Falkland Islands (Islas Malvinas) Economic Statistics and Indicators

14, Aug 2020, EDT. Welcome to the Falkland Islands economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Falkland Islands (Islas Malvinas) (Islas Malvinas) › Change country
National or Regional Currency: Falklands Pound, FKP
Year of data: 2015 › Change year
Number of Indicators Listed:
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 2,840 (July 2012 est.)
Area: total: 12,173 sq km ; land: 12,173 sq km ; water: 0 sq km ; note: includes the two main islands of East and West Falkland and about 200 small islands
Natural Resources: fish, squid, wildlife, calcified seaweed, sphagnum moss
Capital: name: Stanley ; geographic coordinates: 51 42 S, 57 51 W ; time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time) ; daylight saving time: none scheduled for 2014

The economy was formerly based on agriculture, mainly sheep farming but fishing and tourism currently comprise the bulk of economic activity. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. These license fees net more than $40 million per year, which help support the island's health, education, and welfare system. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000 ton fish catch. Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. In 2001, the government purchased 100 reindeer with the intent to increase the number to 10,000 over the following 20 years so that venison could be exported to Scandinavia and Chile. Tourism, especially eco-tourism, is increasing rapidly, with about 69,000 visitors in 2009. The British military presence also provides a sizeable economic boost. The islands are now self-financing except for defense. In 1993 the British Geological Survey announced a 200-mile oil exploration zone around the islands, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters. In September 2011, a British exploration firm announced that it plans to commence oil production in 2016.

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