Arctic Region > Svalbard > Economy

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Budget > Expenditures	$11,500,000.00		[11th of 165]
Budget > Revenues	$25,070,000.00		[23rd of 166]
Currency	Norwegian krone
Currency code	NOK
Economic aid > Recipient	$8,200,000.00		[8th of 134]
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.
Exchange rates Norwegian kroner per US dollar - 6.7408 (2004), 7.0802 (2003), 7.9838 (2002), 8.9917 (2001), 8.8018 (2000)
Exchange rates > 2001	8.9917		[100th of 214]
Exchange rates > 2002	7.9838		[107th of 214]
Exchange rates > 2003	7.0802		[111st of 213]
Exchange rates > 2004	6.7408		[105th of 211]
Exchange rates > 2005	6.4425		[107th of 212]
Exchange rates > Recent years Norwegian kroner per US dollar - 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002), 8.9917 (2001)
Exchange rates to USD	5.8396
Exchange rates to USD > 2002	7.9838
Exchange rates to USD > 2003	7.0802
Exchange rates to USD > 2004	6.7408
Exchange rates to USD > 2005	6.4425
Exchange rates to USD > 2006	6.4117
Exports	$197,600,000.00		[29th of 189]

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