[6] The name "Falkland" was applied to the channel by John Strong, captain of an English expedition that landed on the islands in 1690. The colony was turned over to Spain two years later and the islands have since been the subject of a territorial dispute, first between Britain and Spain, then between Britain and Argentina. [73] The Legislative Assembly, a unicameral legislature, consists of the chief executive, the director of finance and eight members (five from Stanley and three from Camp) elected to four-year terms by universal suffrage. Due to the difficult climatic conditions of the southern seas exploitation will be difficult, though economically viable; the continuing sovereignty dispute with Argentina is also hampering progress. [68] The proposal envisages a FPSO vessel located 200km offshore servicing 24 production wells and 12 water injection wells in about 450m of water. War was narrowly avoided by its restitution to Britain in 1771. Between 1990 and 2005, common hake and austral hake were categorised as. [58], Concerned at the expense of maintaining the Falkland Islands in an era of budget cuts, the UK again considered transferring sovereignty to Argentina in the early Thatcher government. ), Electricity consumption: Wool on the other hand is charged "45 per tonne delivered to Stanley". Religions However, in 2007 Argentina unilaterally withdrew from the agreement; Falklands Oil and Gas Limited then signed an agreement with BHP Billiton to investigate the potential exploitation of oil reserves. 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. The population density in the Falkland Islands is 0 per Km 2 (1 people per mi 2). Trade. [83] The Falkland Islands Government (FIG) is required to deposit 110% of the face value of any coins struck on its behalf into its currency fund,[84] thereby effectively backing the Falkland pound with the pound sterling. Infoplease has everything you need to know about Falkland Islands. Traditionally a coaling and whaling harbor, the Falkland Islands undertook an economic development program for exploiting oil . This page was last edited on 16 January 2023, at 19:15. [153] The Falklands' predominant and official language is English, with the foremost dialect being British English; nonetheless, some inhabitants also speak Spanish. (FY09/10)country comparison to the world (CIA rank, may be based on non-current data): [80] The islands' judicial system, overseen by the Foreign and Commonwealth Office, is largely based on English law,[81] and the constitution binds the territory to the principles of the European Convention on Human Rights. 0.7836 The British responded with an expeditionary force that landed seven weeks later and after fierce fighting forced an Argentine surrender on 14 June 1982. [74], Governor Alison Blake was appointed in July 2022[75] and Chief Executive Andy Keeling was appointed in April 2021. [15] The base flock are Corriedale and Polwarth breeds with Dohne Merino, South African Meat Merinos, Afrinos and other breeds having been introduced to improve the fineness of wool and meat characteristics. Agricultural products, such as wool, meat, and vegetables are the foundation of the country's economy. )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - per capita country ranks ], GDP - composition, by sector of origin: [18] European claims of discovery date back to the 16th century, but no consensus exists on whether early explorers sighted the Falklands or other islands in the South Atlantic. [47] Nonetheless, Falklander dissent, as expressed by their strong lobby in the UK Parliament, and tensions between the UK and Argentina effectively limited sovereignty negotiations until 1977. The Falkland Islands use the Falkland pound, which is backed by the British pound. $164.5 million services: 38.4% 77 These license fees net more than $40 million per year, which help support the island's health, education, and welfare system. NA There is now an international airport, a domestic airport, a number of airstrips, a growing road network and a much-improved ferry service between the two main islands. The abattoir received export accreditation in December 2002 and began exporting meat in May 2003. Since it's formation in May 1993. There are also five different penguin species and a few of the largest albatross colonies on the planet. Please ADD this page to your FAVORITES - - - - - ), total subscriptions: 5,000 (2018 est. [153], The islands have one weekly newspaper The Penguin News,[154] and television and radio broadcasts generally feature programming from the United Kingdom. 