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What is the economy of the Falkland Islands like?

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The islands are flourishing sheep-raising centers, and the economy was long dependent on the export of wool and the sale of Falkland Islands postage stamps and coins. Since the late 1980s, however, the rich fishing grounds surrounding the islands have become the economic mainstay, as a result of the sale of licenses to foreign commercial fishing operations. Tourism also contributes to the economy. Oil exploration around the islands began in the early 1990s, but no commercially significant deposits have been found. Fuel, food and drink, building materials, and clothing must be imported.

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