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{{shortShort description|National economynone}}
{{Use dmy dates|date=February 2021}}
{{Infobox economy
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==Historical development==
[[File:Port-William.JPG|left|thumb|240px|A squid trawler, and a cruise ship in [[Port William, Falkland Islands|Port William]] representing two trends in recent economic development]]
 
During the 19th century, the supply and maintenance depot for ships at [[Stanley, Falkland Islands|Stanley]] developed into a port serving ships rounding [[Cape Horn]]. There was also trade in cow hides from the wild descendants of cattle introduced by French settlers in the late 18th century. Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885. The islands also provided a base for [[whaling]] and [[Seal hunting|sealing]], with factories being built on [[East Falkland]] and [[South Georgia Island]], but these industries ended.
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==Economic overview==
[[File:Tree map exports 2009 Falkland Islands.jpeg|thumb|Graphical depiction of Falkland Islands's product exports in 28 color-coded categories.]]
The Falkland Islands have a GDP of $164.5&nbsp;million, and a per capita GDP of $70,800 (2015 estimate) compared with the United Kingdom GDP per capita of $35,200 (2009 estimate).<ref name=cia>{{Cite web
|url = https://www.cia.gov/the-world-factbook/countries/falkland-islands-islas-malvinas/
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|archive-date=20 July 2011
}}</ref> and a sheep appears on the islands' [[coat of arms]], but agriculture is now less than 2% of the economy.{{r|overview}} {{asof|2007}}, 670,000 sheep resided on the islands;{{r|herbert20070118}} a 2011 report estimated the sheep population at over one million.<ref>[http://www.thecattlesite.com/articles/2948/farming-in-the-falklands Farming In The Falklands], 29 November 2011.</ref>
Roughly 40% of the national flock are on West Falkland and 60% on East Falkland.<ref name=Farms/> The base flock are [[Corriedale (sheep)|Corriedale]] and [[Polwarth (sheep)|Polwarth]] breeds with [[Merino|Dohne Merino]], South African Meat Merinos, [http://www.afrino.org.za [Afrino_sheep|Afrinos]] and other breeds having been introduced to improve the fineness of wool and meat characteristics.<ref>{{Cite web
|url = http://www.agriculture.gov.fk/pdf_files/agricultural_booklet.pdf
|title = Agriculture in the Falkland Islands [pamphlet]
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[[File:FalklandEconomicZone.png|thumb|right|Map of the Falkland Islands economic zone in relation to her neighbours]]
Fishing is the largest part of the economy.{{r|herbert20070118}} Although Lord Shackleton's Report (1982) recommended the setting up of a {{convert|200|nmi|adj=on}} fisheries limit which gave an impetus to the fishing industry, the report did not go into much detail regarding the expansion of the industry.<ref>{{Cite web
|url = httphttps://hansardapi.millbanksystemsparliament.comuk/historic-hansard/commons/1982/dec/08/falkland-islands-shackleton-report
|title = Falkland Islands (Shackleton Report)
|publisher = Hansard - HC Deb 8 December 1982 vol 33 cc851-60
|access-date = 17 June 2010
|access-date =17 June 2010}}</ref> The Falkland Islands Development Corporation which formed as a result of the Shackleton Report provided the impetus for the Falkland Islands to exploit their marine environment.▼
|archive-date = 17 July 2009
|archive-url = https://web.archive.org/web/20090717095554/http://hansard.millbanksystems.com/commons/1982/dec/08/falkland-islands-shackleton-report
|work = [[Hansard|Parliamentary Debates (Hansard)]]
|date = 8 December 1982
|url-status = live
▲|access-date =17 June 2010}}</ref> The Falkland Islands Development Corporation which formed as a result of the Shackleton Report provided the impetus for the Falkland Islands to exploit their marine environment.
 
===Fishing grounds===
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Most of the fishing takes place in water up to {{convert|200|m}} deep on this spur or on the [[Burdwood Bank]] - another spur lying on an [[undersea ridge]] to the south of the Falkland Islands and separated from the islands by a deep channel known as the Falklands Trough. At its highest point, the Burdwood Bank is {{convert|46|m}} below sea level.
 
