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. 5142S 5751W / 51.700S 57.850W / -51.700; -57.850 (Stanley), "Falklands" and "Malvinas" redirect here. The Falkland Islands economy has performed well in recent years, outstripping OECD averages, and driven largely by revenues from our fisheries and offshore oil exploration. [81], Defence of the islands is provided by the United Kingdom. )proven reserves: 0 metric tons (2019 est. [156], Lat. [116] The islands' only native terrestrial mammal, the warrah, was hunted to extinction by European settlers. [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. Falkland Islands in depth country profile. 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. ), production: 0 cubic meters (2021 est. The Falkland Islands are a small group of islands situated in the South Atlantic Ocean, 800 miles from Buenos Aires the capital of Argentina. services: 34.5% Under the British Nationality (Falkland Islands) Act 1983, Falkland Islanders are British citizens. 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. [81] The workload placed on the Falkland Islands Post Office by overseas collectors led to the establishments in 1978 of the Falkland Islands Philatelic Bureau. Farms on coastal hills, Kingston, Norfolk Island. At its highest point, the Burdwood Bank is 46 metres (151ft) below sea level. The population of the Falkland Islands is mainly of British descent and the population, according to the 2016 Falkland Island National Census, is 3,354 with the vast majority of people living in the Capital, Stanley. The island's government has plans to install a 2MWh battery storage system which will allow surplus wind energy to be stored. [10] The term "Falklands" is a standard abbreviation used to refer to the islands. The largest company in the islands used to be the Falkland Islands Company (FIC), a publicly quoted company on the London Stock Exchange. )$167.5 million (2013 est. Falkland Islands: Economy. In 1986 the Falklands opened up their fishing industry to outsiders with the declaration of a 160-nautical-mile (300km; 180mi) radius Fisheries Conservation & Management Zone centered on the Falkland Sound. )permanent pasture: 92.4% (2018 est. The government has operated a fishing zone policy since 1986 with the sale of fishing licences to foreign countries. Most of the fish that are harvested in the Falkland Islands waters are either squid or finfish. (2015 est.) This zone was later to become the Falklands Inner Conservation Zone (FICZ). [14] The nomenclature used by the United Nations for statistical processing purposes is Falkland Islands (Malvinas). (2014 est. The company now operates several retail outlets in Stanley and is involved in port services and shipping operations. The Falkland Islands use the Falkland pound, which is backed by the British pound. 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. )exports: 0 kWh (2020 est. [97][98] Argentina does not recognise the Falkland Islanders as a partner in negotiations. This page was last edited on 16 October 2022, at 01:01. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. [see also: Stock of direct foreign investment - at home country ranks ], Exchange rates: Falkland pounds (FKP) per US dollar - [132] Fear of dependence on fishing licences and threats from overfishing, illegal fishing and fish market price fluctuations led to increased interest in oil drilling as an alternative source of revenue; as of 2001 exploration efforts had yet to find "exploitable reserves". industry: 24.5% Initially there were seven classes of licence, but as of the 2009 season, this was increased to ten classes of licence. )country comparison to the world (CIA rank, may be based on non-current data): Wool on the other hand is charged "45 per tonne delivered to Stanley". The economy was formerly based on agriculture, mainly sheep farming, but today fishing contributes the bulk of economic activity. The British responded with an expeditionary force that landed seven weeks later and after fierce fighting forced an Argentine surrender on 14 June 1982. In the Second World War, following the December 1939 Battle of the River Plate, the battle-damaged HMS Exeter steamed to the Falklands for repairs. [135] Tourists, mostly cruise ship passengers, are attracted by the archipelago's wildlife and environment, as well as activities such as fishing and wreck diving; the majority find accommodation in Stanley. (2015 est.) [33] Tourism, especially ecotourism, is increasing rapidly, with about 69,000 visitors in 2009 and adds approximately $5.5 million to the Falklands annual GDP. 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. [103] The temperature has historically stayed between 21.1 and 11.1C (70.0 and 12.0F) in Stanley, with mean monthly temperatures varying from 9C (48F) early in the year to 1C (30F) in July. It lies about 300 miles (480 km) northeast of the southern tip of South America and a similar distance east of the Strait of Magellan. [26] Problems began when Spain detected and captured Port Egmont in 1770. More than 75% of the annual catch of 200,000 tonnes (220,000 short tons) is squid. It has been estimated that this species needs a stock biomass of 40000tonnes to produce a sustainable harvest of 3000tonnes per annum and is now reflected as a separate entry in the tables below. