Economy of Alduria
|This article or section is a work in progress. The information below may be incomplete, outdated, or subject to change.|
|Currency:||the Aldurian Écu (€)|
the Natopian Natopo ((₦)
|GDP:||€2.761 trillion (1682 AN)|
|GDP by Sector:|
|Major Industry (% of GDP):||TBD|
|Largest Company (Value):||TBD|
|Labour Force (% of Total Population):||TBD (TBD %)|
|Labour Force by Sector:||
|Unemployed (% of Total Population):||▼ 6.3% (1682 AN)|
|Budget Surplus or Deficit:||TBD $|
|Export Partners:||Krasnocoria, Natopia, Constancia, Craitland|
|Import Partners:||Natopia, Krasnocoria, Constancia, Craitland|
|Reserves of Foreign Currency:|
The economy of Alduria is a developing free-market, primarily knowledge-based economy, allowing the country to enjoy a high standard of living. The prosperity of Alduria's economy has allowed the country a developing modern infrastructure and a high-technology sector. Early in its development, Alduria benefitted greatly from increased foreign investment in the country, mainly from Kransocoria, Natopia, and Constancia. The growing activity in the oil and natural gas sectors fueled economic development and growth across Alduria and attracted more foreign direct investment under private-public partnerships to develop drilling operations and further source exploration.
Alduria has many companies that resettled in its lands after the collapse of Caputia and Altus. Constancian companies are allowed a very easy incorporation/formation process in Alduria simply with the presentation of a valid Constancian business license and appropriate registration paperwork for free. There is a growing number of native startup companies, with defense contractors, technology, and manufacturing being the top 3 categories of startups in Alduria. Other high-tech multi-national corporations have opened factories and R&D centers in the country during 1673-1678 AN.
The country's major economic sectors are high-technology and industrial manufacturing. The Aldurian oil industry is among the largest of Micras, and it amounts to 23.2% of Aldurian exports. Alduria depends on imports of raw materials, wheat, uncut diamonds, and production inputs. The country's nearly total reliance on oil and natural gas for energy may change in the future with a growing leading role of the Aldurian solar energy industry and a nascent Aldurian nuclear energy industry.
Alduria's large network of universities, defense colleges, and technological colleges and the increased immigration of highly motivated and educated Alexandrians, Natopians, and Caputians is largely responsible for ushering in the country's high technology boom and rapid economic development since its founding. A high concentration of high-tech companies across the country is financially backed by a strong venture capital industry. Numerous Aldurian companies have been acquired by global corporations for their reliable and quality corporate personnel.
Alduria's economy is often praised as among the freest in Micras. Alduria has also signed free trade agreements with Antakia, Constancia, Elwynn, Florian Republic, Jingdao, Krasnocoria, Natopia, Ransenar, Sanama, the UGB, and other nations.
Alduria is also a major tourist destination, with over 2 million visitors in 1678 AN. Its Southern Riviera, composed of the states of Biscarrose, Asuara, Napoleon, Valenciana, and Valladares, is internationally known for its seaside resorts, great surfing, and beautiful beaches. The area raised in prominence principally because of the development of Aldurian cinema and the early beginnings of the Aldurian counterculture movement. It has become a magnet for the Constancian and Natopian jet set and tourists. From 1676 to 1679, the Department of Commerce ran a tourism marketing campaign in Constancia, Natopia, Ransenar, Sanama, and Elwynn aimed at encouraging more visitors from those countries to Alduria.
The nation's water crisis, the end of the West Baatharzi War, and high levels of national and consumer debt are some of the most important challenges the Aldurian economy faces in its future. Income inequality and high housing and commodity prices continue to be a concern. Members of Parliament and local politicians have called for reforms to boost the housing supply and to increase competition in the banking sector to address public grievances. Despite calls for reforms, the restricted housing supply continues to impact younger Aldurians seeking to purchase homes. Private consumption is expected to drive growth, with consumers benefitting from low inflation and a strong currency.
In the long term, Alduria faces structural issues including low labor participation rates for minority groups in Alduria, mainly the Babhki, Eurani, and Ladino communities. Also, Alduria's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services. These sectors will face downward wage pressures from aggressive global competition as Alduria's economy continues to open to the world. Expenditures on educational institutions remain low compared to most other nations in Micras.