Economy of The Oan Isles
| Economy of The Oan Isles | |
|---|---|
 La Rochelle, a major centre of international finance. | |
| Rank | 4 (Aurora), and 1 (Polynesian Union) |
| Currency | Oan Dollar (OAD or OA$) |
| Fiscal year | 30 March - 1 April |
| Statistics | |
| GDP | $1.82 trillion |
| GDP growth |
 2.9% |
| GDP per capita | $35,000 |
| Inflation (CPI) |
5.4% |
| Population below poverty line |
3.1% |
| Gini coefficient | 39.5 |
| Labour force | 29,234,400 |
| Unemployment | 6.3% |
| Main industries | Financial services, transhipment, information technology, tourism, electronics, recycling, construction, fishing |
| External | |
| Exports | $500 billion |
| Export goods | Electronics, robots, scientific apparata, ships, aircraft, weapons and fish |
| Main export partners | Polynesian Union, Auroran Continental Assembly, Atlantian Alliance, Gordic Council |
| Imports | $480 billion |
| Import goods | Metal, water, electricity, uranium, fuel, food, wood, sand, stone, cement |
| Main import partners | Polynesian Union, Auroran Continental Assembly, Atlanian Alliance, Gordic Council |
| FDI stock | $28 billion |
| Public finances | |
| Public debt | $5 trillion |
| Revenues | $895 billion |
| Expenses | $887 trillion |
| Economic aid | 18 billion |
| Credit rating | A– (Domestic) |
| Foreign reserves | $270 billion |
| All values, unless otherwise stated, are in US dollars | |
The economy of the Oan Isles follows a mixed socialist and free market model. High taxes, welfare programs and state regulation are employed to control the private sector, promote income equality and redistribute wealth. The state undertakes entrepreneurial activities and invests in industry. Private enterprise is permitted and even thrives. Inequality continues to be a major concern. Wealthy families own most of the nation's wealth through trusts that own and manage their pooled assets.
The Oan Isles has a wealthy economy. The country has the largest economy in the Polynesian Union and the fourth largest economy in the Auroran region. The Oan Isles has a nominal GDP of 1.82 trillion SHD and a per capita distribution of 35,000 SHD. The Oan Isles has a PPP GDP of 2.08 trillion SHD and a per capita distribution of 40,000 SHD. The Oan economy has a positive growth of 2.9%.
The Oan Isles has a diverse economy. The primary sector makes up 1% of the economy. The secondary sector makes up 39% of the economy. The tertiary makes up 60% of the economy. The largest sectors of the economy are financial services, transhipment, telecommunications, information technology, tourism, government, retail, electronics, robotics, scientific apparata, machines, weapons, aircraft assembly and ship building.
The Oan Isles has an export driven economy. It's largest trade partners are Konoa, Asian Pacific Islands, East Polynesia, Staynish-Caltharus Empire and Kuthernburg. It has imports of 480 billion SHD. They include metals, fuel, food, wood, sand, cement, weapons, and machines. It has exports of 500 billion SHD. They include electronics, robotics, scientific apparata, weapons, aircraft and ships.
The Oan Isles has several companies. The largest companies include the Metatron Corporation (electronics), Standard National Bank (banking), Cafe Net (internet services), Oan Industrial and Commercial Bank (banking), Floating Market (retail), Oan Shipwrights Corporation (shipbuilding) and Oan Aerospace Corporation (aircraft). Approximately 10 Oan companies appear on the Auroran Stock Exchange 100 Largest Companies in Aurora Index.
The Oan Isles has stable public finances. The Oan Isles uses the Oan dollar as its legal tender. It has a stable exchange rate of 7 OAD to 1 SHD, and 4.1 OAD to 1 KRB. It has an interest rate of 1%. It has reserves of 270 billion SHD. It has managed to remain buoyant on its high debt of 5 trillion SHD through beneficial repayment agreememts. The state generates revenues of 895 billion SHD and expenses of 887 billion SHD.
Ultimately the Oan economy is helped by an active and competent government, highly technically skilled, innovative and hardworking population, strong cooperative wealth generation and management tools, strategic geographical position, prudent investment choices and a policy that actively pursues interaction with other nations.
Primary Sector
The primary sector is made up of fishing, forestry, agriculture and mining. By far the largest component of the primary sector is fishing. The primary sector makes up 1% of the economy of the Oan Isles. This represents 18.2 billion dollars in nominal terms or 20.8 billion dollars in power purchasing parity terms. This sector benefits from the location of the Oan Isles. It is located in fhe tropical area of the world. There are many coral reefs. Coral reefs contain a large amount of the marine life on the planet. They make up about 25% of the marine life of the planet, yet they only make up 2% of the planet's oceans.
The Oan Isles is heavily urbanised. That means it is covered in cities. Much of the country does not have space for forests and farms. Many companies have chosen to build tall greenhouses in order to produce food. This is called vertical farming. Produce is grown going up rather than spreading on the floor. This was done because there was no space for farms. The Oan people are so numerous, however, that the sector cannot produce all of the food that they need. A big part of the food that is eaten comes from neighbouring countries.
