ECONOMY

The Falkland Islands has a sound economy with good reserves. They are self-sufficient except for in defence and foreign affairs. Early Falkland's economies involved sealing, whaling, hunting wild cattle, ship repair and provisioning but from the 1870’s to 1980 the economy was heavily dependent on sheep and wool production. Farming still makes an important contribution to the economy. The Covid-19 pandemic and impact of Brexit too could influence the future economy of the islands.  
Since 1986 the economy of the Falklands, has been dominated by the Fishing industry. The 2020 catch was higher than usual with high market prices. Tourism is the second largest industry, with the 2019/2020 season having record numbers of visitors. The pandemic Covid-19 has prevented a 2020/2021 season from happening. Licences to explore for hydrocarbons in waters around the Falklands have a been issued since 1995 and the first commercial oil discovery in 2010 gave hope for a future hydrocarbon industry. Oil prices have since slumped and development is on hold.

Fishing

Tourism

Farming

Hydrocarbons

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