Barents region economy analysis
Report
15.10.2012
Strategic importance of the Barents region in the European context
The Barents region is located in the high north of Europe and consists of four countries: Russia, Finland, Norway and Sweden. This area, unlike, western territories, is “wild”, meaning huge territory, low-populated and untouched nature with a huge amount of natural resources. The area has a huge potential, which can be realised. In order to do that, we, firstly, have to understand the economic situation & structures of the area.
Economic overview
The figures indicates information only about the Barents Region territories. The highest unemployment rate in 2009 is in Finland – 12.6% which is three times much than the least unemployment rate 3% in Norway. This can be explained by lack of vacancies in Finnish Lapland and high unemployment money. Russia’s unemployment rate scores almost 8%. Sweden did not get away far from Russia and has 7.4%. In terms of population, as expected from the Largest territory possessor in the Barents region, Russia takes first place with 3606644 people. After the Russians comes Finland with 660744.Not too far behind Sweden’s North has 500785 inhabitants. Norway, surprisingly, has the lowest population – 468251.
Main economic sources & Industries of the region The main Norway factors of production are: mining, oil & gas(25% of the Norwegian GDP), nuclear power energy, hydro energy, wind power, bio power, pethroleum, electricity, gas, tourism, fishery, medical drugs, marine services, circuit board. Russia mainly exports gas & oil, but also Machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron and steel. Sweden sells machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; iron ore production (90% of the EU total production of ore) foods and clothing mainly to
15.10.2012
Strategic importance of the Barents region in the European context
The Barents region is located in the high north of Europe and consists of four countries: Russia, Finland, Norway and Sweden. This area, unlike, western territories, is “wild”, meaning huge territory, low-populated and untouched nature with a huge amount of natural resources. The area has a huge potential, which can be realised. In order to do that, we, firstly, have to understand the economic situation & structures of the area.
Economic overview
The figures indicates information only about the Barents Region territories. The highest unemployment rate in 2009 is in Finland – 12.6% which is three times much than the least unemployment rate 3% in Norway. This can be explained by lack of vacancies in Finnish Lapland and high unemployment money. Russia’s unemployment rate scores almost 8%. Sweden did not get away far from Russia and has 7.4%. In terms of population, as expected from the Largest territory possessor in the Barents region, Russia takes first place with 3606644 people. After the Russians comes Finland with 660744.Not too far behind Sweden’s North has 500785 inhabitants. Norway, surprisingly, has the lowest population – 468251.
Main economic sources & Industries of the region The main Norway factors of production are: mining, oil & gas(25% of the Norwegian GDP), nuclear power energy, hydro energy, wind power, bio power, pethroleum, electricity, gas, tourism, fishery, medical drugs, marine services, circuit board. Russia mainly exports gas & oil, but also Machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron and steel. Sweden sells machinery, petroleum and petroleum products, chemicals, motor vehicles, iron and steel; iron ore production (90% of the EU total production of ore) foods and clothing mainly to
References: 1. ArcticStat.2012. Regional Gross Domestic Product (BRP), Number Of Employed And Compensation Of Employees (ENS95) By Region (NUTS1-3) And Activity SnNI 2002. Year 2008-2009. Address: http://www.arcticstat.org/Table.aspx/Region/Sweden/Indicator/[Regional_Accounts]Gross_Product/2012-06-4-8/15657. Last accessed 06 November 2012 2. Barents Info.2010. Population of the Barents regions. Address: http://www.barentsinfo.org/?DeptID=7022. Last Accessed 06 November 2012 3. Barents Info.2010.Unemployment in the Barents region 2009.Address: http://www.barentsinfo.org/Barents_region/Statistics/Unemployment_in_Barents.iw3. Last accessed 02 November 2012. 4. Goskomstat Rossii.2012. Валовой региональный продукт по субъектам Российской Федерации в 1998-2010.Address: http://www.gks.ru/free_doc/new_site/vvp/vrp98-10.xls. Last Accessed 05 November 2012. 5. 6. Nilsen T.2012.South Korea fuels Finnish aviation via Arctic route. Address: http://barentsobserver.com/en/arctic/south-korea-fuels-finnish-aviation-arctic-route-25-10. Last Accessed 04 November 2012. 7. Pettersen T.2012.China’s icebreaker ”Snow Dragon” docked Thursday in Shanghai after becoming the first vessel from China to cross the Arctic Ocean. Address: http://barentsobserver.com/en/arctic/chinese-icebreaker-concludes-arctic-voyage-27-09. Last Accessed 01 November 2012. 8. Webmaster.2008. Petroleum will give golden age for northern Norway. Address: http://barentsobserver.com/en/node/20458.Last Accessed: 04 November 2012.