Influence of innovative activities on economic development of the Russian Arctic

Abstract

The study conducted the impact of innovative activity on the economic development of the Russian Arctic. The methodology of the study envisaged the ranking of four regions that are fully included in the Arctic zone of the Russian Federation by indicator «Innovative products production as a percentage of the total volume of products shipped ». The analysis of innovative activities level of the Russian Arctic in comparison with the average indicators of the country was carried out. It is shown that the Murmansk region is characterized by the highest volume of innovative products produced respectively, the Nenets Autonomous District - by the lowest. The direct impact of the production and sale of innovative products on economic indicators primarily due to an increase in gross regional product (GRP), fixed assets and the number of employed people is shown. In this case the Murmansk region having a high level of innovative activities showed an excess of the values of the Nenets Autonomous District by twelve of the nineteen indicators. In addition by GRP, fixed capital investments, fixed assets wear level and average monetary incomes per capita the Murmansk region showed an excess of average Russian values. It should be noted that the Nenets Autonomous District which produces the smallest amount of innovative products is ahead of the Murmansk region by GRP and investments in fixed assets mainly due to the exploitation of oil and gas resources. Performed correlation analysis confirmed the influence of innovative activities on the economic development of the Arctic. High correlation of the innovative products volume with significant economic indicators is shown.The study confirmed the hypothesis of the influence of innovative activities on the economic indicators of the Arctic regions.