The industry in the municipality is based on fishing and fish processing. In the waters around the island are rich fishing grounds. Breivikbotn is often called «Little Lofoten». Farther offshore are also known flyndre- and halibut fields; Andottklakken. Most fishing vessels are smaller coastal vessels. Fisheries companies are dependent on raw material deliveries from foreign fleet. There are both salmon and cod in the municipality.
Agriculture is operated just who also engaged based on sheep farming. Significantly reindeer industry are in the South Island with both all tribal and mainland reindeer on summer pastures.
The tourism industry has gained great importance. FFr and Ruteselskap have branch in Hasvik.
Source: Great Norwegian Encyclopaedia