[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. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. )permanent pasture: 92.4% (2018 est. In 1982, an average of only 500 tourists visited the Falklands per annum but by 2007, this figure had grown to 55,000[48] and the Falkland Islands Tourist Board[49] hired its first tourism director that year. ), total petroleum production: 0 bbl/day (2021 est. ", Quarterly Journal of the Geological Society, "Britain puts forward four options on Falklands (Nick Ridley visit & leaseback)", "Sovereignty and the Falkland Islands Crisis", Pitcairn, Henderson, Ducie and Oeno Islands, Saint Helena, Ascension and Tristan da Cunha, South Georgia and the South Sandwich Islands, List of countries that have gained independence from the United Kingdom, Countries and dependencies of South America, Independence of Spanish continental Americas, Netherlands, Belgium, Luxembourg, northernmost France, Colonial universities in Hispanic America, Law of coartacin (which allowed slaves to buy their freedom, and that of others), List of countries by English-speaking population, List of countries where English is an official language, https://en.wikipedia.org/w/index.php?title=Falkland_Islands&oldid=1134044921, English-speaking countries and territories, States and territories established in 1833, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Wikipedia indefinitely semi-protected pages, Articles containing Spanish-language text, Articles containing Scottish Gaelic-language text, Wikipedia articles incorporating a citation from the 1911 Encyclopaedia Britannica with Wikisource reference, Articles with MusicBrainz area identifiers, Pages using Sister project links with wikidata namespace mismatch, Pages using Sister project links with hidden wikidata, Creative Commons Attribution-ShareAlike License 3.0. [40], With the establishment of the FICZ, the Falklands Fisheries Department issued licences that enable foreign vessels to fish in Falklands waters. In a 2013 sovereignty referendum almost all Falklanders voted in favour of remaining a UK overseas territory. )biomass and waste: 0% of total installed capacity (2020 est. Government and Economy The islands also provided a base for whaling and sealing, with factories being built on East Falkland and South Georgia Island, but these industries ended. NA [9] The name "Falklands" was not applied to the islands until 1765, when British captain John Byron of the Royal Navy claimed them for King George III as "Falkland's Islands". [108] East Falkland houses Stanley (the capital and largest settlement),[106] the UK military base at RAF Mount Pleasant, and the archipelago's highest point: Mount Usborne, at 2,313ft (705m). 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. [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. Subsequent tests showed it to be a commercially viable find; an appraisal project was launched and on 14 September 2011 Rockhopper Exploration announced that plans were under way for oil production to commence in 2016, through the use of floating production storage and offloading (FPSO) technology. Immigration from the United Kingdom, the South Atlantic island of Saint Helena, and Chile has reversed a population decline. $125 million [122] The extent of human impact on the Falklands is unclear, since there is little long-term data on habitat change. Strong named the strait in honour of Anthony Cary, 5th Viscount Falkland, the Treasurer of the Navy who sponsored his journey. [70] 5142S 5751W / 51.700S 57.850W / -51.700; -57.850 (Stanley), "Falklands" and "Malvinas" redirect here. [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. [156], Lat. 91 The UK asserted its claim to the islands by establishing a naval garrison there in 1833. The FOCZ includes part of the Burdwood Bank, borders on the confines of the continental shelf and includes part of the Falklands Escarpment - a 2,000-metre (6,600ft) undersea escarpment running eastwest. [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". 25.5% [134] Stanley (with 2,121 residents) is the most-populous location on the archipelago, followed by Mount Pleasant (369 residents, primarily air-base contractors) and Camp (351 residents). Increased economic activity: Relocating residents to the Falkland Islands would help the local economy by generating more business and creating more jobs. After the 1980s the economy started to diversify and the tourism, commercial fishing, and agriculture sectors expanded. [147] According to the 2012 census, the average daily population of the Falklands was 2,932, excluding military personnel serving in the archipelago and their dependents. [120] Introduced species include reindeer, hares, rabbits, Patagonian foxes, brown rats, and cats. Further oil and gas exploration took place from 2010 to 2012 giving a boost to the local economy and a new round commenced in 2015. . [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. b) The CIA sometimes assigns counterintuitive ranks. 2) The rank that you see is the CIA reported rank, which may have the following issues: (31 December 2009 est.) Argentina protested in 1841, 1849, 1884, 1888, 1908, 1927 and 1933, and has made annual protests to the United Nations since 1946. [69] Under the 2009 Constitution, the islands have full internal self-government; the UK is responsible for foreign affairs, retaining the power "to protect UK interests and to ensure the overall good governance of the territory". Up until the mid-1980s Falkland Islands' economy was very small and heavily relied on the export of wool. The combined area is 4,700 square miles (12,170 square kilometers). Please ADD this page to your FAVORITES - - - - - [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. 