Image: Penguin News / FIS

Fishing Industry Dominates Falkland Islands National Accounts

FALKLAND ISLANDS
Tuesday, July 23, 2024, 01:00 (GMT + 9)

The following is an excerpt from an article published by Penguin News:

The Falkland Islands Government Policy Department has announced the publication of the Falkland Islands National Accounts for the years 2011 to 2022.

Source: The Falkland Islands Fish Company

These include GDP (Gross Domestic Product) and other National Accounts estimates for those years.

Falkland Islands Economist Andy Wu outlined to Penguin News that GDP in nominal terms for 2021 was £276.7 million (+7.3% compared to 2020); while GDP in nominal terms for 2022 was £278.6 million (+0.7% compared to 2021).

He noted that fishing and aquaculture was again the largest industry, accounting for approximately 58.8% and 59.0% of GDP in nominal terms in 2021 and 2022 respectively (down slightly from 59.2% in 2020 and 60.1% in 2019).

Source: The Falkland Islands Fish Company

Per capita GDP for 2021 and 2022 was estimated at £83.1k and £83.2k respectively, while per capita GNI (which is calculated by adjusting GDP for net foreign income, and is a better reflection of income accruing to Falkland Islands residents) was estimated at £56.8k in both years.

In a non technical summary from Mr Wu it is noted that Falkland Islands GDP and GNI per capita reflect the impact of revenues from fisheries, “which have proved to be quite volatile in recent years. Previous years have also reflected the impact of oil exploration campaigns. Therefore, per capita GDP and GNI figures for a single year cannot be looked at in isolation as an indicator of the overall robustness of the Falkland Islands’ economy.” [Continues...]

Source: Penguin News | Read the article in full by clicking the link here

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