Svalbard Economy:
Coal mining is the major economic activity on Svalbard. The treaty of 9 February 1920 gives the 41 signatories equal rights to exploit mineral deposits, subject to Norwegian regulation. Although US, UK, Dutch, and Swedish coal companies have mined in the past, the only companies still mining are Norwegian and Russian. The settlements on Svalbard are essentially company towns. The Norwegian state-owned coal company employs nearly 60% of the Norwegian population on the island, runs many of the local services, and provides most of the local infrastructure. There is also some hunting of seal, reindeer, and fox.
GDP (purchasing power parity):
NA
GDP — real growth rate:
NA
=:
agriculture: NA
industry: NA
services: NA
Labor force:
NA
Budget:
revenues: $11.5 million (1998 est.)
expenditures: $11.5 million including capital expenditures of NA (1998 est.)
Exports:
NA
Imports:
NA
Economic aid — recipient:
$8.2 million from Norway (1998 est.)
Currency:
Norwegian krone (NOK)
Exchange rates:
Norwegian kroner per US$: 6.74 (2004 est.), 7.08 (2003 est.), 7.98 (2002 est.), 8.99 (2001 est.), 8.8 (2000 est.)
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