In Altera, the local currency is known as the Alteran Credit and is identified by its unique symbol; the Credit Marker (Ͼ). The Alteran Credit is widely considered a stable currency, with 1Ͼ AC approximately valued at $1.2 USD.
Gross Domestic Product
Gross Domestic Product, more commonly referred to as GDP, is a standard method of measuring a nation's wealth.
Altera's GDP, as of 2020, was measure at Ͼ564 billion (approximately $679 billion), making it one of the consistently strongest economies in the region.
Economy by Sector
Altera is well regarded as a balanced economy, with a wide variety of industries, sectors and organisations operating within the country.
76.8% Services - Retail, Banking, E-Commerce ...
18.7% Industry - Manufacturing, Assembly, Mineral Extraction and Refinement ...
3.0% Science/Education - Higher Learning Institutes, Research and Development ...
2.5% Agriculture - Diary, Crop Growth, Food Processing ...
Altera has enjoyed consistent growth in most areas of its economy for the past several decades.
In 2019, the country's economy grew by 1.7% and is expected to exceed 2.2% growth by the end of 2020.
Employed citizens and civilians are all granted a tax-free allowance. This means that they do not pay any income tax on the first Ͼ20,000 ($24,000 USD) they earn.
Studies constantly show that the tax-free allownace - coupled with the Universal Basic Income is the best method of stimulating financial growth.
Domestic Tax Rate
Altera has some of the lowest tax rates within Northern Argus and, arguably, in the whole region. Citizens and civilians only pay:
5.0% on incomes upto Ͼ30,000 ($36,000 USD)
8.0% on incomes upto Ͼ60,000 ($48,000 USD)
12.5% on incomes upto Ͼ100,000 ($120,000 USD)
17.5% on incomes above Ͼ100,000 ($120,000 USD)
It is difficult to please everyone regarding inflaction rates. Some banks and businesses like high inflation; whereas the average consumer wants low inflation.
Altera's Central Bank helps to monitor and regulate the rate of inflaction, keeping it at a consistent 0.4% over the last six months of 2019.
Business Tax Rate
To keep Altera's high commercial success, it is important that business keep costs down. Altera's low business rates enable for a continued growth of jobs and prosperity.
5.0% on profits upto Ͼ250,000 ($300,000 USD)
10.0% on profits upto Ͼ1,000,000 ($1,200,000)
12.5% on profits above Ͼ1,000,000 ($1,200,000)
Aerospace and Defence
Established in 1972 by Albanus Bato, a prominent Alteran investment banker, who saw the potential in a homegrown aerospace and defence company.
Employing over 40,000 people, it has grown to become one of Altera's largest and prominent aerospace companies.
Alteran Overseas Airways Corporation (A.O.A.C.)
Premium Airline and Tourism
A.O.A.C. is the nation's oldest airline and is the official airline used to transport Alteran VIPs in overseas visits. Founded in 1939 after merging Alteran-Argus Airways and Alteran Airways.
The company employs over 20,000 people, plying over 50 destinations in 20 regional nations.
Logistics and Air Freight
Founded in 1983, Baersk has become one of the largest freight companies in Northern Argus, operating a huge number of owned and charted freight and ferry ships, along with number aircraft and freight ports.
The company is said to directly handle over 60% of the freight that moves in and out of Altera and is set to continue to expand overseas.
Aerospace and Defence
Established in 1989 as a rival to AAe's monopoly on the Alteran airliner market, releasing their still-popular C-100 regional airliner. Employs over 5,000 people across Altera and Northern Argus. In the past few years, the company has begun to move into the guided weapons and light transport market.
Coffee Shop Franchise
Originally operating as a coffee wholesaler since 1979, supplying coffee to specialist cafes and caterers. However, from 1987 the company changed direction and intended to sell its own coffee through its own stores - the first store opening in Altera. Since then, Coffee GoGo owns over 2000 stores nationwide, along with many hundreds of coffee vending machines and many more stores region-wide.
