Independence:
none (overseas territory of the UK; also claimed by Argentina)
National holiday:
Liberation Day, 14 June (1982)
Constitution:
3 October 1985; amended 1997 and 1998
Legal system:
English common law
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952)
head of government: Governor Howard PEARCE (since 3 December 2002);
Chief Executive Chris SIMPKINS (since NA March 2003); Financial
Secretary Derek F. HOWATT (since NA)
cabinet: Executive Council; three members elected by the Legislative
Council, two ex officio members (chief executive and the financial
secretary), and the governor
elections: none; the monarchy is hereditary; governor appointed by
the monarch
Legislative branch:
unicameral Legislative Council (10 seats - 2 ex officio, 8 elected
by popular vote, members serve four-year terms); presided over by
the governor
elections: last held 22 November 2001 (next to be held November 2005)
election results: percent of vote - NA%; seats - independents 8;
note - 71% voter turnout
Judicial branch:
Supreme Court (chief justice is a nonresident); Magistrates Court
(senior magistrate presides over civil and criminal divisions);
Court of Summary Jurisdiction
Political parties and leaders:
none; all independents
Political pressure groups and leaders:
none
International organization participation:
ICFTU, UPU
Diplomatic representation in the US:
none (overseas territory of the UK; also claimed by Argentina)
Diplomatic representation from the US:
none (overseas territory of the UK; also claimed by Argentina)
Flag description:
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
Economy Falkland Islands (Islas Malvinas)
Economy - overview:
The economy was formerly based on agriculture, mainly sheep
farming, but today fishing contributes the bulk of economic
activity. In 1987 the government began selling fishing licenses to
foreign trawlers operating within the Falklands exclusive fishing
zone. These license fees total more than $40 million per year, which
goes to support the island's health, education, and welfare system.
Squid accounts for 75% of the fish taken. Dairy farming supports
domestic consumption; crops furnish winter fodder. Exports feature
shipments of high-grade wool to the UK and the sale of postage
stamps and coins. The islands are now self-financing except for
defense. The British Geological Survey announced a 200-mile oil
exploration zone around the islands in 1993, and early seismic
surveys suggest substantial reserves capable of producing 500,000
barrels per day; to date no exploitable site has been identified. An
agreement between Argentina and the UK in 1995 seeks to defuse
licensing and sovereignty conflicts that would dampen foreign
interest in exploiting potential oil reserves. Tourism, especially
eco-tourism, is increasing rapidly, with about 30,000 visitors in
2001. Another large source of income is interest paid on money the
government has in the bank. The British military presence also
provides a sizeable economic boost.
GDP (purchasing power parity):
$75 million (2002 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $25,000 (2002 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Labor force:
1,100 (est.)
Labor force - by occupation:
agriculture 95% (mostly sheepherding and fishing)
Unemployment rate:
full employment; labor shortage (2001)
Population below poverty line:
NA
Household income or consumption by percentage share:
