Economy - overview:
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 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 ecotourism, is increasing rapidly, with about 69,000 visitors in 2009. The British military presence also provides a sizable 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. Although production by a British exploration firm has yet to begin, the firm expects to be able to produce 60,000 barrels per day by 2020.

GDP (purchasing power parity):
$281.8 million (2012 est.) $164.5 million (2007 est.) $105.1 million (2002 est.)
country comparison to the world: 218

GDP (official exchange rate):
$164.5 million (2007 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - per capita (PPP):
$96,200 (2012 est.) $55,400 (2002 est.)
country comparison to the world: 6

GDP - composition, by sector of origin:
agriculture: 95%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: NA%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: NA% (1996)
[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%
[see also: Industrial production growth rate country ranks ]

Labor force:
1,944 (2012 est.)
country comparison to the world: 228
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 95% (mostly sheepherding and fishing)
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 5% (1996)

Unemployment rate:
4.1% (2010)
country comparison to the world: 54
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Distribution of family income - Gini index:
36 (2015)
country comparison to the world: 89
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $67.1 million
[see also: Budget - revenues country ranks ]
expenditures: $75.3 million (FY09/10)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
40.8% of GDP (FY09/10)
country comparison to the world: 33
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% of GDP (FY09/10)
country comparison to the world: 161
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.4% (2014 est.)
country comparison to the world: 59
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$257.3 million (2015 est.) $125 million (2004 est.)
country comparison to the world: 184
[see also: Exports country ranks ]

Exports - commodities:
wool, hides, meat, venison, fish, squid

Exports - partners:
Spain 67.8%, UK 10%, Namibia 8.9%, US 7.2% (2016)

Imports:
$90 million (2004 est.)
country comparison to the world: 214
[see also: Imports country ranks ]

Imports - commodities:
fuel, food and drink, building materials, clothing

Imports - partners:
UK 68.8%, Greece 8.8%, Cote dIvoire 6.7%, Spain 5.7%, Netherlands 4.8% (2016)

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
Falkland pounds (FKP) per US dollar - 0.7836 (2017) 0.6542 (2016) 0.6542 (2015) 0.6542 (2014 est.) 0.6391 (2013 est.)