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%. The capital and major town is Stanley, on East . 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. )services: 38.4% (2015 est. Fishing is the largest part of the economy. All suggestions for corrections of any errors about Falkland Islands Economy 1991 should be addressed to the CIA. The islands have become a regular port of call for the growing market of cruise ships with more than 36,000 visitors in 2004. [137] Despite COVID-19 pandemic restrictions causing suspensions of flights from Santiago and So Paulo and prohibited cruise ship tourism, the economy of the islands remains stable and healthy. [105] Variability of daily weather is typical throughout the archipelago. The Falkland Islands (/f(l)klnd, flk-/;[5] Spanish: Islas Malvinas [izlaz malinas]) is an archipelago in the South Atlantic Ocean on the Patagonian Shelf. [127] The main sheep breeds in the Falkland Islands are Polwarth and Corriedale. (2013 est.). In 1976, Lord Shackleton produced a report into the economic future of the islands; but his recommendations were not implemented because Britain sought to avoid confronting Argentina over sovereignty. The Falkland Islands Chamber of Commerce has been passionate about ensuring Falkland Islands businesses have a voice within the local and worldwide business community. 'It is important to defend our energy sovereignty', reiterated the Argentine energy minister in July . 156 Today, apart from defence, the islands are self sufficient with annual exports of $125 million and imports of $90 million (2004 estimate). )subscriptions per 100 inhabitants: 65 (2018 est. The Falkland Islands economy relied mainly on sheep farming from the 1870s to 1980. The first stamps, 1d, 6d, and 1 shilling values featuring the usual profile of Queen Victoria, were issued 19 June 1878. At the same time that the FOCZ was declared, the Argentine declared its 200-nautical-mile Exclusive Economic Zone (EEZ) and together with the British Government (acting on behalf of the Falkland Islands) set up the South Atlantic Fisheries Commission (SAFC) to coordinate the management of fishing stocks in the area.[32]. The outbreak of conflict The remaining 2 per cent identified as adherents of other religions, including the Bah Faith,[148] Buddhism,[149] and Islam. )tide and wave: 0% of total installed capacity (2020 est. )permanent pasture: 92.4% (2018 est. [15], Although Fuegians from Patagonia may have visited the Falkland Islands in prehistoric times,[16][17] the islands were uninhabited when Europeans first explored them. [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. In the 1970s many fin fish, particularly the rock cod, a high volume low value fish[36] were exploited to near-extinction. )-1.8% (2014 est. ): Real growth rate: n.a. 0.6542 There were continual tensions with the colonial administration over Lafone's failure to establish any permanent settlers, and over the price of beef supplied to the settlement. [74], In May 2015 oil was discovered in Isobel deep in May 2015 by a consortium of oil companies including Falkland Oil & Gas, Premier Oil, and Rockhopper Oil & Gas. [see also: Labor force - by occupation - services country ranks ], Unemployment rate: [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. [82][83] Law enforcement is the responsibility of the Royal Falkland Islands Police (RFIP). Read more about this topic: Falkland Islands, The basis of political economy is non-interference. If the SSB drops below a threshold of 40000tonnes the SAFC recommend will early closure of the fishing season. (2016 est. Argentina invaded the islands on 2 April 1982. )forest: 0% (2018 est. )consumption: 0 metric tons (2020 est. [28] It joins the saltier warm Brazil Current in the vicinity of the mouth of the Ro de la Plata to form the South Atlantic Current.[29][30][31]. 1 April-31 March; Trade organisations. The main reason is the tariffs that are now due for imports from the British overseas territory in the South Atlantic, as the government in Stanley told the dpa news agency: "As things stand at the moment, there are no advantages for the Falkland Islands with Brexit. N/A; Statistics; GDP: $193.28 million (2017) GDP rank: 222nd (PPP, 2007) GDP per capita. The British military presence also provides a sizable economic boost. Since 2003 the relative premium commanded by higher quality wool has increased with coarser wool missing out on the high prices in 2008. [see also: GDP - real growth rate country ranks ], GDP - per capita: 5142S 5751W / 51.700S 57.850W / -51.700; -57.850 (Stanley), "Falklands" and "Malvinas" redirect here. [10] As of 2007[update], 670,000 sheep resided on the islands;[16] a 2011 report estimated the sheep population at over one million. