(FY09/10) industry: 24.5% Whether you have an established business, a newly started enterprise in the Falklands, or are seeking to do business here, let us assist you in . Trade. [47] Early in its history Stanley had a negative reputation due to cargo-shipping losses; only in emergencies would ships rounding Cape Horn stop at the port. The population (3,662 inhabitants in 2021)[1] is primarily native-born Falkland Islanders, the majority of British descent. Southern South America, islands in the South Atlantic Ocean, about 500 km east of southern Argentina, total: 12,173 sq kmland: 12,173 sq kmwater: 0 sq kmnote: includes the two main islands of East and West Falkland and about 200 small islands, territorial sea: 12 nmcontinental shelf: 200 nmexclusive fishing zone: 200 nm, cold marine; strong westerly winds, cloudy, humid; rain occurs on more than half of days in year; average annual rainfall is 60 cm in Stanley; occasional snow all year, except in January and February, but typically does not accumulate, rocky, hilly, mountainous with some boggy, undulating plains, highest point: Mount Usborne 705 mlowest point: Atlantic Ocean 0 m, fish, squid, wildlife, calcified seaweed, sphagnum moss, agricultural land: 92.4% (2018 est. [see also: Budget surplus (+) or deficit (-) country ranks ], Public debt: The 74-day clash found Argentina and the United Kingdom battling for control of the Falkland Islands, an archipelago in the South Atlantic. [114] The Falklands' flora consists of 163 native vascular species. 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. Economy - overview: The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. (2017), Debt - external: The principal ocean currents in the Falkland Island waters are the West Wind Drift, a cold current from the Southern Pacific Ocean that flows westwards to the south of the Burdwood Bank[27] and the north flowing cold Falklands current, an offshoot of the West Wind Drift that curls around the east of Falklands Plateau and along the Falklands and Patagonian escarpments. The Falklands governed these territories as the Falkland Islands Dependencies starting in 1908, and retained them until their dissolution in 1985. In 2006, a Spanish vessel on an exploratory trawl found commercial quantities of grenadiers (Macrourus spp., Coelorhynchus spp.) At the time of the 2012 census, 91 Falklands residents were overseas. The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. Falkland Islands / f k l n d, f l-, f l-/ Islas Malvinas [izlaz malinas] 50052 Tourism has grown rapidly. [78] Since the 2013 general election, members of the Legislative Assembly have received a salary and are expected to work full-time and give up all previously held jobs or business interests. Increased economic activity: Relocating residents to the Falkland Islands would help the local economy by generating more business and creating more jobs. )crude oil and lease condensate exports: 0 bbl/day (2018 est. [45], The table below shows the average catch in tonnes of various species (as categorised by FIFD - Falkland Island Fishing Department) for successive five-year periods. For other uses, see, British Overseas Territory in United Kingdom, Articles relating to the Falkland Islands, Countries, territories and dependencies of the, Outlying territories of European countries, According to researcher Simon Taylor, the exact Gaelic etymology is unclear as the "falk" in the name could have stood for "hidden" (, Based on his analysis of Falkland Islands discovery claims, historian, In 1764, Bougainville claimed the islands in the name of. [see also: GDP - composition, by sector of origin - agriculture country ranks ] [118] Endemic fish around the islands are primarily from the genus Galaxias. Such visits are arranged in conjunction with LAN Airlines (Chile) who, on such occasions, use larger aircraft than normal for the weekly flights.[54]. )country comparison to the world (CIA rank, may be based on non-current data): [152] Primary education is available at Stanley, RAF Mount Pleasant (for children of service personnel) and a number of rural settlements. [69] The two water injection well clusters will be 3.0km from the four oil well clusters. The combined area is 4,700 square miles (12,170 square kilometers). Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. Under the British Nationality (Falkland Islands) Act 1983, Falkland Islanders are British citizens. The Falkland Islands economy relied mainly on sheep farming from the 1870s to 1980. Between 1990 and 2005, common hake and austral hake were categorised as. 80% of the islands consists of farmlands. [16], The lllex squid has its spawning grounds at the mouth of the Ro de la Plata and a migratory pattern that takes it southwards along the Patagonian Shelf as far as the FICZ to its feeding grounds. The abattoir received export accreditation in December 2002 and began exporting meat in May 2003. During the 19th century, the supply and maintenance depot for ships at Stanley developed into a port serving ships rounding Cape Horn. (2014 est.) [29], Thereafter the archipelago was visited only by fishing ships; its political status was undisputed until 1820, when Colonel David Jewett, an American privateer working for the United Provinces of the Ro de la Plata, informed anchored ships about Buenos Aires' 1816 claim to Spain's territories in the South Atlantic. [6] The name "Falkland" was applied to the channel by John Strong, captain of an English expedition that landed on the islands in 1690. Major economic activities include fishing, tourism and sheep farming, with an emphasis on high-quality wool exports. [33], Tourism is the second-largest part of the economy. [43], The South Atlantic Fisheries Commission (SAFC) was set up in 1990 between the Argentine and the United Kingdom (acting on behalf of the Falkland Islands) to exchange information and to coordinate fishing activities in the South Atlantic. country comparison to the world (CIA rank, may be based on non-current data): Household income or consumption by percentage share: Distribution of family income - Gini index: Stock of direct foreign investment - at home: Falkland