[46] Four years later, nearly everyone relocated to Port Jackson, considered a better location for government, and merchant Samuel Lafone began a venture to encourage British colonisation. [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]. [130] Since the end of the Falklands War in 1982, the islands' economic activity increasingly focused on oil field exploration and tourism. )tide and wave: 0% of total installed capacity (2020 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. 
Controversy exists over the Falklands' discovery and subsequent colonisation by Europeans. Both claimed in 1908; territories formed in 1962 (British Antarctic Territory) and 1985 (South Georgia and the South Sandwich Islands). [125] The unemployment rate was 1% in 2016, and inflation was calculated at 1.4% in 2014. [60], Some 2012 exploration results have indicated that taxation on oil revenues, even though they will be amongst the lowest in the world, are expected to more than double[clarification needed] the country's revenue. The remaining 2 per cent identified as adherents of other religions, including the Bah Faith,[149] Buddhism,[150] and Islam. [69][70] Argentina and the UK re-established diplomatic relations in 1990, but neither has agreed on the terms of future sovereignty discussions. [146] A small number of Argentines also live on the islands. [113], 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. [82], Defence of the islands is provided by the United Kingdom. Population: 3,198 Population per km: 0.263 Currency The currency on the Falkland Islands is the Falklands pound (FKP). Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885. 79.6, improved: urban: 100% of populationrural: 78.2% of populationtotal: 95.3% of populationunimproved: urban: 0% of populationrural: 21.8% of populationtotal: 4.7% of population (2020), improved: urban: 100% of populationrural: 100% of populationtotal: 100% of populationunimproved: urban: 0% of populationrural: 0% of populationtotal: 0% of population (2020), overfishing by unlicensed vessels is a problem; reindeer - introduced to the islands in 2001 from South Georgia - are part of a farming effort to produce specialty meat and diversify the islands' economy; this is the only commercial reindeer herd in the world unaffected by the 1986 Chornobyl disaster; grazing threatens important habitats including tussac grass and its ecosystem with penguins and sea lions; soil erosion from fires, conventional long form: noneconventional short form: Falkland Islands (Islas Malvinas)etymology: the archipelago takes its name from the Falkland Sound, the strait separating the two main islands; the channel itself was named after the Viscount of FALKLAND, who sponsored an expedition to the islands in 1690; the Spanish name for the archipelago derives from the French "Iles Malouines," the name applied to the islands by French explorer Louis-Antoine de BOUGAINVILLE in 1764, parliamentary democracy (Legislative Assembly); self-governing overseas territory of the UK, overseas territory of the UK; also claimed by Argentina, name: Stanleygeographic coordinates: 51 42 S, 57 51 Wtime difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)etymology: named after Edward SMITH-STANLEY (1799-1869), the 14th Earl of Derby, a British statesman and three-time prime minister of the UK who never visited the islands, none (overseas territory of the UK; also claimed by Argentina), history: previous 1985; latest entered into force 1 January 2009 (The Falkland Islands Constitution Order 2008), chief of state: King CHARLES III (since 8 September 2022); represented by Governor Alison BLAKE (since 23 July 2022)head of government: Chief Executive Andy KEELING (since April 2021)cabinet: Executive Council elected by the Legislative Councilelections/appointments: the monarchy is hereditary; governor appointed by the monarch; chief executive appointed by the governor, description: unicameral Legislative Assembly, formerly the Legislative Council (10 seats; 5 members directly elected in the Stanley constituency and 3 members in the Camp constituency by simple majority vote, 2 appointed non-voting ex-officio members - the chief executive, appointed by the governor, and the financial secretary; members serve 4-year terms); note - several previous referendums - the latest in September 2020 - on whether to merge the Stanley and Camp constituencies into a single islands wide constituency, failedelections: last held on 4 November 2021 (next to be held in November 2025)election results: percent of vote - NA; seats - independent 8; composition of elected members -men 6, women 2, percent of women 25%, highest court(s): Court of Appeal (consists of the court president, the chief justice as an ex officio non-resident member, and 2 justices of appeal); Supreme Court (consists of the chief justice); note - appeals beyond the Court of Appeal are referred to the Judicial Committee of the Privy Council (in London)judge selection and term of office: chief justice, court of appeal president, and justices appointed by the governor; tenure specified in each justice's