Secondary sector
The secondary sector is made up of processes that turn natural resources and raw materials into goods. This sector makes up 39% of the economy. This represents 709.8 billion dollars in nominal terms or 811.2 billion dollars in power purchasing parity terms. This sector drives the economy, generates jobs and makes up most exports. It benefits from a highly technically skilled workforce and an established and generally positive reputation.
This sector is diverse and is made up of a variety of industries. The biggest part of this sector is the production of electronics. This is followed by the manufacture of robots, scientific apparata, ships, aircraft and weapons. A very large and important part of this sector is the recycling of old goods to produce new ones. The ability and willingness to take what seems like garbage and turn it into profit is a very important part of this sector. It allows us to reuse materials that would have otherwise been discarded. Another important part of this sector is property development. This is the construction of infrastructure and other facilities that make it possible for the economy to work. Because the Oan Isles is heavily urbanised, new buildings are constantly being erected and roads are being laid.
The biggest company in the Oan Isles was the Metatron Corporation. It was the 8th largest company in Aurora. Its manufacturing component, Metatron Industries remains the single largest exporter in the country. It is followed by the Oan Shipwrights Corporation, the Oan Aerospace Corporation, the Oan Arms and Munitions Corporation, the Oan National Motor Corporation, Takalo Pharmaceuticals, Moana Chemicals, Pounamu Technologies and Huahana Industries.
Services
The services sector relates to services that are performed for rather than goods that are sold to people. The services sector is the largest sector of the economy. It makes up 60% of GDP. It generates 1.248 trillion SHD of PPP GDP and 1.092 trillion SHD of nominal GDP. It employs 40% of the workforce. It is highly influential and far reaching.
It is a diverse sector. Its biggest sector is made up of financial services. This sector manages how money moves around. This translates to many institutions such as banks, insurance companies, auditing firms, and transaction handlers. The biggest company in this sector is the Standard National Bank. This sector is followed by transhipment. The Oan Isles lies at the mouth of the Caven Sea that connects two major oceabs (the Packilvanian and Pacific) oceans with one another. By extension, it connects three continents: Yasteria, Aurora and Gondwana. Many ships pass through Oan ports and many countries rely on Oan shipping companies to ferry their products across the seas.
These two big sectors are followed by information technology. Information technology relates to services that are offered on digital devices, that cannot be touched. This includes services on the internet and the development of software. The biggest company in this sector is Cafe Net. This sector is followed by tourism. Millions of people come every year to visit and enjoy various sights such as museums, hotels, shopping malls, clubs and resorts. Retail is a big sector. It is made up of the actual selling and buying of goods. Due to the large and affluent population of the country, the sector is booming. Many people can afford the products on offer. This biggest retailer is Floating Market.
Telecommunications is also large. It is the process of communicating through a device like a cellphone and all the services and infrastructure that support that process. This biggest provider of telecom services is the Oan Telecommunications Corporation (generally known as Oan Telecoms). This sector is followed by all the services that are provided by the government. Many are usually affordable or free. This covers many services such as healthcare, utilities and administration.
What makes the services sector of the Oan Isles such as a big part of the economy is that many Oan companies also work for and make money from clients overseas. For example, Standard National Bank has an office in Tarov, the capital of Tivot. Ita Marama is a big network of accountants and auditors that has offices in 28 countries. Oan Telecoms has a monopoly on internet access and network coverage in Nacata, Atiland and Latianburg. Floating Market is the biggest online shopping service on the continent of Aurora.
Monetary Policy
The Bank of the Oan Isles issues and regulates the Oan currency, which is the Oan Dollar. The average exchange rate of the Oan Dollar is 7 OAD to 1 SHD, 3.5 OAD to 1 Kirib and 1.8 OAD to 1 Veskono. It is backed by sizeable reserves and supported by low interest rates and a stable institutional infrastructure, and policy framework. It is a fiat currency, fluctuating in value according to market forces. Its value was significantly reduced in 2017 by the Auroran-Pacific War, massive below-market value sale of Xagrurgian kiribs and completely leaving the Auroran Common Monetary Apparatus. Analysts believe that the devaluation was a long term achievement, that attracted more buyers of Oan services and goods.
Fiscal policy
The National Budget hovers around 1,3 trillion SHD. It is set by the National Treasury. It focuses on health, education, social welfare, and infrastructure followed by law and order, administration, and debt servicing. The state generates income from rents, taxes and profits around 1,3 trillion dollars in total. It has a high debt of 6 trillion dollars, with its largest contributor being the LabiaTurtle Bank seated in Blueacia. Through shrewd policy frameworks and negotiations, debt has been offset and its impact, especially on the poor and working class, has been significantly reduced. Taxes, especially for the rich, are high, going as far as 60% of income and profits.
Trade
The Oan Isles has a large number of trade partners. Its largest trade partners by political and/or economic bloc are: the Polynesian Union (33%), the Auroran Continental Assembly (25%), Atlantian Alliance (20%) and the Gordic Council (12%).
Its largest trade partners by country are: Konoa (15%), Asian Pacific Islands (12%), Staynes (9%), Kuthernburg (8%), Caltharus (6%), East Polynesia (6%), Tuvaltastan (4%), Dragonia (3.5%), The Atlae Isles, Furnifold, Tretrid, Mexregiona, and Latianburg (2%).
