Svalbard Economy 2018, CIA World Factbook
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Svalbard Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Svalbard Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Coal mining, tourism, and international research are Svalbard's major industries. Coal mining has historically been the dominant economic activity, and the Treaty of 9 February 1920 gives the 45 countries that so far have ratified the treaty 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 engaging in this are Norwegian and Russian. Low coal prices have forced the Norwegian coal company, Store Norske Spitsbergen Kulkompani, to close one of its two mines and to considerably reduce the activity of the other. Since the 1990s, the tourism and hospitality industry has grown rapidly, and Svalbard now receives 60,000 visitors annually.The settlements on Svalbard were established as company towns, and at their height in the 1950s, the Norwegian state-owned coal company supported nearly 1,000 jobs. Today, only about 300 people work in the mining industry.Goods such as alcohol, tobacco, and vehicles, normally highly taxed on mainland Norway, are considerably cheaper in Svalbard in an effort by the Norwegian government to entice more people to live on the Arctic archipelago. By law, Norway collects only enough taxes to pay for the needs of the local government; none of tax proceeds go to the central government.

GDP - real growth rate:
NA%
[see also: GDP - real growth rate country ranks ]

Labor force:
1,590 (2013)
country comparison to the world: 229
[see also: Labor force country ranks ]

Budget:
revenues: $NA
[see also: Budget - revenues country ranks ]
expenditures: $NA
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
NA% of GDP
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
NA% of GDP
[see also: Budget surplus (+) or deficit (-) country ranks ]

Exports:
$NA
[see also: Exports country ranks ]

Imports:
$NA
[see also: Imports country ranks ]

Exchange rates:
Norwegian kroner (NOK) per US dollar - 8.308 (2017) 8.0646 (2016) 8.0646 (2015) 8.0646 (2014 est.) 6.3021 (2013 est.)

NOTE: 1) The information regarding Svalbard on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Svalbard Economy 2018 information contained here. All suggestions for corrections of any errors about Svalbard Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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