ng the motto DESIRE THE RIGHT

Economy

Economy - overview: The economy was formerly based on agriculture,
mainly sheep farming, which directly or indirectly employs most of the
work force. Dairy farming supports domestic consumption; crops furnish
winter fodder. Exports feature shipments of high-grade wool to the UK
and the sale of postage stamps and coins. Rich stocks of fish in the
surrounding waters are not presently exploited by the islanders. So
far, efforts to establish a domestic fishing industry have been
unsuccessful. The economy has diversified since 1987, when the
government began selling fishing licenses to foreign trawlers
operating within the Falklands exclusive fishing zone. These license
fees total more than $40 million per year and support the island's
health, education, and welfare system. To encourage tourism, the
Falkland Islands Development Corporation has built three lodges for
visitors attracted by the abundant wildlife and trout fishing. The
islands are now self-financing except for defense. The British
Geological Survey announced a 200-mile oil exploration zone around the
islands in 1993, and early seismic surveys suggest substantial
reserves capable of producing 500,000 barrels per day. An agreement
between Argentina and the United Kingdom in 1995 seeks to defuse
licensing and sovereignty conflicts that would dampen foreign interest
in exploiting potential oil reserves.

GDP: purchasing power parity - $NA

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $NA

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index: NA%

Labor force:
total: 1,100 (est.)
by occupation: agriculture 95% (mostly sheepherding)

Unemployment rate: NA%; labor shortage

Budget:
revenues: $53.4 million
expenditures: $53.1 million, including capital expenditures of $NA
(1994-95 est.)

Industries: wool and fish processing

Industrial production growth rate: NA%

Electricity - capacity: NA kW

Electricity - production: NA kWh

Electricity - consumption per capita: NA kWh

Agriculture - products: fodder and vegetable crops; sheep farming,
small dairy herds

Exports:
total value: $7.6 million (1995)
commodities: wool, hides, meat
partners: UK, Netherlands, Japan (1992)

Imports:
total value : $24.7 million (1995)
commodities: food, clothing, timber, and machinery
partners : UK, Netherlands Antilles (Curacao), Ja