Self Sufficiency.

Self Sufficiency

In 1975, the Falkland Islands economy was in serious decline and the then British Foreign Secretary, James Callaghan, asked Lord Shackleton to assemble a team to conduct an economic survey and make recommendations.

The Gross Domestic Product, which is currently about £100m annually, enables the Islands to be economically self sufficient in all areas but defence. The cost of defending the Islands is currently met by Her Majesty’s Government, and is estimated to amount 0.177% of the total UK Defence budget annually. Beyond the cost of defence, the Falkland Islands do not receive any further financial assistance from the United Kingdom.

Through revenues received, the Falkland Islands Government maintains a balanced budget and provides a high standard of public services. Estimated Operating Expenditure for the 2011/12 Financial Year is £43.0 million, while it is estimated Government Revenue for the same period will be £46.5 million. The Falkland Islands Government reserves currently stand at c.£200m.

Commercial Sectors

The cornerstone of our economy are our internationally acclaimed sustainable fisheries. Our largely organic agricultural sector is diversifying, and our eco tourism industry is seasonally an important...

Global Links

A modern and thriving country, the Falkland Islands is well connected to the outside world.  Broadband internet is available in all settlements across the Islands, as is digital television.  Outer I...

The Economy

Historically based on high-quality wool production, since 1986 the Falkland Islands economy has been dominated by the Fishing industry which currently contributes between 50 and 60% of total GDP annua...

The Islands Plan

In July 2014 the Falkland Islands Government launched a new Islands Plan setting out the ambitions for the Islands over a 5-year period. The key aim of the Islands Plan is: To progress the ...