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Svalbard - Economy (Facts)

Economy - 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. GDP - real growth rate: NA GDP (purchasing power parity): NA Labor force: NA Budget: revenues: $25.07 million expenditures: NA (2004 est.) Exports: NA Imports: NA Economic aid - recipient: $8.2 million from Norway (1998) Currency: Norwegian Kroner (NOK) Current Norwegian Kroner Exchange Rates Historical Norwegian Kroner Exchange Rates Chart Norwegian Kroner Exchange Rates Currency code: NOK Exchange rates: Norwegian kroner per US dollar - 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002)