Two Prediction Models for Some Economic Indicators of the Russian Arctic Zone

The goal of this paper is to analyze and predict time series which reflect the dynamics of the gross regional product, the employed population and the total working-age population of the Russian Arctic zone. These tasks are very important to plan the development of the Russian Arctic zone. The ARIMA and VAR prediction models are developed. The VAR model shows better forecasting properties than the ARIMA model for the datasets discussed in the paper.