Economy (Svalbard)
==================


     Overview:
         Coal mining is the major economic activity on Svalbard. By treaty (9
         February 1920), the nationals of the treaty powers have 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
         trapping of seal, polar bear, fox, and walrus.
     Budget:
         revenues $13.3 million, expenditures $13.3 million, including capital
         expenditures of $NA (1990)
     Electricity:
         21,000 kW capacity; 45 million kWh produced, 11,420 kWh per capita (1989)
     Currency:
         Norwegian krone (plural - kroner); 1 Norwegian krone (NKr) = 100 ore
     Exchange rates:
         Norwegian kroner (NKr) per US$1 - 6.5189 (March 1992), 6.4829 (1991), 6.2597
         (1990), 6.9045 (1989), 6.5170 (1988), 6.7375 (1987)