The principal ocean currents in the Falkland Island waters are the [[West Wind Drift]], a cold current from the Southern Pacific Ocean that flows westwards to the south of the Burdwood Bank<ref>{{cite web |author=Smith, Ryan |author2=Desflots, Melicie |author3=White, Sean |author4=Mariano, Arthur J. |author5=Ryan, Edward H. |title=The Antarctic CP Current |work=Ocean Surface Currents |url=http://oceancurrents.rsmas.miami.edu/southern/antarctic-cp.html |access-date=21 December 2010 |archive-date=14 June 2010 |archive-url=https://web.archive.org/web/20100614102611/http://oceancurrents.rsmas.miami.edu/southern/antarctic-cp.html |url-status=dead }}</ref> and the north flowing cold Falklands current, an offshoot of the West Wind Drift that curls around the east of Falklands Plateau and along the Falklands and Patagonian escarpments.<ref>{{cite web
|url = http://oceancurrents.rsmas.miami.edu/atlantic/malvinas.html▼
|author = Smith, Ryan |author2=Desflots, Melicie |author3=White, Sean |author4=Mariano, Arthur J. |author5=Ryan, Edward H.
|title = The Antarctic CPMalvinas Current
|work = Ocean Surface Currents
|author = Gyory, Joanna
|url = http://oceancurrents.rsmas.miami.edu/southern/antarctic-cp.html
|author2 = Mariano, Arthur J.
|access-date =21 December 2010}}</ref> and the north flowing cold Falklands current, an offshoot of the West Wind Drift that curls around the east of Falklands Plateau and along the Falklands and Patagonian escarpments.<ref>{{cite web
|author3 = Ryan, Edward H.
▲|url = http://oceancurrents.rsmas.miami.edu/atlantic/malvinas.html
|access-date = 21 December 2010}}</ref><ref>{{cite web▼
|title = The Malvinas Current▼
|archive-date = 8 October 2014
|work = Ocean Surface Currents▼
|archive-url = https://web.archive.org/web/20141008025352/http://oceancurrents.rsmas.miami.edu/atlantic/brazilmalvinas.html▼
|author = Gyory, Joanna |author2=Mariano, Arthur J. |author3=Ryan, Edward H.
|url-status = dead
|access-date =21 December 2010}}</ref> It joins the saltier warm [[Brazil Current]] in the vicinity of the mouth of the [[Río de la Plata]] to form the [[South Atlantic Current]].<ref>{{cite web
▲|url = http://oceancurrents.rsmas.miami.edu/atlantic/brazil.html
▲ |url = http://oceancurrents.rsmas.miami.edu/southernatlantic/antarctic-cpbrazil.html
|title = The Brazil Current
▲ |title = The MalvinasBrazil Current
|author = Bischof, Barbie |author2=Rowe, Elizabeth |author3=Mariano, Arthur J. |author4=Ryan, Edward H.
|author = Bischof, Barbie
|work = Ocean Surface Currents
|author2 = Rowe, Elizabeth
|year = 2004▼
|author3 = Mariano, Arthur J.
▲|access-date =21 December 2010}}</ref><ref>{{cite web
|author4 = Ryan, Edward H.
▲ |work = Ocean Surface Currents
▲ |year = 2004
|access-date = 21 December 2010
|archive-date = 11 November 2020
|archive-url = https://web.archive.org/web/20201111213519/http://oceancurrents.rsmas.miami.edu/atlantic/brazil.html
|url-status = dead
}}</ref><ref>{{cite web
|url = https://www.bbc.co.uk/news/science-environment-11867162
|title = Goce gravity mission traces ocean circulation
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====Finfish====
In the 1970s many fin fish, particularly the rock cod, a high volume low value fish<ref>{{Cite web
|url = http://www.sartma.com/art_7746.html
|title = B17. Southern Ocean
|last = Shotton
|first = Ross
|publisher = FAO
|access-date = 18 June 2010
|access-date =18 June 2010}}</ref> were exploited to near-extinction. The levels of rock cod taken in the whole of the South Atlantic dropped by 99.3% in the space of two years between the 1969–70 and 1971–72 seasons.<ref name=figures>399,700&nbsp;tonnes in 1969–70, 101,560&nbsp;tonnes in 1970–71, 2,740&nbsp;tonnes in 1971–72.</ref><ref name=lighthouse>{{Cite web▼
|archive-date = 16 July 2011
|archive-url = https://web.archive.org/web/20110716065328/http://www.sartma.com/art_7746.html
|url-status = dead
▲|access-date =18 June 2010}}</ref> were exploited to near-extinction. The levels of rock cod taken in the whole of the South Atlantic dropped by 99.3% in the space of two years between the 1969–70 and 1971–72 seasons.<ref name=figures>399,700&nbsp;tonnes in 1969–70, 101,560&nbsp;tonnes in 1970–71, 2,740&nbsp;tonnes in 1971–72.</ref><ref name=lighthouse>{{Cite web
|url = ftp://ftp.fao.org/docrep/fao/007/y5852e/Y5852E17.pdf
|title = Regional Reviews: B17 - Southern Oceans
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The production site will require approximately 110 people working offshore and another 40 working onshore.<ref>Rockhopper presentation, p. 130</ref> The oil expected to trade at {{nobreak|90 - 105%}} of the Brent crude price.<ref>Rockhopper presentation, p. 151</ref>
 
In May 2015 oil was discovered in [[Isobel deep]] in May 2015 by a consortium of oil companies including [[Falkland Oil & Gas]], [[Premier Oil]], and [[Rockhopper Exploration|Rockhopper Oil & Gas]].<ref>http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12367637.html {{Webarchive|url=https://web.archive.org/web/20150706102723/http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12367637.html |date=6 July 2015 }} [[London Stock Exchange]]</ref><ref>http://www.rigzone.com/news/oil_gas/a/138815/Oil_Discovered_at_Isobel_Deep Rig Zone</ref><ref>http://subseaworldnews.com/2015/05/12/fogl-isobel-deep-bop-fixed/ {{Webarchive|url=https://web.archive.org/web/20150531122733/http://subseaworldnews.com/2015/05/12/fogl-isobel-deep-bop-fixed/ |date=31 May 2015 }} Subsea World News</ref> In 2023, Rockhopper (working with Tel Aviv-listed Navitas Petroleum) indicated that it had been presented with a new development plan for its Sea Lion project that aimed to cut costs and proceed in in phases. It was stated that: "If realized, the new plan — with a total price tag of $2.2 billion — could lead to 80,000 barrels per day of production (up to 100,000 b/d at peak) via a leased floating production, storage and offloading unit". A final investment decision was targeted for early 2024.<ref>{{cite web | url=https://www.energyintel.com/00000187-245b-dd7d-a597-377b8e9d0000 | title=Rockhopper, Navitas Look to Reboot Falklands Project |website=Energy Intelligence |last=Schmidt |first=Katherine |date=27 March 2023 |accessdate=9 July 2023 }}</ref>
 
====East and south Falklands fields====
As of 2011 the East and South Falklands Fields had not been fully evaluated; ''Leiv Eiriksson'', a 5th generation semi-submersible drilling rig, ishad been expected to drill two exploratory wells for Falkland oil and gas in 2012.<ref>{{cite web
|url = http://www.fogl.com/fogl/en/Operations/2012drilling_programme
|title = Falkland Oil and Gas 2012 drilling programme
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