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. [46], Stanley, as Port Jackson was soon renamed, officially became the seat of government in 1845. [113] There is also abundant arthropod diversity on the islands. 'It is important to defend our energy sovereignty', reiterated the Argentine energy minister in July . )country comparison to the world (CIA rank, may be based on non-current data): 209 (FY09/10) The islands are now self-financing except for defense. 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". 1 April-31 March; Trade organisations. Moreover, although his concession required Lafone to bring settlers from the UK, most of the settlers he brought were gauchos from Uruguay. [66] In February 2011 Rockhopper Exploration commenced an appraisal programme of the Sea-Lion discovery. A total of 2,524 people live in Stanley and 397 live in the countryside, known locally as "Camp". [56] From 1966 until 1968, the UK confidentially discussed with Argentina the transfer of the Falklands, assuming its judgement would be accepted by the islanders. 1 Falkland pound = 100 pence; Fiscal year. [7] The Viscount's title originates from the town of Falkland, Scotlandthe town's name probably comes from a Gaelic term referring to an "enclosure" (lann),[A] but it could less plausibly be from the Anglo-Saxon term "folkland" (land held by folk-right). However land tourism is increasing which is offsetting the effect of a decrease in cruise tourism. [104] The Falklands consists of continental crust fragments resulting from the break-up of Gondwana and the opening of the South Atlantic that began 130million years ago. [40], With the establishment of the FICZ, the Falklands Fisheries Department issued licences that enable foreign vessels to fish in Falklands waters. ), total subscriptions: 5,000 (2018 est. Selected statistics for the year 2008/9 relating to sheep farming are given below: There are also a small number of cows, pigs and horses on the islands that are reared for local use.[15]. The Falkland Islands also referred to as Islas Malvinas, are a group of 740 islands located in the South Atlantic Ocean. 24. Trade. The abattoir received export accreditation in December 2002 and began exporting meat in May 2003. [48] Nevertheless the Falklands' geographic location proved ideal for ship repairs and the "Wrecking Trade", the business of selling and buying shipwrecks and their cargoes. 227 [112] Land birds make up most of the Falklands' avifauna; 63 species breed on the islands, including 16 endemic species. Oil exploration, licensed by the Falkland Islands Government, remains controversial as a result of maritime disputes with Argentina. agriculture: 41% )from coal and metallurgical coke: 0 metric tonnes of CO2 (2019 est. [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". [8] Desire Petroleum and Rockhopper Exploration began drilling for oil in the vicinity of the Falklands in the first half of 2010, sparking strong protest from the Argentine government. 0% of GDP [see also: Taxes and other revenues country ranks ], Budget surplus (+) or deficit (-): -4% (of GDP) )other: 7.6% (2018 est. [see also: Budget - revenues country ranks ] Males outnumber females (53 to 47 per cent), and this discrepancy is most prominent in the 2060 age group. Such visits are arranged in conjunction with LAN Airlines (Chile) who, on such occasions, use larger aircraft than normal for the weekly flights.[54]. [124] The unemployment rate was 1% in 2016, and inflation was calculated at 1.4% in 2014. $90 million [see also: Labor force country ranks ], Labor force - by occupation: [72] Residents have the right of appeal to the European Court of Human Rights and the Privy Council. Sheep farming was formerly the main source of income for the islands and still plays an important part with high quality wool exports going to the UK. 80% of the islands consists of farmlands. An update of the first appraisal drill was released on Monday 21 March 2011 indicating a significant reservoir package with a downhole mini Drill Stern Test flowing oil at better rates then the September 2010 flow test: confidence in the commerciality of the Sea Lion discovery has been increased by this first appraisal. 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. The remaining 2 per cent identified as adherents of other religions, including the Bah Faith,[148] Buddhism,[149] and Islam. The islands have become a regular port of call for the growing market of cruise ships with more than 36,000 visitors in 2004. [6] The name "Falkland" was applied to the channel by John Strong, captain of an English expedition that landed on the islands in 1690. $125 million The War of the Falkland Islands began with a successful invasion by Argentine forces on April 2, 1982, and ended with their surrender to British forces ten weeks later. [5] In 2007, Argentina withdrew[6] from a 1995 agreement[7] that set terms for exploitation of offshore resources. ), number of registered air carriers: 1 (2020)inventory of registered aircraft operated by air carriers: 5, total: 22,438 to 3,047 m: 1914 to 1,523 m: 1 (2021), total: 440 km (2008)paved: 50 km (2008)unpaved: 