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NAVIGATION
Falkland Islands
Islas Malvinas
GOVERNMENT
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Country name:
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conventional long form: none
conventional short form: Falkland Islands (Islas Malvinas) |
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Dependency status:
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overseas territory of the UK; also claimed by Argentina |
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Government type:
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NA |
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Capital:
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Stanley |
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Administrative divisions:
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none (overseas territory of the UK; also claimed by Argentina) |
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Independence:
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none (overseas territory of the UK; also claimed by Argentina) |
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National holiday:
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Liberation Day, 14 June (1982) |
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Constitution:
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3 October 1985; amended 1997 and 1998 |
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Legal system:
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English common law |
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Suffrage:
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18 years of age; universal |
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Executive branch:
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chief of state: Queen ELIZABETH II (since 6 February 1952)
elections: none; the monarchy is hereditary; governor appointed by the monarch head of government: Governor Howard PEARCE (since 3 December 2002); Chief Executive A. M. GURR (since NA); Financial Secretary D. F. HOWATT (since NA) cabinet: Executive Council; three members elected by the Legislative Council, two ex officio members (chief executive and the financial secretary), and the governor |
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Legislative branch:
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unicameral Legislative Council (10 seats - 2 ex officio, 8 elected by popular vote, members serve four-year terms); presided over by the governor
elections: last held 22 November 2001 (next to be held NA November 2005) election results: percent of vote - NA%; seats - independents 8; note - 71% voter turnout |
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Judicial branch:
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Supreme Court (chief justice is a nonresident); Magistrates Court (senior magistrate presides over civil and criminal divisions); Court of Summary Jurisdiction |
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Political parties and leaders:
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none; all independents |
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Political pressure groups and leaders:
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none |
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International organization participation:
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ICFTU |
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Diplomatic representation in the US:
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none (overseas territory of the UK; also claimed by Argentina) |
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Diplomatic representation from the US:
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none (overseas territory of the UK; also claimed by Argentina) |
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Flag description:
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blue with the flag of the UK in the upper hoist-side quadrant and the Falkland Island coat of arms in a white disk centered on the outer half of the flag; the coat of arms contains a white ram (sheep raising is the major economic activity) above the sailing ship Desire (whose crew discovered the islands) with a scroll at the bottom bearing the motto DESIRE THE RIGHT |
ECONOMY
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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 Falklands 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 is increasing rapidly, with about 30,000 visitors in 2001. The second largest 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:
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purchasing power parity - $52 million (1996 est.) |
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GDP - real growth rate:
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1% |
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GDP - per capita:
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purchasing power parity - $19,000 |
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GDP - composition by sector:
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agriculture: NA%
industry: NA% services: NA% |
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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) (1998) |
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Labor force:
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1,100 (est.) |
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Labor force - by occupation:
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agriculture 95% (mostly sheepherding and fishing) |
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Unemployment rate:
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full employment; labor shortage |
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Budget:
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revenues: $66.2 million
expenditures: $67.9 million, including capital expenditures of $23.2 million |
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Industries:
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wool and fish processing; sale of stamps and coins; tourism |
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Industrial production growth rate:
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NA% |
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Electricity - production:
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12 million kWh (1999) |
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0% other: 0% (1999) nuclear: 0% |
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Electricity - consumption:
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11.2 million kWh (1999) |
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Electricity - exports:
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0 kWh (1999) |
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Electricity - imports:
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0 kWh (1999) |
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Agriculture - products:
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fodder and vegetable crops; sheep, dairy products |
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Exports:
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$7.6 million (1995) |
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Exports - commodities:
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wool, hides, meat |
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Exports - partners:
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UK, Japan, Chile, NZ |
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Imports:
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$24.7 million (1995) |
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Imports - commodities:
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fuel, food and drink, building materials, clothing |
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Imports - partners:
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UK, Japan, Chile, NZ |
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Debt - external:
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$NA |
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Economic aid - recipient:
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none |
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Currency:
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Falkland pound (FKP) |
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Currency code:
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FKP |
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Exchange rates:
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Falkland pounds per US dollar - 0.6981 (January 2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997); 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 |