3
Dispatch → Account → Trade
Economy | Hexcon
.
Currency: Credit (₡)
Fiscal Year: Calendar Year
Trade Organizations: League of Nations
GDP: 574 billion
GDP Per Capita: 35,000
GDP By Sector: Agriculture: 12.8%;
Industry: 31.1%; Services: 56.1%
Population Below Poverty Line: 9.6%
Labor Force: 7.761 million
Unemployment: 3.4%
Average Yearly Salary: 62,190₡
Income Tax Rate: 25%
Main Industries: Technology, Agriculture,
Oil, Shipbuilding, Automobile Manufacturing,
Fishing
Exports: 351.5 billion
Export Goods: Automobiles, Oil, Technology, Meat,
Commercial Aviation Electronics, Iron
Main Export Partners:
Zazumo, Treka-conland, Masoni, Troaso
Imports: 330.3 billion
Import Goods: Weapons, Chemicals, Medicines,
Food, Technology, Planes, Lumber
Main Import Partners: Kep,
Keomora, Zazumo, Masoni, TroasoGross External Debt: 1.213 Trillion
Hexconian Economy
According to the World Bank and the International Monetary Fund, Hexcon was one of the largest economies of the region in 2016, while the country has only about 17 million inhabitants. The GDP per capita is roughly $31,000 which gives it one of the highest GDPpc's in the region. Between 1996 and 2000 annual economic growth (GDP) averaged over 4%, well above the regional average. Growth slowed considerably in 2001-05 as part of the regional economic slowdown. 2006 and 2007 however showed economic growth of 3.4% and 3.9%. The Hexconian economy was hit considerably by the ongoing regional financial crisis and the ensuing Western Isles debt crisis.
Hexcon has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a very sizable current account surplus and an important role as a regional transportation hub, with Riven having one of the biggest ports in the region and Urba having one of the biggest airports in the region. Industrial activity is predominantly in Technology, Automobile Manufacturing, Oil, Agriculture, and Chemicals. A highly mechanised agricultural sector employs no more than 4% of the labour force but provides large surpluses for the food-processing industry and for exports.
History
Before gaining independence, Hexcon's economy was 87% Agriculture. It only supplied for itself, and only had a GDP of 22 billion.
After gaining its independence from the Realm of Councilry in 1912, Hexcon experienced almost three decades of explosive economic growth. A technological revolution in shipbuilding and trade knowledge occurred due to merchants who fled to Hexcon and helped the young Republic build up their economy. This economic boom abruptly came to an end by a combination of political-military upheavals and adverse economic developments around 1935. Still Hexcon kept a high level of prosperity, due to trade and agriculture.
Technology became a large economic factor in late 1970, with Fone producing its first device. After that large oil deposits were found along the Riven River. The economy has just started going on the largest incline ever seen for Hexcon due to joining the League of Nations.
Large Companies
Fone - Mobile Device Company
Vortex Motors - Motorcycle Manufacturing Company
Folk Oil - Oil Drilling Company
Gibson Shipbuilding Industries - Naval Ship Manufacturers
Paragos Shipyards - Recreational, Fishing, Cargo, and Naval Ship Builders
Zimmerman-Nalty Manufacturing Co. - Aircraft Builders
Income Tax
The income tax rate is currently 22%. The tax rate is decided on yearly by the cabinet of ministers. The lowest it has been is 8% and the highest 25%. In 1973, The Councils voted on a flat tax system with the rich being taxed the same as the poor. When the year is over, any left over tax money is redistributed to the public, with the rich not getting as much as the poor.
Tax Money
52% - Defense
21% - Law, Order, and Justice
12% - Services (ex. Mail)
7% - Public Healthcare
5% - Administration
3% - Other
