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First discovered by the Norwegians in the 12th century, the islands served as an international whaling base during the 17th and 18th centuries. Norway's sovereignty was recognized in 1920; five years later it officially took over the territory.


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Economy

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. By law, the Norwegians collect only enough taxes to pay for the needs of the local government. None of tax proceeds go to Norway.

Gdp (purchasing power parity)
$6.313 billion

Gdp - real growth rate
NA%

Labor force World Ranking: 226
1,234 in Norwegian settlements (2003)

Budget
Revenues $NA
Expenditures $NA (2004 est.)

Taxes and other revenues
NA% of GDP

Budget surplus (+) or deficit (-)
NA% of GDP

Exports
$NA (2000)

Imports
$NA

Exchange rates
Norwegian kroner (NOK) per US dollar -
5.6046 (2011)
6.0442 (2010)
6.288 (2009)
5.6361 (2008)
5.86 (2007)


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Svalbard [ Norway ] (Norway):
Country Flag
Country Locator

GPS points from Svalbard [ Norway ] (Norway)

square Eleonorakammen Svalbard

square Baeren Eiland Svalbard

square Agardhdalen Svalbard

square Flytangen Svalbard

square Golfe Des Glaces Svalbard And Jan Mayen (general)

square Plaine Traquair Svalbard And Jan Mayen (general)

square La Selle Svalbard





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