The Economy of Novos Romanos
The Economy of Novos Romanos is a mixed economy that is made up of a few state owned enterprises and domestic and foreign private businesses. The income generated by state owned companies accounts for 7% of the Total GDP, with Private enterprise accounting for the remaining 93%. The most important stock exchange for Novos Romanos is located in Tokyo. Novos Romanos' economy is highly diversified and is a big player in international trade. Major sectors include Manufacturing, electronics Manufacturing, e-commerce, retail, energy generation, green energy, telecommunications and banking.
The Modern Economy
Novos Romanos turned away from Socialism and adopted a capitalist economy in 2012. After the change many new companies were founded and economic growth rates skyrocketed to a growth rate of 14.5% in 2010 and a 7.5% growth rate in 2015. The average economic growth was 3.2% for most of the following decade.
The state provides universal health care to all tax paying citizens or people who have legally resided in Novos Romanos for 4 months. Health insurance is also provided for anyone choosing to use a private healthcare service.
Minimum wage laws
The State provides a base pay of ¥150,000 per month to all working citizens on top of the wage provided by the company the person in question works at. Private companies are required to pay their employees at least ¥180,000 in wages, if the wage for a job/s is deemed too low by the National Department of Private Firms Regulation the company in question will be required to review their wage for that job. If they fail too do so the buissness will be brought under state control until further notice.
The manufacturing sector contributes 36.2% of the GDP. Novos Romanos imports most of its raw materials from other countries and its colonies. An estimated 103.6 Mega Tonnes of Steel was produced in 2019, which has increased to 105.4 Mega Tonnes in 2020. The majority of the country's steel production comes from large scale production centres. Novos Romanos is currently the third biggest exporter of steel. Demand for steel is remaining the same but is expected to decrease in the coming years.
Novos Romanos is a huge producer and exporter of electronic products. This sector saw huge amounts of growth when Novos Romanos transitioned from socialism to capitalism, before that the government didn't see much need to produce huge amounts of them. It has since become so successful that it consumer electronics alone made up 32.4% of all exports in 2017 and accounts for 32.3% of the GDP. Electronics companies in Novos Romanos include Hitachi, LG, Panasonic, SHARP, Origin Electric and hundreds of others.
Another large sector is the automobile industry, fossil fuel cars were banned under the Environmental Protection Act of 2017. Now only electric and Hydrogen powered cars are produced, this does mean that selling automobiles in Romaniche is easy as they have banned fossil fuel powered vehicles as well. Around 93% of all cars sold in Novos Romanos are from Novos Romanosian car manufactures such as Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, Infiniti, Acura, Lexus, Kawasaki, Yamaha, and Mitsuoka.
The services sector brings in 69.8% of the GDP and is the largest sector by far. The majority of the services sector is dominated by private businesses. Retail brings in the majority of our nations wealth and is the fastest growing sector with an increase in output by 5.9% since the end of 2019. Shopping centres the size of small towns such as the Tokyo Mega Mall are present in the largest citys.
Novos Romanos has an expansive and diverse communications network that connects all parts of the country and its colonies via the Internet. Approximately 98% of Novos Romanosian citizens use the internet as of 2020. There are 8 national parks in Novos Romanos. 69 million tourists visit Novos Romanos per year. The tourism industry makes approximately $59 billion per year.
Novos Romanos has moved away from traditional farming and has adopted hydroponic farming for the majority of its food production as there simply isn't enough space. Every city has an abundance of hydroponics farms among skyscrapers, shops and apartment blocks. This leaves a lot more space for housing, shops and factories. Approximately 2% of all food produced is exported to other nations, with the remaining 98% going into the manufacturing industry to be produced into consumer goods. Fish farming is a large part of the agriculture industry, although it is slowly declining as more environmental protection laws are put into place.
Energy Generation and minerals
The energy generation sector constantly grows to the meet demand of Novos Romanos' growing population and expanding industries. Approximately 89% of the energy output comes from nuclear power plants with the remaining 11% coming from Solar, wind and hydro-electric power. Novos Romanos has hardly any oil, so the oil power industry has rapidly declined since nuclear energy took off. There are large deposits of limestone around the isles of japan which are used for concrete.
This factbook was heavily inspired by Kamchakta's factbooks, please go and check his out ^-^