Economy of The Oan Isles

The economy of The Oan Isles is a diverse, developed, mixed socialist and free market economy.

Primary Sector

The primary sector is made up of agriculture, forestry, fishing and mining. It is centered almost entirely on the Oan Pacific Islands. The sector generates 10 billion SHD. It employs 100,000 people. The agricultural sector is dominated by tropical fruit, palm products, maize and chicken. The forestry sector is dominated by teak and mahogany. Fishing is dominated by tuna, hake, shellfish and crayfish. Mining is dominated by marble, granite and quartz. Products are generally consumed and processed domestically in lieu of the lack of natural resources and availability of space. The sector produces 20% of Oan food needs.

Manufacturing

The secondary sector relates to processing natural resources and raw materials to create something new. This sector makes up 40% of the Oan GDP. It contributes almost all of the goods that are sold overseas. It generates 832 billion SHD of PPP GDP and 728 billion SHD of nominal GDP. It is the largest contributor to economic growth and employment. It employs 60% of the population. It is a large source of foreign earnings, hard currency and foreign direct investment.

This sector is diverse and is made up of a variety of industries. This includes: electronics, robotics, household appliances, microchips, optic fibres and solar panels, cars, planes, helicopters, ships, submarines, arms and munitions , pharmaceuticals and chemicals, communication apparata and satellite technology, and textiles and consumer goods.

The biggest country 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 Shipyards 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 55% of GDP. It generates 1,44 trillion SHD of PPP GDP and 1 trillion SHD of nominal GDP. It employs 40% of the workforce. It is highly influential and far reaching.

Its largest component is the financial services sector. This diverse sector includes commerical, investment and development banking, and insurance. It is followed by the information computer and technology sector. This sector ranges from online applications and digital services, software development and communications. It is followed by tourism, gambling, real estates, media and entertainment, and transhipment and re-export, among many others.

The largest company in this sector is also the second largest company from The Oan Isles and the tenth largest company in Aurora: the Standard National Bank. It is followed by Cafe Net, FloatingMarket.com (which works with Posol Industries), OANTELECOMS (which has monopolies over internet communications in Latianburg, Atiland and Nacata), Marama Insurance, Huatamanu Shipping, Tamatea Estates, Metatron Technologies, Aotearoa Bank and Arokomotua Communications.

Construction

The property development and construction sector generates 5% of GDP. That represents 104 billion dollars in PPP GDP and 91,4 billion dollars in nominal GDP. Total property in the Oan Isles is worth nearly 100 trillion dollars. It relies on high prices and easily available credit. Property booms are avoided due to state intervention and management, and affordable rent for the poor. The Oan Isles has some of the most severe property prices in the world. La Rochelle's Tomaoaeni District is worth 100,000 SHD per square metre. Due to the mercurial nature of jobs and projects it is difficult to ascertain the number of jobs. 4 million people worked on construction sites at some point in the 2016/2017 calendar year.

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%).