Islands (Islas Malvinas) Index 2020, Falkland Islands (Islas Malvinas) Main Index. The UK bases its position on its continuous administration of the islands since 1833 and the islanders' "right to self-determination as set out in the UN Charter". (FY09/10)country comparison to the world (CIA rank, may be based on non-current data): As per the study, the Falkland government is trying to explore oil extraction & exploration. ), total subscriptions: 5,000 (2018 est. (31 December 2009 est.) There is a flourishing business in the issue of commemorative coins struck on behalf of the Falkland Island Government for collectors in particular the 2007 series of coins that commemorated the 25th anniversary of the liberation of islands attracted much attention. [145] The islands' age distribution is skewed towards working age (2060). to the south and east of the Falkland Islands at depths between 750 and 830 metres (2,460 and 2,720ft) depths in the eastern part of FICZ. ), 25.5% (2015 est. 227 (2013 est. [96] In March 2013 the Falkland Islands held a referendum on its political status: 99.8% of votes cast favoured remaining a British overseas territory. $90 million expenditures: 75.3 million The value of goods exported from the Falkland Islands recorded a compound annual growth rate of 8.1% between 2010 and 2019, according to the Falkland Islands Government's State of the Economy report. (2015 est.) A tax rate of 21% is applied to earnings between 15,001 and 27,000 per annum, and earnings over 27,000 per annum is charged at a rate of 26%. [60], Some 2012 exploration results have indicated that taxation on oil revenues, even though they will be amongst the lowest in the world, are expected to more than double[clarification needed] the country's revenue. The Falkland Islands' International Leisure Tourism Statistics Report is produced annually and contains detailed information about tourist arrivals including purpose of visit, country of residence, mode of transport, age, gender and length of stay. Do not legislate. )note: data include all persons usually resident in the islands at the time of the 2016 census, noun: Falkland Islander(s)adjective: Falkland Island, Falkland Islander 48.3%, British 23.1%, St. Helenian 7.5%, Chilean 4.6%, mixed 6%, other 8.5%, unspecified 2% (2016 est. $164.5 million According to the Falkland Islands Economy Report (2015), "because most goods consumed in the Falkland Islands are imported this makes the Islands highly integrated in the world economy. [45] Four years later, nearly everyone relocated to Port Jackson, considered a better location for government, and merchant Samuel Lafone began a venture to encourage British colonisation. Read more about this topic: Falkland Islands, The basis of political economy is non-interference. [136] The main international airport, located at RAF Mount Pleasant on East Falkland, provides flights to RAF Brize Norton in the UK and mainland South America. The government has operated a fishing zone policy since 1986 with the sale of fishing licences to foreign countries. The Falkland Islands economy has performed well in recent years. 2. In addition to accommodation in Stanley, there are tourist lodges at Port Howard, Darwin, Pebble Island, Carcass Island, and Sea Lion Island. [112], The economy of the Falkland Islands is ranked the 222nd largest out of 229 in the world by GDP (PPP), but ranks 5th worldwide by GDP (PPP) per capita. [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". NOTE: 1) The information regarding Falkland Islands (Islas Malvinas) on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. [47] For more than a century, the Falkland Islands Company dominated the trade and employment of the archipelago; in addition, it owned most housing in Stanley, which greatly benefited from the wool trade with the UK. Falkland Islands prize trip a return to childhood home for Kinross teen Amy Payne Dundee Courier, Scotland 06:12 30-Dec-22. [105], The Falklands' approximate location is latitude 5140 5300 S and longitude 5740 6200 W.[106] The archipelago's two main islands are separated by the Falkland Sound,[107] and its deep coastal indentations form natural harbours. [143] In recent years, the islands' population decline has reduced, thanks to immigrants from the United Kingdom, Saint Helena, and Chile. Argentina invaded the islands on 2 April 1982. The principal islands are about 300mi (480km) east of South America's southern Patagonian coast and about 752mi (1,210km) from Cape Dubouzet at the northern tip of the Antarctic Peninsula, at a latitude of about 52S. In response to renewed calls from Argentina for Britain to relinquish control of the islands, a referendum was held in March 2013, which resulted in 99.8% of the population voting to remain a part of the UK. Every dollar that we carelessly waste means that their life will be so much the more meager. [66] Oil exploration also began in the 2010s, with indications of possible commercially exploitable deposits in the Falklands basin. Falklandsinfo: Welcome to our Spectacular Islands! 17.67 million kWh (2016 est. Ecotourism is a rapidly growing industry currently and has become a forefront contributor to the economy. NA [58] In response, Falkland Oil & Gas has signed an agreement with BHP Billiton to investigate the potential exploitation of oil reserves. Agricultural products, such as wool, meat, and vegetables are the foundation of the country's economy. The islands are now self-financing except for defense. )note: sex ratio is somewhat skewed by the high proportion of males at the Royal Air Force station, Mount Pleasant Airport (MPA); excluding MPA, the sex ratio of the total population would be 1.04, total population: 77.9male: 75.6female: (2017 est.) [72], The production site will require approximately 110 people working offshore and another 40 working onshore. Overall, the Falkland Islands economy has largely recovered from the hiatus of 12 months ago, with some obvious exceptions, namely the continued suspension of land and sea-based international tourism. 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). 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