The economy was formerly based on agriculture, mainly sheep farming but fishing and tourism currently comprise 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 net more than $40 million per year, which help support the island's health, education, and welfare system. The waters around the Falkland Islands are known for their squid, which account for around 75% of the annual 200,000 ton fish catch. Dairy farming supports domestic consumption; crops furnish winter fodder. Foreign exchange earnings come from shipments of high-grade wool to the UK and from the sale of postage stamps and coins. In 2001, the government purchased 100 reindeer with the intent to increase the number to 10,000 over the following 20 years so that venison could be exported to Scandinavia and Chile. Tourism, especially eco-tourism, is increasing rapidly, with about 69,000 visitors in 2009. The British military presence also provides a sizeable economic boost. The islands are now self-financing except for defense. In 1993 the British Geological Survey announced a 200-mile oil exploration zone around the islands, and early seismic surveys suggest substantial reserves capable of producing 500,000 barrels per day. Political tensions between the UK and Argentina remain high following the start of oil drilling activities in the waters. In September 2011, a British exploration firm announced that it plans to commence oil production in 2016.


GDP (purchasing power parity):
country comparison to the world: 222

GDP (official exchange rate):


Agriculture - products:

4.1% (2010)

NA%


Household income or consumption by percentage share:
lowest 10%:NA%

40.8% of GDP (FY09/10)

-5% of GDP (FY09/10)

1 April - 31 March


Inflation rate (consumer prices):
country comparison to the world: 34

Exports:
country comparison to the world: 188

Exports - commodities:

19 million kWh (2010 est.)

17.67 million kWh (2010 est.)

0 kWh (2012 est.)

0 kWh (2012 est.)

10,000 kW (2010 est.)

90% of total installed capacity (2010 est.)

0% of total installed capacity (2010 est.)

0% of total installed capacity (2010 est.)

10% of total installed capacity (2010 est.)

0 bbl/day (2012 est.)

0 bbl/day (2010 est.)

0 bbl/day (2010 est.)

0 bbl (1 January 2013 est.)

0 bbl/day (2010 est.)

300 bbl/day (2011 est.)

0 bbl/day (2010 est.)

313 bbl/day (2010 est.)

0 cu m (2011 est.)

0 cu m (2010 est.)

0 cu m (2011 est.)

0 cu m (2011 est.)

0 cu m (1 January 2013 est.)

45,740 Mt (2011 est.)

1,980 (2012)

3,450 (2012)

domestic:government-operated radiotelephone and private VHF/CB radiotelephone networks provide effective service to almost all points on both islands

TV service provided by a multi-channel service provider; radio services provided by the public broadcaster, Falkland Islands Radio Service, broadcasting on both AM and FM frequencies, and by the British Forces Broadcasting Service (BFBS) (2007)


Internet country code:

7 (2013)

Guernsey and the other Channel Islands represent the last remnants of the medieval Dukedom of Normandy, which held sway in both France and England. The islands were the only British soil occupied by German troops in World War II. Guernsey is a British crown dependency but is not part of the UK or of the European Union. However, the UK Government is constitutionally responsible for its defense and international representation.


Location:

$2.742 billion (2005 est.)

$2.742 billion (2005 est.)


GDP - real growth rate:
country comparison to the world: 117

GDP - per capita (PPP):
country comparison to the world: 16

GDP - composition, by sector of origin:
agriculture:3%

tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle


Industries:


Taxes and other revenues:
country comparison to the world: 158

Budget surplus (+) or deficit (-):
country comparison to the world: 25


Fiscal year:

Guernsey and the other Channel Islands represent the last remnants of the medieval Dukedom of Normandy, which held sway in both France and England. The islands were the only British soil occupied by German troops in World War II. Guernsey is a British crown dependency but is not part of the UK or of the European Union. However, the UK Government is constitutionally responsible for its defense and international representation.

none (British crown dependency)

white with the red cross of Saint George (patron saint of England) extending to the edges of the flag and a yellow equal-armed cross of William the Conqueror superimposed on the Saint George cross; the red cross represents the old ties with England and the fact that Guernsey is a British Crown dependency; the gold cross is a replica of the one used by Duke William of Normandy at the Battle of Hastings

Guernsey cow; donkey

Financial services - banking, fund management, insurance - account for about 23% of employment and about 55% of total income in this tiny, prosperous Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, construction, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular tax haven. In January 2013, Guernsey signed a tax agreement with Jersey and the Isle of Man, in order to enable the islands' authorities to end tax avoidance and evasion. The evolving economic integration of the EU nations is changing the environment under which Guernsey operates.

$2.742 billion (2005 est.)

$2.742 billion (2005 est.)

3% (2005 est.)

$44,600 (2005)

tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle

tourism, banking

NA%

31,470 (March 2006)

0.9% (March 2006 est.)

NA%

20.6% of GDP (2005)

1.2% of GDP (2005)

calendar year

3.4% (June 2006)

$NA

tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables

$NA

coal, gasoline, oil, machinery and equipment

$NA

Guernsey pound per US dollar

45,100 (2010)

43,800 (2004)

domestic:fixed-line and mobile-cellular services widely available; combined fixed and mobile-cellular teledensity exceeds 100 per 100 persons

multiple UK terrestrial TV broadcasts are received via a transmitter in Jersey with relays in Jersey, Guernsey, and Alderney; satellite packages are available; BBC Radio Guernsey and 1 other radio station operating (2009)


Internet country code:

2 (2013)