The Economy of Svalbard
The Economy of Svalbard
Economy
Economy - overview: Coal mining is the major economic activity on Svalbard. The treaty of 9 February 1920 gave 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:
GDP - real growth rate: NA%
GDP - per capita:
GDP - composition by sector:
Population below poverty line:
Household income or consumption by percentage share:
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: NA
Labor force - by occupation:
Unemployment rate:
Budget: revenues: $25.07 million expenditures: $NA (2004 est.)
Industries:
Industrial production growth rate:
Electricity - production:
Electricity - production by source:
Electricity - consumption:
Electricity - exports:
Electricity - imports:
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products:
Exports: $197.6 million (2004)
Exports - commodities:
Exports - partners:
Imports: $NA
Imports - commodities:
Imports - partners:
Debt - external:
Economic aid - recipient:
Currency:
Currency code:
Exchange rates: Norwegian kroner (NOK) per US dollar - 5.6361 (2008), 5.86 (2007), 6.418 (2006), 6.445 (2005), 6.7327 (2004)
Fiscal year: