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The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes 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 total more than $40 million per year, which help support the island's health, education, and welfare system. Squid accounts for 75% of the fish taken. Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and the sale of postage stamps and coins. 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; to date, no exploitable site has been identified. An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves. Tourism, especially eco-tourism, is increasing rapidly, with about 30,000 visitors in 2001. Another large source of income is interest paid on money the government has in the bank. The British military presence also provides a sizeable economic boost.
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$105.1 million (2002 est.)
country comparison to the world: 218
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$105.1 million (2002 est.)
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NA%
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$35,400 (2002 est.)
country comparison to the world: 33
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agriculture: 95%
industry:
NA%
services:
NA% (1996 est.)
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1,724 (1996) (1996)
country comparison to the world: 223
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agriculture: 95% (mostly sheepherding and fishing)
industry and services:
5% (1996)
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NA%
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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revenues: $66.2 million
expenditures:
$67.9 million (FY98/99 est.)
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3.6% (1998)
country comparison to the world: 117
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fodder and vegetable crops; sheep, dairy products; fish, squid
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fish and wool processing; tourism
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NA%
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16 million kWh (2007 est.)
country comparison to the world: 207
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14.88 million kWh (2007 est.)
country comparison to the world: 209
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2009 est.)
country comparison to the world: 177
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0 bbl/day (2009 est.)
country comparison to the world: 206
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0 bbl/day (2007 est.)
country comparison to the world: 197
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271 bbl/day (2007 est.)
country comparison to the world: 199
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0 bbl (1 January 2009 est.)
country comparison to the world: 182
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0 cu m (2008 est.)
country comparison to the world: 198
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0 cu m (2008 est.)
country comparison to the world: 187
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0 cu m (2008 est.)
country comparison to the world: 183
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0 cu m (2008 est.)
country comparison to the world: 182
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0 cu m (1 January 2009 est.)
country comparison to the world: 180
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$125 million (2004 est.)
country comparison to the world: 187
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wool, hides, meat, fish, squid
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$90 million (2004 est.)
country comparison to the world: 209
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fuel, food and drink, building materials, clothing
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$NA
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Falkland pounds (FKP) per US dollar - 0.5302 (2008), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004)
note:
the Falkland pound is at par with the British pound
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