Economy of Hama
| This page is a work in progress by its author(s) and should not be considered final. |
| Fiscal year | Calendar Year (International Standard Calendar) |
| Statistics | |
| GDP | $400 billion |
| GDP growth | 3% |
| GDP per capita | $20,000 |
| GDP by sector | Services: 60%, Industry: 38%, agriculture, farming and fishing: 2% |
| Population below poverty line | 6% |
| Labour force | 11.5 million |
| Labour force by occupation | services 55%, industry: 45%, agriculture, farming and fishing: 7% |
| Unemployment | 4% |
| Average gross salary | |
| Main industries | Banking, tourism, shipbuilding, arms manufacturing and diamond cutting |
| External | |
| Exports | $150 billion |
| Export goods | ships, weapons, cut diamonds |
| Main export partners | United Kingdom, Kuthernburg, and Xagrurg |
| Internal | |
| Imports | $155 billion |
| Imported goods | Metals, oil, machinery, and foodstuffs |
| Main Import partners | Packilvania and the United Kingdom |
| Public finances | |
| Public debt | 30% of GDP |
| FDI to GDP Ratio | |
| Stock of foreign direct investment | $20 billion |
| Stock of foreign aid received | |
The economy of Hama takes place in the framework of a mixed economy. It is classified as a developed country. Government regulation and the free market coexist. The economy is diverse. It is made up of a healthy blend of primary, tertiary and secondary industries. The total estimated economic output is 400 billion dollars while the per capita GDP is around 20,000 dollars
Agriculture
The agricultural sector of the economy comprises approximately 2% of economic output and 5% of exports. The sector is made up of largely mechanised commercial farms. Through investment in infrastructure and capital, the sector has been able to provide about 60% of Hamanian food needs with approximately 7% of the workforce. This sector is facing gradual decline. Farmers are leaving to the colonies where land is more easily available and farming conditions are more favourable, and very few new farmers are entering to fill that gap. Hama has below average rainfall. Its southern portions are arid. Farmers rely on groundwater to water their crops.
The grains sector forms the second largest portion of this sector. It is made up of primarily maize, millet and sorghum. Livestock farming makes up the second largest portion of this sector. The most commonly farmed animals are cattle, sheep and goats. Camels are bred as work animals and for their milk. Horses are bred primarily for the famous horse racing sector. The country has a fairly high consumption of meat products per capita due to increased incomes and the fairly affordable prices. The Center for Agriculture, Forestry and Fisheries believes that the sector will remain sustainable and Hamanian food security is reasonably assured. It, however, warned that fertilisers and continuous farming might negatively affect the environment and the soil in the long-term.
Industry
The industrial sector forms approximately 40% of the economy. This sector is made up primarily of manufacturing followed by construction and mining. Hama is a major manufacturing sector. The country experienced rapid industrialisation in the early 1700s after the introduction of the steam engine. The country has a large shipbuilding sector that is led by one of the largest shipbuilding companies in the world, the Royal Shipwrights Company. The country also has a large diamond cutting sector. While Hama has no known deposits of diamonds, its colonies provide it with diamonds. Early on, the diamond sector was consolidated under the Royal Diamond Company which is one of the largest suppliers of diamonds in the world. The city of Komodu is a major center for diamond cutting and polishing.
The arms manufacturing sector is largely foreign-led. The government has offered tenders for companies to produce weapons in Hama. General Guns is a company from Xagrurg that has constructed a large arms manufacturing facility in the country. The construction sector is quite large. Public infrastructure, housing, shopping and hotels have encouraged large construction projects over the past few years. The country has a small mining sector. This sector primarily tends to local needs and supplies small quantities of industrial metals such as iron and nickel. One of the factors that have led to a robust industrial sector is the investment into research and development. Furthermore, the public education system has encouraged mathematics, science and engineering. Among the foremost institutions of research and teaching on this topic in the world is the Komodu Institute of Science and Technology (KIST).
Services
The services sector makes up about 60% of the economy. The sector forms the biggest source of economic output and is the largest employer in the country. The country has sizeable financial services sector. This can be attributed to the easy exchangeability of the local currency, sound institutions and practices, low taxes, the liquidity of the banks, and the availability of credit. Overall, Hama is a net creditor. The largest indigenous bank is the Royal Banking Company. It was created in the late 19th century to provide commercial banking services, while the Bank of Hama forms the central bank of the country.
The tourism sector forms the second largest sector. The country has many historical landmarks and beautiful scenery. It receives millions of visitors, particularly from developed countries. This is due to the safety, good hotels and shopping malls, affordable accommodation and easy exchangeability of the dahab. There are many wide-ranging services such as retail and government services, but they mostly make up relatively small portions of this sector because of its size and diversity.