390 km (2008), total: 2by type: general cargo 1, other 1 (2021), defense is the responsibility of the UK, which maintains about 1,200 troops on the islands, 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, about Photos of Falkland Islands (Islas Malvinas), total population growth rate v. urban population growth rate, 2000-2030, Children under the age of 5 years underweight, Gini Index coefficient - distribution of family income, Household income or consumption by percentage share, Civil aircraft registration country code prefix, Center for the Study of Intelligence (CSI). Other types of fish form an insignificant part of the Falkland Islands' catch. [50] The islands have become a regular port of call for the growing market of cruise ships to Antarctica and elsewhere in the South Atlantic. [56] In 1965, the UN General Assembly passed Resolution 2065, calling for both states to conduct bilateral negotiations to reach a peaceful settlement of the dispute. [115] More than 400 species of lichens and lichen-dwelling fungi have been recorded. The common Spanish name for the archipelago, Islas Malvinas, derives from the French les Malouinesthe name given to the islands by French explorer Louis-Antoine de Bougainville in 1764. [150][145] The main Christian denominations are Anglicanism and other Protestantism, and Roman Catholicism. The first stamps, 1d, 6d, and 1 shilling values featuring the usual profile of Queen Victoria, were issued 19 June 1878. The British military presence also provides a sizable economic boost. [see also: Inflation rate (consumer prices) country ranks ], Exports: Falkland Islands, also called Malvinas Islands or Spanish Islas Malvinas, internally self-governing overseas territory of the United Kingdom in the South Atlantic Ocean. Care was taken when it came to the treatment of civilians and prisoners and only in the later stages did noncombatants get . ), 25.5% (2015 est. 25.5% 36 [71] Each year thereafter the production date has been pushed back another year. [see also: Budget surplus (+) or deficit (-) country ranks ], Public debt: The legal term for the right of residence is "belonging to the islands". The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. )-20.4% (2013 est. The Falkland Islands are an island state in the South Atlantic and lie about 400 km east of the Argentine coast. The Falkland Islands' fishing waters form part of the 2.7 million square kilometre Patagonian Shelf large marine ecosystem and are located on a spur from the Patagonian Continental Shelf. [129], The primary sector of the economy accounts for most of the Falkland Islands' gross domestic product, with the fishing industry alone contributing between 50% and 60% of annual GDP; agriculture also contributes significantly to GDP and employs about a tenth of the population. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. [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. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. b) The CIA sometimes assigns counterintuitive ranks. [29] Vernet's venture lasted until a dispute over fishing and hunting rights led to a raid by the American warship USS Lexington in 1831,[36][F] when United States Navy commander Silas Duncan declared the dissolution of the island's government. (2015)country comparison to the world (CIA rank, may be based on non-current data): . [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. (2015) Argentina protested in 1841, 1849, 1884, 1888, 1908, 1927 and 1933, and has made annual protests to the United Nations since 1946. There was also trade in cow hides from the wild descendants of cattle introduced by French settlers in the late 18th century. highest 10%: )exports: 0 metric tons (2020 est. According to Argentine legal analyst Roberto Laver, the United Kingdom disregards Jewett's actions because the government he represented "was not recognized either by Britain or any other foreign power at the time" and "no act of occupation followed the ceremony of claiming possession". Falkland Islands prize trip a return to childhood home for Kinross teen Amy Payne Dundee Courier, Scotland 06:12 30-Dec-22. [103] Although numerous storms are recorded each month, conditions are normally calm. [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 islands lie at the boundary of the subantarctic oceanic and tundra climate zones, and both major islands have mountain ranges reaching 2,300ft (700m). [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. Endemic land animals have been the most affected by introduced species, and several bird species have been extirpated from the larger islands. [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. 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 constitution requires the governor of the islands to seek the approval of a British Secretary of State before assenting to any bill that affects "the currency of the Falkland Islands or relating to the issue of banknotes" or any bill that establishes "any banking association or altering the constitution, rights or duties of any such association". ), agriculture: 41% (2015 est. [145] The islands' age distribution is skewed towards working age (2060). [51], In the first half of the 20th century the Falklands served an important role in Britain's territorial claims to subantarctic islands and a section of Antarctica. Both claimed in 1908; territories formed in 1962 (British Antarctic Territory) and 1985 (South Georgia and the South Sandwich Islands). 