Retail, Insurance and Telecommunications
Starting from humble, grocery-store origins in 1876, CONTA has since grown to become one of the most prominent retail companies in the country. Employing over 360,000 people, it is one of Altera's largest single employers.
The company has since expanded into other markets, including insurance and as a mobile network operator.
Technology and Telecommunications
CONWAY is an Alteran-based, multi-national company that was set up in 1946 by Alec Conningsworth and Valencia Wayoric. The name came by combining their surnames.
Creating a variety of iconic electronics over the years, CONWAY is best known for its Quantia series of smartphones.
Technology and Telecommunications
A recent acquisition to the Conway family, Dami-Tech started out as a budding mobile phone and household developer and manufacturer in Athara Magarat. Suffering from poor export sales and a limited market share in their home nation, the company was purchased by Conway - seeing their potential as a low-cost manufacturer for low-to-medium costing gadgets and devices. Currently best known for their Orogen model of mobile phones.
Low-Cost Airline and Tourism
A more recent addition to Alteran-based airlines, dragonFly was established in 1997 by successful businesswoman Caesonia Sanctus to corner the no-thrills market. Quickly establishing dominance in northern Argus, the airline and its 3,000 employees have been substantial growth in the short-haul market.
Felix Automotives is a multi-national automobile company that designs and manufactures a variety of domestic and commercial vehicles. Felix is set to become Altera's first all-electric vehicle manufacturer by 2020.
The company employs over 12,000 though due to increased automation set against a slow demand for a larger workforce, that number has not seen substantial growth in the past 5 years.
Unmanned Robotics and Drones
Established in 2013, Gimstán robotics is an Alteran robot and drone manufacturer. Since the formation of the company, Gimstán has won several collaborative and exclusive government and private contracts to design, supply and maintain drones and robots. The company is best known for it's work in Unmanned military drones and autonomous/semi-autonomous drones for Public Security forces.
Internet, Data Management and Technology
Established in 1985 during the Alteran tech-boom, Horizon made a name for itself as an innovative tech company, eager to grow and outcompete (or merge) with its rivals.
C.E.O. Keith Ryansan started the company from his garage but now employs over 210,000 people. It is the keystone company in providing data services to Alteran and other national government and corporations.
Soft Drink and Beverages
Produced in Altera since 1898, Pippu Cola - or as it's more commonly known, Pippu - is one of the many cola soft drinks available throughout the region. Although made famous by its original carbonate cola drink, Pippu has branched out into numerous styles and tastes; ranging from carbonate water, fruit-flavoured soft drinks, energy drinks and fresh fruit juices. A very popular brand in Altera, with some limited success internationally.
Founded in the 1980s, RedSys was formed following concerns over foreign monopolies in Alteran focused telecommunication markets - which at the time was largely dominated by foreign companies. Backed by the Curia, RedSys grew to become one of Altera's largest telecommunication companies. The company now handles over 60% of domestic, commercial and government communications and is spearheading the development of the national 5G network.
Internet and Technology
Originating in neighbouring Xrevaro, RiChu is one of the many success stories to come out of join Xrevaro-Alteran partnerships. Founded in 1988, RiChu has steadily grown as an internet service provider and search engine, the bulk of its success in the late 1990s. However, following a fifteen-year slump, RiChu was recently bought by CONWAY for its data and internet services.
Premium Airline and Tourism
Sterling Airlines is Altera's oldest and longest-running privately owned airline company, successfully founded in 1971 by Lancelot Sterling.
The company employs over 20,000 people and is well known for its generous pension schemes and benefits for its employees.
Verhun Defence Systems
An amalgamation of several smaller companies, Vehun started life as a steel and ironworks in the 1830s, producing steel and assorted metal components for a variety of machine, metal and construction industries. Following their success in the shipbuilding industry, the company went on to become Altera's largest defence contractors.