Svalbard Economy Profile 2007

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 (purchasing power parity)

$NA

GDP - real growth rate

NA%

Labor force

NA

Budget

revenues: $25.07 million
expenditures: $NA (2004 est.)

Exports

$NA

Imports

$NA

Economic aid - recipient

$8.2 million from Norway (1998)

Currency (code)

Norwegian krone (NOK)

Exchange rates

Norwegian kroner per US dollar - 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002)