Economy of The Falkland Islands - Economic Overview

Economic Overview

The Falkland Islands have a GDP of $105 million, and a per capita GDP of $35,400 (2002 estimate) placing the islands on a par with the United Kingdom (GDP per capita of $35,200 – 2009 estimate). The contributors to the GDP by sector (2010 forecast) are:

• Fisheries – 52.5%
• Government (including health and education) – 14.0%
• Communications, Finance and Business services – 11.4%
• Hospitality & Transport – 7.7%
• Construction – 6.6%
• Housing and other services – 3.2%
• Mining. Quarrying & Manufacturing – 2.1%
• Agriculture – 1.6%
• Utilities – 0.9%

In the 2009/10 financial year, the government revenue was £42.4 million of which £14.5 million came from fishery licences and services and £10.5 million from taxes. During the same period the government expenditure was £47.6 million.

Other economic indicators include:

Electricity - production: (2003) 22.23 million kWh

Electricity - production by source: (1998)

• fossil fuel: 70%
• wind: 30%

Electricity - consumption: (2003) 20.68 million kWh