Economy - overview:
Economic activity is limited to the exploitation of natural resources, including petroleum, natural gas, fish, and seals.
Marine fisheries:
the Arctic fishery region (Region 18) is the smallest in the world with a catch of only 52 mt in 2016, although the Food and Agriculture Organization assesses that some Arctic catches are reported in adjacent regions; Russia and Canada were historically the major producers; in 2017, the five littoral states including Canada, Denmark (Greenland), Norway, Russia, and the US agreed to a 16 year ban on fishing in the Central Arctic Ocean to allow for time to study the ecological system of these waters
