Description:
The largest economies in the Arctic belong to Alaska (US) and Russia, mainly because of mining and petroleum activity. Regions that are still heavily dominated by more traditional subsistence activities, such as hunting and fishing, in Greenland and in Northern Canada, have much lower gross products. Similarly, reindeer herding in Russia and Scandinavia is of substantial importance to the livelihoods and lifestyles of reindeer herders like the Saami and the Nenets but does not contribute greatly to the gross products of these regions.