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by The Maritime Republic of Torom. . 172 reads.

Toroman Economy[OUTDATED]




Overview
Fiscal Year: calendar year
GDP: $349.377 billion
GDP per capita: $26,578
GDP growth: 2.4%
Inflation: 3.64%
Unemployment:5.62%

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.



Industries

Primary
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
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.

Secondary
Industry
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.

Tertiary
Tourism
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.

Retail
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.



Taxation

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

Energy
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.

Transport
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

Exports

Main Trading Nation

Imports

Main Trading Nation

Raw Materials

Ostehaar, Weinam

Raw Materials

Dormill and Stiura

Construction Materials

Ostehaar, Townside

Large Electronics

Dormill and Stiura, Ostehaar

Luxury Goods

Aruia, Dormill and Stiura, Ostehaar

Construction Materials

Dormill and Stiura

Dairy Products

Ostehaar

Personal Electronics

Ostehaar

Clothing

Ostehaar

Dairy Products

Townside, Weinam

Fruits, Vegetables, Herbs and Spices

Dormill and Stiura

Digital and Computer Services and Technology

Dormill and Stiura, Ostehaar

Meat Products

Dormill and Stiura

Clothing

Aruia

Appliances

Medicine

Ainslie

Chemicals

Dormill and Stiura, Ostehaar, Weinam

Plant-based Food Products

Ostehaar, Townside,Samudera, Aruia, Weinam

Medicine

Aruia

Meat Products

AruiaWeinam,

Scientific Instruments

Appliances

Dormill and Stiura

Construction Tools

Dormill and Stiura

Land Vehicles

Ostehaar, Samudera, Norstham

Coal

Ostehaar, Townside

Sea Transportation

Alcoholic Beverages

Dormill and Stiura

Air Transportation

Dormill and Stiura



Major Companies

Airvoma
The country's most prominent airline. Carrying hundreds of thousands of travelers a year to the country. Based in Gusatter International Airport, it has flights across the region from Mesder to the Southern Sea.

Limvar Steel and Metals
A major ore refining and steel production company. It supplies steel to many construction and manufacturing companies inside and outside Torom. Its major partner, Renevi Mining, supplies much of the raw ore required for production.

Renevi Mining
The main business partner of Limvar, the mining company supplies its partner with raw ores. It also sells out its own processed minerals and stone materials including coal.

Limarra Malls
A large chain of shopping malls present around the country. Currently having 11 shopping malls in Torom and the company is planning to open more in the coming years, especially in other countries.

Lenaderra
A luxury company for high-quality glassware in Torom, being one of the luxury highlights of the country, with Torom being known for glassworking. Its glassware is known to be highly colorful and intricate, being used commonly in high-class environments.

Marine Shipping Services
A fairly large shipping company based in Gusatter port. It handles the shipping of goods and products by sea from, to, and in Torom and to carry goods between the eastern and western sides of the region.


The Maritime Republic of Torom

Edited:

RawReport