falkland islands' economy

77 These days, the economy of the islands no longer relies as much on sheep herding as it once did, though wool still plays a key role in the country's exports. [33] The catch for the 2010 season in the Falklands recovered to 12105tonnes, but still the fourth lowest since the beginning of the licensing system. ), total population: 1.12 male(s)/female (2016 est. The total contribution of tourism to the Islands' is expected to reach 5.4 million in 2010. [79][needs update] The first three turbines resulted in a 20% reduction in the Stanley power station's fuel consumption and it was hoped that the second set of three turbines would double this figure. [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". N/A; Statistics; GDP: $193.28 million (2017) GDP rank: 222nd (PPP, 2007) GDP per capita. [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. )0.6542 (2016 est. 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 waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000-ton catch. [see also: GDP - per capita country ranks ], GDP - composition, by sector of origin: Selected statistics for the year 2008/9 relating to sheep farming are given below: There are also a small number of cows, pigs and horses on the islands that are reared for local use.[15]. This page was last edited on 16 October 2022, at 01:01. The legal term for the right of residence is "belonging to the islands". The economy of the Falkland Islands was changed forever after the liberation from Argentine occupation, as the now necessary military presence of British troops needed heavy investment (especially a large airport). [82] The Bureau also handles philately-related sales on behalf of the governments of Government of South Georgia and the South Sandwich Islands and of the British Antarctic Territory. Farmland accounts for 1,123,985 ha (4,339.73 sq mi), more than 90% of the Falklands land area. [44] Vernet's deputy, the Scotsman Matthew Brisbane, returned to the islands that year to restore the business, but his efforts ended after, amid unrest at Port Louis, gaucho Antonio Rivero led a group of dissatisfied individuals to murder Brisbane and the settlement's senior leaders; survivors hid in a cave on a nearby island until the British returned and restored order. [58] In response, Falkland Oil & Gas has signed an agreement with BHP Billiton to investigate the potential exploitation of oil reserves. [126], Economic development was advanced by ship resupplying and sheep farming for high-quality wool. )industry: 20.6% (2015 est. The FOCZ includes part of the Burdwood Bank, borders on the confines of the continental shelf and includes part of the Falklands Escarpment - a 2,000-metre (6,600ft) undersea escarpment running eastwest. In 1990 the Falklands Outer Conservation Zone (FOCZ) was declared a zone that lay between the perimeter of the FICZ and the Falklands 200-nautical-mile economic zone boundary. [67] Landmine clearance work restarted in 2009, in accordance with the UK's obligations under the Ottawa Treaty, and Sapper Hill Corral was cleared of mines in 2012, allowing access to an important historical landmark for the first time in 30 years. [77], The governor acts on the advice of the islands' Executive Council, composed of the chief executive, the Director of Finance and three elected members of the Legislative Assembly (with the governor as chairman). (2015)country comparison to the world (CIA rank, may be based on non-current data): Secondary education is only available in Stanley, which offers boarding facilities and 12 subjects to General Certificate of Secondary Education (GCSE) level. the Falkland Islands population is equivalent to 4.0E-5% of the total world population. The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. [see also: Budget surplus (+) or deficit (-) country ranks ], Public debt: (2014 est.) Economic summary: GDP/PPP (2007 est. The Falkland Islands are a Tier I nation located in the South Atlantic Ocean off the tip of Argentina. Overview In 2020 Falkland Islands was the number 169 economy in the world in terms of total exports and the number 208 in total imports. expenditures: 75.3 million In 2006, a Spanish vessel on an exploratory trawl found commercial quantities of grenadiers (Macrourus spp., Coelorhynchus spp.) ), Electricity consumption: Since 1984, efforts to diversify the economy have made fishing the largest part of the economy and brought increasing income from tourism. Locally registered fishing boats are also in operation. $63,000 It then returns to its spawning grounds via a route that lies off the continental shelf. [14] These restrictions effectively give the British Government the ability to prevent the island's government from declaring the islands to be a tax haven or from establishing a central bank. )wind: 33.3% of total installed capacity (2020 est. [see also: Household income or consumption by percentage share - lowest 10% country ranks ] The abattoir received export accreditation in December 2002 and began exporting meat in May 2003. ), 0-14 years: NA15-24 years: NA25-54 years: NA55-64 years: NA65 years and over: NA, total dependency ratio: 39.8youth dependency ratio: 24.8elderly dependency ratio: 14.9potential support ratio: 6.7 (2021), urban population: 79.7% of total population (2023)rate of urbanization: 0.53% annual rate of change (2020-25 est. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000-ton catch. 205 [152], Falklands culture is based on the cultural traditions of its British settlers but has also been influenced by Hispanic South America. However land tourism is increasing which is offsetting the effect of a decrease in cruise tourism. $70,800 [155] Social activities are, according to Wagstaff, "typical of that of a small British town with a variety of clubs and organisations covering many aspects of community life". Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. )forest: 0% (2018 est. In more recent years fishing, oil exploration and tourism have played a leading part in the economy of the islands. [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. )proven reserves: 0 metric tons (2019 est. [145] A small number of Argentines also live on the islands. [144] Falklanders still use some terms and place names from the former Gaucho inhabitants. [115] More than 400 species of lichens and lichen-dwelling fungi have been recorded. 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. [63] Two months later, on 6 May 2010, when Rockhopper Exploration announced that "it may have struck oil",[64] Argentina's Foreign Minister warned that his country would take all possible lawful steps to impede British oil exploration and production there. By 2002 the Falklands' economy was booming, with income from tourism and the sale of squid fishing licences as well as from indigenous fishing companies with locally registered boats. 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). ], Economic development was advanced by ship resupplying and sheep farming, but fishing and currently... 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