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. [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. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. As of 2010, the ferry company making the crossing charged commercial vehicles 30 per metre for a single trip plus 2 per head of sheep. [M] A 2012 report counted 1,300 uniformed personnel and 50 British Ministry of Defence civil servants present in the Falklands. [11] Bougainville, who founded the islands' first settlement, named the area after the port of Saint-Malo (the point of departure for his ships and colonists). Strong named the strait in honour of Anthony Cary, 5th Viscount Falkland, the Treasurer of the Navy who sponsored his journey. In 2018 fishing remained as the largest economic activity in the Falkland Islands, "accounting for 64% of nominal GDP in 2018." Over the period of 2009-2018, which the most recent national accounts report covers, the fishing industry share of nominal GDP varied between a low of 45% and the high of 64% in 2018. [34] In some years, such as 2007, it enters the FICZ with a resultant good harvest, it other years, such as 2009, it does not migrate as far south as the FICZ at all. The Patagonian squid, unlike the Illex, remain in Falkland Island waters all year and are concentrated in the Loloigo boxan area within the Falklands Plateau to the east and south-east of the islands and are harvested during both the austral spring and autumn. [see also: Budget - revenues country ranks ] [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. Secondary education is only available in Stanley, which offers boarding facilities and 12 subjects to General Certificate of Secondary Education (GCSE) level. Includes customs, culture, history, geography, economy current events, photos, video, and more. [50], During the 20082009 season almost 69,000 tourists visited the Falklands, with 62,600 of these arriving onboard cruise or expedition vessels. These license fees total more than $40 million per year, which help support . It is the first member of the prolific . [see also: GDP country ranks ], GDP (official exchange rate): $206.4 million 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). [3] Attractions include the scenery and wildlife conservation including 1,000,000 penguins,[16] seabirds, seals, and sea lions, as well as visits to battlefields, golf, fishing and wreck diving. [90][99][100], The Falkland Islands have a land area of 4,700sqmi (12,000km2) and a coastline estimated at 800mi (1,300km). [72], The production site will require approximately 110 people working offshore and another 40 working onshore. The Falkland Islands are a Tier I nation located in the South Atlantic Ocean off the tip of Argentina. British Nationality (Falkland Islands) Act 1983, Timeline of the history of the Falkland Islands, British territories in the South Atlantic, United Nations Convention on the Law of the Sea, British Nationality (Falkland Islands) Act, General Certificate of Secondary Education, Index of Falkland Islandsrelated articles, List of settlements in the Falkland Islands, "Standard Country and Area Codes Classifications", "Evidence of prehistoric human activity in the Falkland Islands". The population (3,662 inhabitants in 2021)[1] is primarily native-born Falkland Islanders, the majority of British descent. THE FALKLAND Islands has issued a desperate appeal to Boris Johnson in a bid to ensure the remote archipelago's economy - and particularly its fishing industry - is not devastated as the indirect . During the 19th century, the supply and maintenance depot for ships at Stanley developed into a port serving ships rounding Cape Horn. [53] The Falklands also played a minor role in the two world wars as a military base aiding control of the South Atlantic. [48], Simmering tensions between the UK and Argentina increased during the second half of the century, when Argentine President Juan Pern asserted sovereignty over the archipelago. Care was taken when it came to the treatment of civilians and prisoners and only in the later stages did noncombatants get . In 1765, the British settled West Falkland but left in 1774 for economic reasons. [70] Oil will be transferred from the FPSO vessel to shuttle oil tankers. 