Careers, Jobs and Education Resources for: Falkland Islands

Economic Overview

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. exports feature 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.

Environmental Issues

Overfishing by unlicensed vessels is a problem; reindeer were introduced to the islands in 2001 for commercial reasons; this is the only commercial reindeer herd in the world unaffected by the 1986 chornobyl disaster

Government Type

Na

Population

3,140 (july 2008 est.)

Location

Southern south america, islands in the south atlantic ocean, east of southern argentina

Area

Total: 12,173 sq km land: 12,173 sq km water: 0 sq km note: includes the two main islands of east and west falkland and about 200 small islands

Slightly smaller than connecticut

Country Aliases

Conventional long form: none conventional short form: falkland islands (islas malvinas)

Capital

Name: stanley geographic coordinates: 51 42 s, 57 51 w time difference: utc-4 (1 hour ahead of washington, dc during standard time) daylight saving time: +1hr, begins first sunday in september; ends third sunday in april

International Disputes

Argentina, which claims the islands in its constitution and briefly occupied them by force in 1982, agreed in 1995 to no longer seek settlement by force; uk continues to reject argentine requests for sovereignty talks