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    Svalbard Index 2006

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    Svalbard Economy - 2006

      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 hunting of seal, reindeer, and fox.

      GDP (purchasing power parity):

      GDP - real growth rate:

      Labor force:

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



      Economic aid - recipient:
      $8.2 million from Norway (1998)

      Currency (code):
      Norwegian krone (NOK)

      Exchange rates:
      Norwegian kroner per US dollar - 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002), 8.9917 (2001)

      NOTE: The information regarding Svalbard on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Svalbard Economy 2006 information contained here. All suggestions for corrections of any errors about Svalbard Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)