Economy of the Falkland Islands
The economy of the Falkland Islands, which first involved sealing, whaling and provisioning ships, became heavily dependent on sheep farming from the 1870s to 1980. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. The Falkland Islands use the Falkland pound, which is backed by the British pound.
| Currency | Falkland pound |
|---|---|
| 1 Falkland pound = 100 pence | |
| 1 April–31 March | |
| Statistics | |
| GDP | $206.4 million (2015 est.) |
| GDP rank | 221nd (PPP, 2015) |
GDP growth | 25.5% (2015 est.) |
GDP per capita | PPP: $77,692 (2013 est.) |
GDP by sector | agriculture: (41%), industry: (20.6%), services: (38.4%) (2015 est.) |
| 1.4% (CPI, 2014) | |
| 36 (2015) | |
Labour force | 1,850 (2016 est.) |
Labour force by occupation | agriculture: 41%, industry: 24.5%, services: 34.5% (2015 est.) |
| Unemployment | 1.0% (2020) |
Main industries | fish and wool processing; tourism |
| External | |
| Exports | $257.3 million (2015 est.) |
Export goods | Mollusks, fish, wool, sheep and goat meats, aircraft parts (2021) |
Main export partners | Spain 78%, United States 6% (2019) |
| Imports | $90 million (2004 est.) |
Import goods | fuel, food and drink, building materials, clothing |
Main import partners | United Kingdom 79%, Netherlands 16% (2019) |
Gross external debt | $0 (2017 est.) |
| Public finances | |
Government debt | 0% of GDP (2015 est.) |
| Revenues | $67.1 million (FY2009 / 2010) |
| Expenses | $75.3 million (FY2009 / 2010) |
| Economic aid | $0 (1997 est.) |
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