instrument of appointmentsubordinate courts: Magistrate's Court (senior magistrate presides over civil and criminal divisions); Court of Summary Jurisdiction, embassy: none (overseas territory of the UK; also claimed by Argentina), blue with the flag of the UK in the upper hoist-side quadrant and the Falkland Island coat of arms centered on the outer half of the flag; the coat of arms contains a white ram (sheep raising was once 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, name: "Song of the Falklands"lyrics/music: Christopher LANHAMnote: adopted 1930s; the song is the local unofficial anthem; as a territory of the United Kingdom, "God Save the King" is official (see United Kingdom), British South American territorial economy; longstanding fishing industry; surging tourism prior to COVID-19 and Brexit; recent offshore hydrocarbon discoveries threaten ecotourism industries; no central bank and must have British approval on currency shifts, $206.4 million (2015 est. [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. Tourism, especially ecotourism, grew rapidly beginning in the early 21st century to become another leading sector of the economy. Standard Chartered Bank, headquartered in London, is the only bank. The two main islands, East Falkland and West Falkland, and about 200 smaller islands form a total land area nearly as extensive as the U.S. state of Connecticut. The largest company in the islands used to be the Falkland Islands Company (FIC), a publicly quoted company on the London Stock Exchange. Ranges of hills run east-west across the northern parts of the two main islands, reaching 2,312 feet (705 metres) at Mount Usborne in East Falkland. At its highest point, the Burdwood Bank is 46 metres (151ft) below sea level. [81] The islands' judicial system, overseen by the Foreign and Commonwealth Office, is largely based on English law,[82] and the constitution binds the territory to the principles of the European Convention on Human Rights. They are home to large bird populations, although many no longer breed on the main islands due to predation by introduced species. [110], The climate of the islands is cold, windy, and humid maritime. )consumption: 19.133 million kWh (2019 est. 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. Since 2003 the relative premium commanded by higher quality wool has increased with coarser wool missing out on the high prices in 2008. [63] Two months later, on 6 May 2010, when Rockhopper Exploration announced that "it may have struck oil",[64] Argentina's Foreign Minister warned that his country would take all possible lawful steps to impede British oil exploration and production there. [9] The contributors to the GDP by sector (2010 forecast) are: [10] Fisheries 52.5% Government (including health and education) 14.0% Before leaving for the Falklands Vernet stamped his grant at the British Consulate, repeating this when Buenos Aires extended his grant in 1828. With a civilian population of around 3,400, the Islands' GDP stands at about 133 million. Argentina invaded the islands on 2 April 1982. Fishing boats visit the islands from Spain, Korea, Taiwan and Japan, and obtain supplies and services from the islands. [129] 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". Key revenue streams include income from the fisheries sector, tourism, agriculture, and the retail and service sectors plus income from the investment of Government reserves and pension funds. [citation needed], The Falkland Islands have a GDP of $164.5million, and a per capita GDP of $70,800 (2015 estimate) compared with the United Kingdom GDP per capita of $35,200 (2009 estimate). 
)[12], Electricity production by source: (2016 est. [48] 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. The company was responsible for the majority of the economic activity on the islands, though its farms were sold in 1991 to the Falkland Islands Government. ), installed generating capacity: 11,000 kW (2020 est. 
In 2002 a slaughter facility was built, and the following year sheep and lamb meat began being exported to the United Kingdom. The first stamps, 1d, 6d, and 1 shilling values featuring the usual profile of Queen Victoria, were issued 19 June 1878. The Illex squid (Illex argentinus) which typically has a mantle length of 20 to 28 centimetres (8 to 11in) and a weight of 150 to 500 grams (5 to 18oz) is the most important fish to the Falklands economy followed by its smaller cousin, the Patagonian squid (Doryteuthis gahi) which typically has a mantle length of 10 to 15 centimetres (4 to 6in) and a weight of 75 to 150 grams (3 to 5oz). [130], 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. [56] The sovereignty dispute intensified during the 1960s, shortly after the United Nations passed a resolution on decolonisation which Argentina interpreted as favourable to its position. )subscriptions per 100 inhabitants: 53 (2021 est. [153] Primary education is available at Stanley, RAF Mount Pleasant (for children of service personnel) and a number of rural settlements. 
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