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Svalbard Economy 2017
https://theodora.com/wfbcurrent/svalbard/svalbard_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Svalbard Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Tourism and international research are Svalbard's major revenue sources. Coal mining has historically been the dominant economic activity, and a 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 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 around 1,000 jobs. Today, around 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: 228
[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 - 8.615 (2016 est.) 8.0646 (2015 est.) 6.3021 (2014 est.) 6.3021 (2013 est.) 5.82 (2012 est.)

NOTE: The information regarding Svalbard on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Svalbard Economy 2017 information contained here. All suggestions for corrections of any errors about Svalbard Economy 2017 should be addressed to the CIA.




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