Falklands : FIG Publishes Economic Briefing & Forecast for the Falkland Islands
Submitted by Falkland Islands News Network (Juanita Brock) 13.03.2010 (Article Archived on 27.03.2010)
The Economic Briefing & Forecast for 2010 has been published by the Falkland Islands Government.
FIG Publishes Economic Briefing & Forecast for the Falkland Islands
By J. Brock (FINN)
The Economic Briefing & Forecast for 2010 has been published by the Falkland Islands Government. Having seven pages, the document examines current global economic environment, and likely impacts on the Falkland Islands. Reviewing fisheries, agriculture, tourism as well as other commercial sectors, it examines the implications for Falklands’ public finance.
The Falklands’ economy is expected to expand by 5.3% in real terms during 2010, following a period of contraction in 2009, which was caused primarily by a poor fish harvest rather than the immediate effects of the global recession. During 2010 above-average growth in public sector output, fisheries, agriculture and utilities should help compensate for an anticipated reduction of 15-20% in cruise ship tourism. The retail trade, construction and hospitality industries are also expected to benefit from the ongoing de-mining and oil drilling projects and the imminent upgrade and extension of the runway and Mount Pleasant Airport.
Mr Roger Edwards, MLA today said, “The Falkland Islands are not remote from the world economic pressures as highlighted by a drop in investment income. Further economic decline during 2009 was caused by a poor squid harvest and reduced tourism spending. The full impact of this drop was somewhat offset by the Falkland Islands Government approving a deficit budget.”
He went on to say, “The current year, in line with other world economies, should see some recovery with early signs of an improved catch within the Illex fishery and higher wool and meat prices within the agricultural sector. The outlook in tourism remains bleak. Further effects could be felt by local residents as a result of a weaker sterling and higher oil prices adding to inflationary living and housing costs.”
Mr Edwards concluded, “The Falkland Islands Government has a duty of care to future generations, and in partnership with the private sector and other public agencies is actively progressing the Economic, Rural and Tourism Development Strategies to enable the Islands to make the most of future economic challenges and opportunities.”
The Economic Briefing & Forecast is written by Mr Sonny Jose, the Falkland Islands Government’s Head of Policy and Economic Adviser. Prior to joining the Government in 2008, Mr Jose was managing a private investment fund and was marketing consultant to Glocap Partners LLC of New York. He is a trained economist with over 25 years international experience in finance, investment, marketing and development.
For more information or a copy of the Economic Briefing & Forecast please contact Alison Inglis, Media Liaison Office, Falkland Islands Government at tel. +500 27451 or Media2@sec.gov.fk. Photography and Interviews are available on request.