GDP: $349.377 billion
GDP per capita: $26,578
GDP growth: 2.4%
Torom has a developed economy focused mainly on tourism, and consumer retail services. It has a GDP of around $349.377 billion as of 2017, and a GDP per capita of $26,578. Torom consists of a free market economy with major sources of revenue being mining, ore refining, tourism, and retail. The biggest ones being tourism, and retail. Torom has multiple economic relations with other countries and it relies heavily on outside interactions and trade to keep its economy stable and growing.
Torom's main economic rival is the small state of Keverai. Both are known for their contrasting industries and rudeness to each other diplomatically, and personally. Much motivation for growth for some companies is combating Keveraite influence in the international market.
Torom's main primary industries are fishing(3% of GDP) and mining(5%). Fishing is however not so productive as does other domestic food industries and agriculture due to the poor soils in the country, as a result Torom has to import almost a quarter of its food from foreign countries, especially grains like wheat and rice.
Mining dominates Torom's primary sector consisting of over half of Torom's primary industries. Much of the mining happens in the highland mountain areas of the country which contain many ores, most especially iron. As a result of this, and the relatively new finding of these ores, have caused a mining industry to spring up in Torom over recent years as well as refinery industries.
Industry constitutes 20% of the country's GDP. Most main industries have come from the recent mining boom and are based on ore refining, and steel production. As a result, Torom frequently exports shipments of metal, largely steel, and iron to other countries.
Tourism is one of the largest parts of the Toromish economy, contributing about 25% of the country's GDP. Many of the numerous sites and cultural cities across the country attract millions of people per year, as well as popular cuisine, luxury items and hotels, and its famous glassworking souvenirs and competitions.
Torom is host to many museums of art and sculpture of differing genres and styles. The most famous being the Gusatter Museum of Fine Art with thousands of visitors per year. Many events like the yearly Grand Fair are the main attractions in the country and draw in many tourists every year.
Being a commercial and transport center, Torom has a thriving retail industry with it being estimated at giving Torom 35-40% of its GDP. With many thriving store brands being Zenvia Malls, and Gulvira Mart to give a few. Despite the prominence of many large brands, Torom also has a significant number of smaller stores.
Many luxury brands exist as well in Torom, the most famous being glass jewelry and decoration from old glassworking which is famous in the country, known for their bright colors and beautiful ornate intricacy. Other luxury products include mineral jewelry, gourmet dinnerware, and etc.
Individual and Corporate Tax
Torom has a flat tax rate of 30% for individual tax and 20% corporate tax. Foreign companies either have lower taxes or are completely exempt from corporate tax. Churches and the immediate family and the grandparents of a nobleman on the High Council are also completely exempted from any form of tax whatsoever. Individuals are only exempt from taxation only when a person's income is lower than 15,000 TRM and is approved by the Ministry of Taxation and Internal Revenue.
Goods and Services Tax
A Goods and Services Tax(GST) otherwise known as a Value Added Tax(VAT) in Torom is charged at around 6% for most goods/services. A reduced rate of 3% is given to drugs and major retail as well as books and some cultural services.
Energy and Transport
Over half of Toroman energy production comes from coal(45%) and natural gas(14.5%). Other sources of energy inclue nuclear energy(20%), hydropower(12.5%) and other renewable sources(8%). The government is pushing to increase reliance on both renewable and to a lesser extent, nuclear energy and reducing usage of both coal and natural gas.
Much of the coal and natural gas used in Torom come from coal mining and extraction operations in the mountains, although a fair amount as well is imported into Torom. Two large nuclear power plants supply most of the country's nuclear energy production, the Meva and Dawolan nuclear power plants, both made using the OCES Iron-1200 model then handed over to Enerom, the country's largest electricity provider.
Torom has an extensive railway and road network that goes across and around the country. The southwestern highlands however lack infrastructure in some areas, however a fairly moderate road network connects most of the mountain settlements. New railway lines are planned to be built to accommodate the expanding mining industry in the area, although they are still in early stages of planning. Rail is the most common form of transport in the country, taking both long and short domestic trips.
Travelling by sea is the most common form of travel between coastal cities with at least 20 cities having destinations all around the Toroman coast. Sea travel has remained a large form of transport to and within Torom and is steadily growing, mostly due to tourism. There are multiple airports in Torom, the three largest being Gusatter International(GUR), Meva Pilipo Avero International(MPA) and Tungtog Navom International(TGN). Torom receives large air traffic due to its location in Argus and is a common stopover point between east and west of Argus.
Main Imports and Exports
Main Trading Nation
Main Trading Nation
Fruits, Vegetables, Herbs and Spices
Digital and Computer Services and Technology
Plant-based Food Products
Limvar Steel and Metals
Marine Shipping Services