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. The men and women of this country who toil are the ones who bear the cost of the Government. In February 2010 exploratory drilling for oil was begun by Desire Petroleum, but the results from the first test well were disappointing. )0.6542 (2015)0.6542 (2014 est. [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). ), 46,000 metric tonnes of CO2 (2019 est. ), Installed nameplate capacity of electric generation, The Falkland Islands do not have a central bank but the Standard Chartered Bank has a single branch in Stanley that offers retail, commercial and wholesale banking facilities.[13]. Although first sighted by an English navigator in 1592, the first landing (English) did not occur until almost a century later in 1690, and the first settlement (French) was not established until 1764. [17] It then returns to its spawning grounds via a route that lies off the continental shelf. Thanks in no small part to these fishing rights, the residents of the Falkland Islands have been able to create a sovereign wealth fund, which currently has about USD 250m in reserves, equal to about USD 65,000 per resident. In addition to accommodation in Stanley, there are tourist lodges at Port Howard, Darwin, Pebble Island, Carcass Island, and Sea Lion Island. Every dollar that we prudently save means that their life will be so much the more abundant. Falkland Islands - Economy Economy The earliest economic activity on the islands, from 1770 onwards, was whaling and sealing. The only safe rule is found in the self-adjusting meter of demand and supply. NA [67] Landmine clearance work restarted in 2009, in accordance with the UK's obligations under the Ottawa Treaty, and Sapper Hill Corral was cleared of mines in 2012, allowing access to an important historical landmark for the first time in 30 years. Dairy farming supports domestic consumption; crops furnish winter fodder. )$164.5 million (2014 est. In 1765, the British settled West Falkland but left in 1774 for economic reasons. [see also: GDP - composition, by sector of origin - services country ranks ], Agriculture - products: fodder and vegetable crops; venison, sheep, dairy products; fish, squid, Industries: fish and wool processing; tourism, Industrial production growth rate: NA It is the first member of the prolific . Economic growth began only after the Falkland Islands Company, which bought out Lafone's failing enterprise in 1851,[I] successfully introduced Cheviot sheep for wool farming, spurring other farms to follow suit. To understand the Falklands War one must look at the region and times that the conflict took place in to understand the impact this had on the conflict, in this case the South American regional security complex in the 1980s. lowest 10%: The population (3,662 inhabitants in 2021)[1] is primarily native-born Falkland Islanders, the majority of British descent. [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. 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. [70] Students aged 16 or older may study at colleges in England for their GCE Advanced Level or vocational qualifications. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters. )transmission/distribution losses: 1 million kWh (2019 est. The Falkland Islands Development Corporation was formed in mid 1984 and in its annual report at the end of that year it set out to increase employment opportunities by encouraging diversification, to increase population levels through selective immigration, to aim for long-term self-sufficiency and to improve community facilities. In many cases the set-up and production costs are carried by the mint concerned, who pay the FIG a royalty on coins that it sells to collectors. Denominations are Anglicanism and other Protestantism, and inflation was calculated at 1.4 % in 2016, and servicing fishing! Save means that their life will be so much the more abundant well were disappointing is 46 metres 151ft! 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However land tourism is increasing which is backed by the United Nations for statistical processing purposes is Falkland prize! Meter of demand and supply teen Amy Payne Dundee Courier, Scotland 06:12.. 06:12 30-Dec-22 settled West Falkland but left in 1774 for economic reasons form an insignificant part of the,... Now has income from tourism, commercial fishing, and several bird species falkland islands' economy been recorded ). Will allow surplus wind energy to be stored endemic land animals have been extirpated from the UK from... Species of lichens and lichen-dwelling fungi have been the most affected by introduced species, and Catholicism! Wool to the world ( CIA rank, may be based on non-current )... Zone ( FICZ ) 34.5 % Under the British military presence also provides a sizable economic boost domestic consumption crops. Brought were gauchos from Uruguay the larger Islands sovereignty & # x27 ; exclusive fishing.. 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