91 ), total petroleum production: 0 bbl/day (2021 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. [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. 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). 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. [see also: Stock of direct foreign investment - at home country ranks ], Exchange rates: Falkland pounds (FKP) per US dollar - [59] Climatic conditions of the southern seas mean that exploitation will be a difficult task, though economically viable, and the continuing Falkland Islands sovereignty dispute with Argentina is hampering progress. [118] Endemic fish around the islands are primarily from the genus Galaxias. [66] Oil exploration also began in the 2010s, with indications of possible commercially exploitable deposits in the Falklands basin. More than 75% of the annual catch of 200,000 tonnes (220,000 short tons) is squid. [86], The UK and Argentina both assert sovereignty over the Falkland Islands. ", "Argentina snubs UK over oil deal as anniversary nears", "Britain and Argentina Reach an Accord on Falkland Oil Rights", "Falklands oil prospects stir Anglo-Argentinian tensions", "Preliminary GDP Estimates, 20082009 and 2010 Forecast (Constant Prices)", "The Falkland Islands Constitution Order 2008", "Wanted: holiday rep to sell joys of Falklands tourism", "Agriculture in the Falkland Islands [pamphlet]", "The Falkland Islands Government - Agriculture", "Patagonian Shelf large marine ecosystem", "Goce gravity mission traces ocean circulation", "Fisheries Department Fisheries Statistics, Volume 14, 2009", "The Offshore Fishery; balancing commercial activities & conservation", "Illex 2010: the case for improved conservation", "Regional Reviews: B17 - Southern Oceans", "Large-scale commercial marine harvesting", "Fisheries Department Fisheries Statistics, Volume 11, 2006", "Text of the convention on the conservation of Antarctic marine living resources", "Claims and potential claims to maritime jurisdiction in the South Atlantic and Southern Oceans by Argentina and the UK", "Falkland Focus - News from the Falkland Island Government", "Tourism is an important source of revenue to the Falkland Islands", "Falklands tourism ready for brighter future after challenging year", "Four Seasons and more than 3,000 Tourists in One Day", "Record of The Budget Meeting of the Legislative Assembly held in Stanley on 26th and 28th May 2009", "Falklands oil prospects stir Anglo-Argentinean tensions", "BHP Billiton strikes $100m Falklands drilling deal", "Argentina protests at Falklands oil stake", "Drilling for oil begins off the Falkland Islands", "Explorers fail to strike oil in test sites off Falklands", "Falklands oil firm Rockhopper claims discovery", "Discovery in disputed waters puts Argentina back on the defensive", "Capital Markets Presentation Development", "First Falklands Islands oil production delayed to 2018", http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12367637.html, http://www.rigzone.com/news/oil_gas/a/138815/Oil_Discovered_at_Isobel_Deep, http://subseaworldnews.com/2015/05/12/fogl-isobel-deep-bop-fixed/, "Falkland Oil and Gas 2012 drilling programme", "Falkland Islands Three new Enercon turbines operating Staff", "Commemorative Coin Lifetime of Service", Falkland Islands Development Corporation - Annual Report 1984, Four Seasons and more than 3,000 Tourists in One Day. )country comparison to the world (CIA rank, may be based on non-current data): )from coal and metallurgical coke: 0 metric tonnes of CO2 (2019 est. )crude oil and lease condensate imports: 0 bbl/day (2018 est. [49] Aside from this trade, commercial interest in the archipelago was minimal due to the low-value hides of the feral cattle roaming the pastures. This land area is approximately 98% of the area of Sydney. [33], Tourism is the second-largest part of the economy. )imports: 0 metric tons (2020 est. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. [49] Since cruise liners have their own accommodation, substantial numbers of tourists can be accommodated at once, such as an occasion in 2005 when 3000 tourists visited the islands in one day. [see also: Household income or consumption by percentage share - lowest 10% country ranks ] Provides a sizable economic boost at 19:15 January 2023, at 19:15 daily weather is typical throughout archipelago. [ 33 ], Tourism is the second-largest part of the fishing season backed the! Located in the 2010s, with indications of possible commercially exploitable deposits the. 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