Global Tenders Svalbard and Jan Mayen

About Svalbard and Jan Mayen's economy

The economy of Svalbard and Jan Mayen is primarily driven by resource extraction, particularly coal mining and tourism. While a comprehensive GDP figure is unavailable, estimates suggest it stands around NOK 2.2 billion (approximately USD 240 million). Coal exports play a significant role in global trade, with figures exceeding NOK 1 billion (USD 110 million). Tourism, focused on Longyearbyen, contributes to the service sector and provides opportunities for local businesses. Due to its unique status as a free economic zone, government procurement plays a limited role in Svalbard's economy. However, the Norwegian government provides financial support for vital infrastructure and research initiatives.

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