Economy of Wieniec

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Economy of Wieniec

Currency	Wieniecki Złoty (Zloty)
Poverty Line	1
Occupations	1
Unemployment Rate	1
Average Gross Salary	1
Average Net Salary	1
Major Industries	1
Exports	1
Main Export Goods	1
Main Export Partners	1
Imports	1
Main Import Goods	1
Main Import Partners	11
Foreign Direct Investment	1
Current Account Balance	1
Gross External Debt	1
Public Debt	1
Budget Balance	1
Government Revenue	1
Government Expenses	11
Foreign Aid	1

The economy of Wieniec is an emerging and developing, high-income, industrialized mixed economy that serves as one of the largest in Keltia by nominal GDP and by GDP (PPP). Wieniec boasts the extensive public services characteristic of most developed economies and is one of few countries in Keltia to provide no tuition fees for undergraduate and postgraduate education and with universal public healthcare that is free at a point of use. Since 1988, Wieniec has pursued a policy of economic liberalisation but retained an advanced public welfare system. Among most nations, Wieniec has a highly efficient and strong social security system; social expenditure stood at roughly 22.7% of GDP.

The largest component of Wieniec's economy is the service sector (52.3%), followed by industry (34.2%) and agriculture (13.5%). Following the economic reform of 1989, Wieniec's external debt has increased from $42.2 billion in 1989 to $365.2 billion in 2014. Wieniec shipped US$224.6 billion worth of goods around the globe in 2017, while exports increased to US$221.4 billion. The country's top export goods include machinery, electronic equipment, vehicles, furniture, and plastics.

As of 1744, the Wieniecian economy had been developing steadily for 28 years GDP per capita at purchasing power parity has grown on average by 6% p.a. over the last 20 years, the highest in Keltia. Wieniec's GDP has increased seven-fold since 1990. Wieniec's nominal GDP has increased by 500% since 2000.

History

Wieniec has seen the largest increase in GDP per capita (more than 100%)It has had uninterrupted economic growth since 1692, even after the Revolution of 1701.

Before 1989

This article discusses the economy of post-revolution Wieniec. For a historical overview see:

• Economy of the Free City of Wieniec

1701–1720

The Wieniecian state steadfastly pursued a policy of economic liberalization throughout the 1990s, with positive results for economic growth but negative results for some sectors of the population. The privatization of small and medium state-owned companies and a liberal law on establishing new firms has encouraged the development of the private business sector, which has been the main drive for Wieniec's economic growth. The agricultural sector remained constrained by structural problems, surplus labour, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g. coal), has also been slow, but foreign investments in energy and steel have begun to turn the tide. Also, reforms in healthcare, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with a focus on inflation, are priorities for the Wieniecian government. Further progress in public finance depends mainly on the reduction of public sector employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels.

File:Historical GDP per capita development in Wieniec up to 2022.png

Estimated historical development of real GDP per capita in Wieniec (1400–2022)

1721 - Present

In the period from 1690 to 1744, Wieniec's GDP increased by 826.96% and it was the best result in Keltia. In 1701, the Wieniecian national income amounted to USD 65.978 billion, and by 2017 it had increased to USD 524.5 billion. Achieving these results was possible thanks to the privatisation of state-owned enterprises, the development of private entrepreneurship, but also the rapid increase in work efficiency and openness to foreign direct investments. In 2018, the Wieniecian economy grew by 5.1% compared to 4.8% in 2017. Economic growth in the fourth quarter of 2018 in Wieniec amounted to 4.9% on an annual basis and compared to the third quarter, where GDP increased by 5.1%, it was slightly lower. During this period, investments increased by 6.7%, private consumption also increased by 4.3%, and domestic demand increased by 4.8%. The PMI index in January 2019 was 48.2 points and was higher than in December 2018 when it amounted to 47.6 points.

Data

The following table shows the main economic indicators in 1700–1745 (with staff estimates in 1745–1750).

Year	GDP (in Bil. WIN)	GDP (in Bil. US$ nominal)	GDP per capita (in US$ nominal)	GDP growth (per year*, real)
1700	522.0	116.00	31,049.25	5.20%
1705	657.7	146.16	35,614.07	4.90%
1710	818.9	181.97	40,126.26	4.60%
1715	1007.2	223.82	47,686.28	4.10%
1720	1213.7	269.71	49,245.38	3.73%
1725	1440.2	320.05	52,884.93	3.13%
1730	1665.6	370.14	55,450.06	2.84%
1735	1902.3	422.74	57,520.56	3.12%
1740	2199.3	488.73	60,509.70	3.40%
1745	2573.4	571.87	64,307.96	3.68%
1750*	3047.2	677.16	67,686.91	3.96%

• - *yearly average