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 - $NA
GDP - real growth rate:
NA%
GDP - per capita:
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.)
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - production by source:
fossil fuel: 58%
other: 0%
hydro: 42%
nuclear: 0%
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 - 7.9838 (2002), 8.9917 (2001),
8.8018 (2000), 7.7992 (1999), 7.5451 (1998)