Legend:
 Definition
 Field Listing
 Rank Order
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Background:
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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. 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. The UK asserted its claim to the islands by establishing a naval garrison there in 1833. Argentina invaded the islands on 2 April 1982. The British responded with an expeditionary force that landed seven weeks later and after fierce fighting forced Argentine surrender on 14 June 1982.
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Location:
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Southern South America, islands in the South Atlantic Ocean, east of southern Argentina
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Geographic coordinates:
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51 45 S, 59 00 W
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Map references:
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South America
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Area:
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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
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Area - comparative:
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slightly smaller than Connecticut
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Land boundaries:
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0 km
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Coastline:
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1,288 km
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Maritime claims:
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territorial sea: 12 nm
continental shelf: 200 nm
exclusive fishing zone: 200 nm
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Climate:
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cold marine; strong westerly winds, cloudy, humid; rain occurs on more than half of days in year; average annual rainfall is 24 inches in Stanley; occasional snow all year, except in January and February, but does not accumulate
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Terrain:
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rocky, hilly, mountainous with some boggy, undulating plains
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Elevation extremes:
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lowest point: Atlantic Ocean 0 m
highest point: Mount Usborne 705 m
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Natural resources:
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fish, squid, wildlife, calcified seaweed, sphagnum moss
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Land use:
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arable land: 0%
permanent crops: 0%
other: 100% (99% permanent pastures, 1% other) (2005)
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Irrigated land:
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NA
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Natural hazards:
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strong winds persist throughout the year
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Environment - current issues:
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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 Chornobyl disaster
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Geography - note:
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deeply indented coast provides good natural harbors; short growing season
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Economy - overview:
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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 goes to 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.
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GDP (purchasing power parity):
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$75 million (2002 est.)
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GDP (official exchange rate):
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NA
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GDP - real growth rate:
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NA%
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GDP - per capita (PPP):
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$25,000 (2002 est.)
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GDP - composition by sector:
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agriculture: 95%
industry: NA%
services: NA%
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Labor force:
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1,724 (est.) (1996)
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Labor force - by occupation:
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agriculture: 95% (mostly sheepherding and fishing)
industry and services: 5%
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Unemployment rate:
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full employment; labor shortage (2001)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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3.6% (1998)
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Budget:
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revenues: $66.2 million
expenditures: $67.9 million; including capital expenditures of $23.2 million (FY98/99 est.)
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Agriculture - products:
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fodder and vegetable crops; sheep, dairy products
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Industries:
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fish and wool processing; tourism
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Industrial production growth rate:
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NA%
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Electricity - production:
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16 million kWh (2004)
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Electricity - consumption:
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14.88 million kWh (2004)
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Electricity - exports:
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0 kWh (2004)
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Electricity - imports:
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0 kWh (2004)
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Oil - production:
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0 bbl/day (2004 est.)
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Oil - consumption:
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230 bbl/day (2004 est.)
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Oil - exports:
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NA bbl/day
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Oil - imports:
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NA bbl/day
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Natural gas - production:
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0 cu m (2004 est.)
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Natural gas - consumption:
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0 cu m (2004 est.)
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Exports:
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$125 million (2004 est.)
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Exports - commodities:
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wool, hides, meat
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Exports - partners:
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Spain 81.9%, US 6%, UK 4.5% (2005)
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Imports:
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$90 million (2004 est.)
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Imports - commodities:
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fuel, food and drink, building materials, clothing
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Imports - partners:
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UK 72.5%, US 15.1%, Netherlands 8.5% (2005)
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Debt - external:
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$NA
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Economic aid - recipient:
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$0 (1997 est.)
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Currency (code):
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Falkland pound (FKP)
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Exchange rates:
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Falkland pounds per US dollar - 0.5434 (2006), 0.5504 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002)
note: the Falkland pound is at par with the British pound
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Fiscal year:
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1 April - 31 March
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Disputes - international:
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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
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This page was last updated on 8 March, 2007
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