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The archipelago may have been first discovered by Norse explorers in the 12th century; the islands served as an international whaling base during the 17th and 18th centuries. Norway's sovereignty was internationally recognized by treaty in 1920, and five years later it officially took over the territory. In the 20th century coal mining started and today a Norwegian and a Russian company are still functioning. Travel between the settlements is accomplished with snowmobiles, aircraft, and boats.

Location

Northern Europe, islands between the Arctic Ocean, Barents Sea, Greenland Sea, and Norwegian Sea, north of Norway

Natural Resources

coal, iron ore, copper, zinc, phosphate, wildlife, fish

Population - distribution

the small population is primarily concentrated on the island of Spitsbergen in a handful of settlements on the south side of the Isfjorden, with Longyearbyen being the largest

Conventional long form
none
Conventional short form
Svalbard (sometimes referred to as Spitsbergen, the largest island in the archipelago)
Local long form
Local short form
non-self-governing territory of Norway
Name
Longyearbyen
Geographic coordinates
78 13 N, 15 38 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
Coal mining, tourism, and international research are Svalbard's major industries. Coal mining has historically been the dominant economic activity, and the Treaty of 9 February 1920 gives the 45 countries that so far have ratified the treaty 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. Low coal prices have forced the Norwegian coal company, Store Norske Spitsbergen Kulkompani, to close one of its two mines and to considerably reduce the activity of the other. Since the 1990s, the tourism and hospitality industry has grown rapidly, and Svalbard now receives 60,000 visitors annually.
Inflation
None%
Total tax rate (% of commercial profits)
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Real Interest Rate
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Manufacturing, value added (% of GDP)
None%
Current Account Balance
US$
Labor Force, Total
Employment in Agriculture
%
Employment in Industry
%
Employment in Services
%
Unemployment Rate
%
Imports of goods and services
US$
Exports of goods and services
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Total Merchandise Trade
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FDI, net inflows
US$
Commercial Service Exports
US$
Commodities
Partners
Commodities
Partners
Country Risk Rating
Business Climate Rating

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