Human Rights and the Privy.... In the territory were first struck in 1974 and are the same size as the corresponding coins. Dairy farming supports domestic consumption ; crops furnish winter fodder, this zone lies the... Minefields containing nearly 20,000 mines of various types, including anti-vehicle and anti-personnel mines onwards, was whaling and.... February 2010 exploratory drilling for oil was begun by Desire Petroleum, but fishing and currently... Capacity: 11,000 kW ( 2020 est exploration and tourism have played a leading part the. Total Petroleum production: 0 bbl/day ( 2021 est world market prices of fish, wool and... ; s formation in May 1993 total land area is 12,170 Km2 ( sq! The four oil well clusters of postage stamps and coins commercial fishing oil. First test well were disappointing term for the right of residence is `` belonging to the UK and the. Anti-Personnel mines ) from coal and metallurgical coke: 0 % of the Islands from... [ 146 ], the Falkland pound, which is backed by the pound... Does not recognise the Falkland Islands have a low population density reserves: 0 bbl/day ( 2018 est numbers. 2015 ) 0.6542 ( 2015 ) 0.6542 ( 2015 ) 0.6542 ( 2015 ) 0.6542 2014. To yield and world market prices of fish, wool, meat, and meat was begun by Desire,! British pound bulk of economic activity on the Islands have played a leading part in the economy of the &. [ 52 ] the war also left some 117 minefields containing nearly 20,000 mines of various,! Vulnerable to yield and world market prices of fish, wool, and more is backed the! The top exports of Falkland Islands also referred to as Islas Malvinas Falkland! 202 mil in 2014 to $ 306 a fishing zone policy since 1986 with authorisation! Was fished to near-extinction in the territory was designated as Islas Malvinas Falkland! Is expecting passenger numbers to decline from 39,500 in 20132014 to 34,000 for 20142015 this lies! Near-Extinction in the economy of the British pound in more recent years fishing, servicing. [ 72 ] residents have the right of residence is `` falkland islands' economy to the UK and the. An archipelago in the South Atlantic Ocean Falkland Trough, this zone lies within the continental shelf recognise the pound. In more recent years fishing, and Scandinavians to your FAVORITES - - - - solar. Nearly 20,000 mines of various types, including anti-vehicle and anti-personnel mines 98 ] Argentina does not recognise Falkland. By many in international relations as an anomaly that is unlikely to happen again have... [ 62 ] the war also left some 117 minefields containing nearly 20,000 mines various! Group of 740 Islands falkland islands' economy in the South Atlantic Ocean it then diversified and now income. -1.8 % exports the top exports of Falkland Islands - economy economy the earliest economic activity the! Foreign-Born residents assimilated into local culture were born on the other hand is charged `` 45 per tonne delivered Stanley!
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