Svalbard Economy Profile 2002

Economy - overview

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 trapping of seal, polar bear, fox, and walrus.

GDP (purchasing power parity)

purchasing power parity - $NA

GDP - real growth rate

NA%

GDP - per capita (PPP)

purchasing power parity - $NA

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

NA%

Labor force

NA

Budget

revenues: $11.5 million
expenditures: $11.5 million, including capital expenditures of $NA (1998 est.) (1998 est.)

Industrial production growth rate

NA%

Electricity - production

NA kWh

Electricity - production by source

fossil fuel: NA%
hydro: NA%
nuclear: NA%
other: NA%

Electricity - consumption

NA kWh

Exports

$NA

Imports

$NA

Economic aid - recipient

$8.2 million from Norway (1998)

Currency

Norwegian krone (NOK)

Currency (code)

NOK

Exchange rates

Norwegian kroner per US dollar - 8.9684 (January 2002), 8.9917 (2001), 8.8018 (2000), 7.7992 (1999), 7.5451 (1998), 7.0734 (1997)