Gross regional product
In terms of gross regional product per capita, the Murmansk region ranks 9th in Russia and 2nd in the North-Western Federal District.
The GRP of the Murmansk region in 2020 amounted to 790.5 billion rubles at current prices.
The GRP structure in 2020
Banking sector
As of 01.01.2022 the total number of banking institutions operating in the Murmansk region amounted to 124 units (including offices).
There is one independent bank (AO Murmansk Social Commercial Bank) and 1 non-bank credit organization, 1 branch of foreign regional banks, 120 additional offices, 1 representative office of a credit organization.
Foreign economic activity
The Murmansk region is an export-oriented border region of the Arctic zone of Russia. According to the analytical portal of the Russian Export Center in 2020-2021 the Murmansk region was among the TOP 20 main exporting regions of Russia.
Among the regions that are part of the North-Western Federal District, the Murmansk region ranked third in terms of exports according to the results of foreign trade activity in 2022. In comparison with the previous year, the volume of foreign trade turnover in the region increased by 55.8% and exports by 60.7%.
The most significant commodity export groups of the Murmansk region are metals and products made from them, food items, mineral products and fuel and energy products, fish and crustaceans.
Under the conditions of external sanctions pressure and partial closure of traditional European markets for the region, business is being reoriented to the markets of Asia, the Middle East, Latin America and the CIS countries. In 2022, the region established cooperation with Trade Missions of the Russian Federation in 20 friendly countries.
The most significant commodity groups of imports of the Murmansk region are machinery, equipment and vehicles, food items, metals and products made from them and chemical industry products, rubber.