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 islands are located in the South Atlantic Ocean, on the Patagonian Shelf, about 300mi (480km) east of Patagonia in southern Argentina. [134] Tourism, part of the service economy, has been spurred by increased interest in Antarctic exploration and the creation of direct air links with the United Kingdom and South America. Between 1990 and 2005, common hake and austral hake were categorised as. Falkland Islands in depth country profile. Agricultural products, such as wool, meat, and vegetables are the foundation of the country's economy. [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. [124] The unemployment rate was 1% in 2016, and inflation was calculated at 1.4% in 2014. There is no unemployment on the islands; in fact there is a labor shortage. 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. )country comparison to the world (CIA rank, may be based on non-current data): revenues: 67.1 million The remaining 2 per cent identified as adherents of other religions, including the Bah Faith,[148] Buddhism,[149] and Islam. (2014 est. The abattoir received export accreditation in December 2002 and began exporting meat in May 2003. [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). [see also: GDP (official exchange rate) country ranks ], GDP - real growth rate: There are also five different penguin species and a few of the largest albatross colonies on the planet. [128] During the 1980s, although ranch under-investment and the use of synthetic fibres damaged the sheep-farming sector, the government secured a major revenue stream by the establishment of an exclusive economic zone and the sale of fishing licences to "anybody wishing to fish within this zone". The land has a total area of 12,173 km (4,700 mi) and a total coastline of 1,288 km (800.3 mi). This move paid a rich dividend and the revenue generated out of fishing became one of the major revenue generators to the economy. The Falklands are governed as a colony of the United Kingdom. 0.6542 highest 10%: Major economic activities include fishing, tourism and sheep farming, with an emphasis on high-quality wool exports. [46], Stanley, as Port Jackson was soon renamed, officially became the seat of government in 1845. [62] The war also left some 117 minefields containing nearly 20,000 mines of various types, including anti-vehicle and anti-personnel mines. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. (2016 est. No claims are made regarding the accuracy of Falkland Islands (Islas Malvinas) Economy 2020 information contained here. War was narrowly avoided by its restitution to Britain in 1771. [33] In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. The minefields were fenced off and marked; there remain unexploded ordnance and improvised explosive devices. 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. (2014 est.) )forest: 0% (2018 est. [58] In response, Falkland Oil & Gas has signed an agreement with BHP Billiton to investigate the potential exploitation of oil reserves. [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. [109], The climate of the islands is cold, windy, and humid maritime. Exports for 2019 totalled 234m, thereby comfortably exceeding the value of imports for the same year (73.1m). [115] More than 400 species of lichens and lichen-dwelling fungi have been recorded. The economic stagnation present echoes the same troubles that led to the 1982 conflict, and its purpose as a means of . ), total: 1,000 (2020 est. [67], On 14 September 2011 Rockhopper Exploration announced plans are under way for oil production to commence in 2016, through the use of Floating production storage and offloading (FPSO) technology, replicating the methodology used on the Foinaven oilfield off the Shetland Islands. The economy was formerly based on agriculture, mainly sheep farming, but fishing and tourism currently comprise the bulk of economic activity. 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. [33] The catch for the 2010 season in the Falklands recovered to 12105tonnes, but still the fourth lowest since the beginning of the licensing system. )nuclear: 0% of total installed capacity (2020 est. 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. In more recent years fishing, oil exploration and tourism have played a leading part in the economy of the islands. [76] The UK minister responsible for the Falkland Islands since 2022, Zac Goldsmith, administers British foreign policy regarding the islands. [145] The islands' age distribution is skewed towards working age (2060). The British military presence also provides a sizable economic boost. [33] By 2002 the license revenue was so great that the island government had no debt and had built up more than 80 million in savings.[3]. The Falkland Islands currently has three primary means of transport - road, sea and air. [90][99][100], The Falkland Islands have a land area of 4,700sqmi (12,000km2) and a coastline estimated at 800mi (1,300km). [see also: Public debt country ranks ], Inflation rate (consumer prices): 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. )other: 7.6% (2018 est. [see also: Inflation rate (consumer prices) country ranks ], Exports: [140][141] In 1983, full British citizenship was given to Falkland Islanders under the British Nationality (Falkland Islands) Act. (FY09/10) [139], A significant population decline affected the archipelago in the 20th century, with many young islanders moving overseas in search of education, a modern lifestyle, and better job opportunities,[142] particularly to the British city of Southampton, which came to be known in the islands as "Stanley North". [123] Development projects in education and sports have been funded by the Falklands government, without aid from the United Kingdom. 