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Svalbard:
Economy

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Svalbard Page


Economy - overview
Definition
Coal mining is the major economic activity on Svalbard. The 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 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)
Definition - World rank and map
$NA
GDP - real growth rate
Definition - World rank and map
NA%
Labor force
Definition
NA
Budget
Definition
revenues: $25.07 million
expenditures: $NA (2004 est.)
Exports
Definition - World rank and map
$197.6 million (2004)
Imports
Definition - World rank and map
$NA
Economic aid - recipient
Definition
$8.2 million from Norway (1998)
Currency (code)
Definition
Norwegian krone (NOK)
Exchange rates
Definition
Norwegian kroner per US dollar - 5.8396 (2007), 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003)


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