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Svalbard Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Svalbard Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 22,

Economy - overview:
Coal mining, tourism, and international research are the major revenue sources on Svalbard. Coal mining is 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. 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. 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.

GDP (purchasing power parity):
$NA
[see also: GDP country ranks ]

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

Labor force:
1,234 in Norwegian settlements (2003)
country comparison to the world: 225
[see also: Labor force country ranks ]

Budget:
revenues: $25.07 million
[see also: Budget revenues country ranks ]
expenditures: $NA (2004 est.)
[see also: Budget expenditures country ranks ]

Exports:
$197.6 million (2000)
[see also: Exports country ranks ]

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

Exchange rates:
Norwegian kroner (NOK) per US dollar -

5.432 (2011)
6.044 (2010)
6.288 (2009)


NOTE: 1) The information regarding Svalbard on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Svalbard Economy 2012 information contained here. All suggestions for corrections of any errors about Svalbard Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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 07-Mar-12
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