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Economy of The Falkland Islands

The Falkland Islands is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, The Falkland Islands is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, The Falkland Islands exports around $0.13 billion and imports roughly $0.09 billion. 1% of population in the country are unemployed. The total number of unemployed people in The Falkland Islands is 29. The Gini Index of the country is 34.17. The Falkland Islands is experiencing good equality. The majority of citizens in The Falkland Islands fall within a narrow range of income, although some cases may show significant differences.

Currency

The currency of The Falkland Islands is Falkland Islands pound. The plural form of the word Falkland Islands pound is pounds. The symbol used for this currency is £, and it is abbreviated as FKP. The Falkland Islands pound is divided into Pence; there are 100 in one pound.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of The Falkland Islands.

Central bank

Public debt

The Falkland Islands has a government debt of 34.9% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in The Falkland Islands is set at 26%. Personal income tax ranges from 21% to 26%, depending on your specific situation and income level. VAT in The Falkland Islands is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in The Falkland Islands is $0.1645 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in The Falkland Islands was last recorded at $0 million. PPP in The Falkland Islands is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in The Falkland Islands is 0 billion. Based on this statistic, The Falkland Islands is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in The Falkland Islands was last recorded at $0 million. The average citizen in The Falkland Islands has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. To read more about financial information click on finances of The Falkland Islands.

Industry

Major industries in the country are fish and wool processing, tourism. To read more about industrial information within The Falkland Islands click on industry of The Falkland Islands.

Agriculture

There are 0 km2 of arable land in The Falkland Islands, and it comprises 0% of the country's total territory. There are 0 km2 of cultivated land in The Falkland Islands. The country's major agricultural crops and products are fodder and vegetable crops, sheep, dairy products, fish, squid.To read more about agriculture click on agriculture of The Falkland Islands.