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. [63] Due to the large number of deminer casualties, initial attempts to clear the mines ceased in 1983. The Falkland Islands, a long standing source of historical tensions between Argentina and the international community, are once again poised to be the centre of disputes, owing to Argentina's growing economic troubles. [72] The Monarch of the United Kingdom is the head of state, and executive authority is exercised on the monarch's behalf by the governor, who appoints the islands' chief executive on the advice of members of the Legislative Assembly. Secondary education is only available in Stanley, which offers boarding facilities and 12 subjects to General Certificate of Secondary Education (GCSE) level. Oil was discovered in 2010 on the Sea Lion field and production for the world markets is currently planned for 2019. [see also: GDP - composition, by sector of origin - agriculture country ranks ] The 2016 census indicated that 43% of residents were born on the archipelago, with foreign-born residents assimilated into local culture. [23] The number of farms supplying lambs increased from 6 in 2003 to 27 in 2007 while the number of lambs sent to the abattoir rose from 2600 to 11,963 in the same period.[24]. ), revenues: 67.1 million (FY09/10)expenditures: 75.3 million (FY09/10), $257.3 million (2015 est. [61], In February 2010, exploratory drilling for oil was begun by Desire Petroleum,[62] but the results from the first test well were disappointing. The population density in the Falkland Islands is 0 per Km 2 (1 people per mi 2). )note: data represent population by national identity, English 89%, Spanish 7.7%, other 3.3% (2006 est. It then diversified and now has income from tourism, commercial fishing, and servicing the fishing industry as well as agriculture. Farmland accounts for a little over 80% of the Falklands land area[15] and a sheep appears on the islands' coat of arms, but agriculture is now less than 2% of the economy. One of their prime activities was the monitoring of the Illex spawning stock biomass (SSB). [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. [66][K] The road network was also made more extensive, and the construction of RAF Mount Pleasant allowed access to long haul flights. ), 25.5% (2015 est. [126], Economic development was advanced by ship resupplying and sheep farming for high-quality wool. In 1987, the government began selling fishing licenses to foreign trawlers operating within the Falkland Islands' exclusive fishing zone. 209 1% 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. [71] Each year thereafter the production date has been pushed back another year. It is thought that there might be up to 60 billion barrels (9.5km3) of oil under the sea bed surrounding the islands. [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. (2014 est.) [see also: Household income or consumption by percentage share - lowest 10% country ranks ] [57] However, in 2007 Argentina unilaterally withdrew from the agreement. )country comparison to the world (CIA rank, may be based on non-current data): [5] In 2007, Argentina withdrew[6] from a 1995 agreement[7] that set terms for exploitation of offshore resources. Tourism, especially ecotourism, is increasing rapidly, with about 69,000 visitors in 2009 and adds approximately $5.5 million to the Falklands annual GDP. ), general assessment: the replacement of the rural internet and phone system was delayed due to COVID; upgrades started at the end of 2019, this included the replacement of all Multi Service Access Nodes (MSANs), the technology used to connect larger settlements; in early 2020 a new system to replace the WiMAX system (the technology used to connect smaller settlements and households) had been delayed as well due to COVID-19; once the equipment is received it will be installed in the largest base stations on East Falklands: Malo, Bombilla, and Mt Pleasant peakWe also have MSAN equipment and radio links due to arrive towards the end of this month, and these and will be installed at Chartres, New Island, Sea Lion Island, Onion Range, Sand Bay, and Mare Harbour enabling us to migrate additional customers from the existing WiMAX network and also releasing equipment for spares. (2020)domestic: fixed-line subscriptions approximately 65 per 100, 163 per 100 for mobile-cellular (2019)international: country code - 500; satellite earth station - 1 Intelsat (Atlantic Ocean) with links through London to other countries (2015), TV service provided by a multi-channel service provider; radio services provided by the public broadcaster, Falkland Islands Radio Service, broadcasting on both AM and FM frequencies, and by the British Forces Broadcasting Service (BFBS) (2007), total: 3,343 (2019 est. And production for the same year ( 73.1m ) economic Development was advanced by ship resupplying sheep! Business and creating more jobs in fact there is a labor shortage 76 ] the war also left 117... 1982 conflict, and servicing the fishing industry as well as agriculture UK asserted its claim the. Working age ( 2060 ) comprise the bulk of economic activity: Relocating residents the. ( 12,170 square kilometers ) year ( 73.1m ) all Falklanders voted favour! 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