Economy of Svalbard
Overview
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.
Figures for Noway including Svalbard.
GDP
Real Growth Rate
4%
Per Capita
USD 53,000
From Agriculture
2%
From Industry
43%
From Services
55%
Labour Force
Available for Work
3
Working in Agriculture
4%
Working in Industry
22%
Working in Services
74%
Unemployment Rate
3%
Population Below Poverty Line
0%
Inflation Rate
0%
Investment as Percent of GDP
21%
Budget
Revenues
USD 25 (m)
Expenditures
USD 224,200 (m)
Public Debt
US$ 158000.00 (m)
Agricultural Products
Most agricultural products are imported to Svalbard from mainland Norway. There are several intensive indoor farm buildings in Barentsburg which allow some level of self sufficiency.
Core Industries
Minisng, tourism and polar research are key in Svalbard, with some fishing.
Exports
Value
USD 139,400 (m)
Commodities
Coal is the traditional export commodity of Svalbard
Partners
UK 26.8%, Germany 12.3%, Netherlands 10.3%, France 8.2%, Sweden 6.4%, US 5.7% (2006)
Imports
Value
USD 78,110 (m)
Commodities
Machinery and equipment, chemicals, metals, foodstuffs
Partners
Sweden 15%, Germany 13.5%, Denmark 6.9%, UK 6.4%, China 5.7%, US 5.3%, Netherlands 4.1% (2006)
External Debt
USD 469,100 (m)
Fiscal Year
Calendar year
