Difference between revisions of "Economy of Ayorin"

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Economic reforms were introduced in 1988, establishing a hybrid combination of a free market economy with a welfare state. Ayorin subsequently rose to become one of the world's fastest growing economies, and as of June 2016, remains Kaftia's fastest growing economy. Ayorin has since then reduced its dependency on mineral exports, by expanding the tourism, finance, and construction sectors. Copper, silver, aluminum and gold exports still play an important role in the economy, and remain a mainstay to the economy, accounting for about 30 percent of Ayorin's total gross domestic product in 2016.
 
Economic reforms were introduced in 1988, establishing a hybrid combination of a free market economy with a welfare state. Ayorin subsequently rose to become one of the world's fastest growing economies, and as of June 2016, remains Kaftia's fastest growing economy. Ayorin has since then reduced its dependency on mineral exports, by expanding the tourism, finance, and construction sectors. Copper, silver, aluminum and gold exports still play an important role in the economy, and remain a mainstay to the economy, accounting for about 30 percent of Ayorin's total gross domestic product in 2016.
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The economic development of the country has been uneven geographically with the Coastal region contributing a very large share of the country's GDP relative to their population. Ayorin's coastal areas are relatively wealthy (especially in the Southern half of the country), and the country gradually becomes poorer the further inland it goes.
  
 
[[Category:Ayorin]]
 
[[Category:Ayorin]]
 
[[Category:Economies of Adonia]]
 
[[Category:Economies of Adonia]]

Latest revision as of 19:29, 26 March 2020

Economy of Ayorin
Downtown Nago.jpg
Nago's Central Business District
Currency

Owo (OWO)

1 Owo = 100 Kekowo
1 January – 30 December
Trade organisations
WWF
Statistics
GDP ₭739.871 billion (nominal, June 2016)
₭1.453 trillion (PPP, June 2016)
GDP rank ??th (PPP)
GDP growth
  • 7.6% (2018) 7.5% (2019f)
  • 7.5% (2020f) 7.4% (2021f)
GDP per capita
₭8,521 (nominal, June 2016)
₭16,728 (PPP; ??th; June 2016)
GDP by sector
agriculture: 1.1%, industry: 45.6%, services: 52.3% (2016 est.)
3.5% (2016)
Population below poverty line
6.1% (2016)
Labour force
54.2 million (2016)
Labour force by occupation
agriculture (7.7%), industry (40.2%), services (53.3%)
Unemployment 3.6% (2016 est.)
Main industries
Textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, pharmaceuticals, medical equipment
21st (2016)
External
Exports ₭# billion (June 2016 est.)
Export goods
Machinery, motor vehicles; foodstuffs, pharmaceuticals, copper, gold, aluminum, medicines, other consumer goods
Main export partners
 Burawa 32.31%
 Breisland 19.03%
 Volisania 16.2%
 Orma 5.9%
 Aetolia 5.3%
 Dakare 4.2%
 Sundi 3.2%
Imports ₭# billion (June 2016 est.)
Import goods
Engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, tobacco
Main import partners
 Burawa 25.78%
 Orma 13.87%
 Breisland 12.85%
 Aetolia 7.3%
 Dakare 5.7%
 Nusaraya 4.5%
 Zong 3.5%
Public finances
48.9% of GDP (June 2016)
Revenues Increase56.5% of GDP, ₭# billion
Expenses Decrease57.2% of GDP, ₭# billion
AA
Foreign reserves
₭238.02 billion

All values, unless otherwise stated, are in Breislandic krone.

The economy of Ayorin is a newly-industrialized free-market economy. It is the #-largest in the world by nominal GDP and the #-largest by purchasing power parity (PPP). Ayorin is a member of the ECONOMIC ORGANIZATION. According to the World Monetary Fund, the country's per capita GDP (PPP) was at $00,000 (2020). The Ayori economy is forecast quarterly by the Ayotunji Survey that is conducted by Central Bank of Ayorin, the Ayorin Development Bank, and private accounting and business firms such as Sani and Yekini. The Odidi 150 presents the monthly report of top blue chip equities on the Ayori Exchange Group, which is the world's #-largest stock exchange by market capitalisation. In 2016, Ayorin was the world's #-largest importer and the #-largest exporter. It ranks 21st on Ease of doing business index and #th on the Index of Economic Freedom (earning a 00.0) and ##th on the Global Competitiveness Report.

Economic reforms were introduced in 1988, establishing a hybrid combination of a free market economy with a welfare state. Ayorin subsequently rose to become one of the world's fastest growing economies, and as of June 2016, remains Kaftia's fastest growing economy. Ayorin has since then reduced its dependency on mineral exports, by expanding the tourism, finance, and construction sectors. Copper, silver, aluminum and gold exports still play an important role in the economy, and remain a mainstay to the economy, accounting for about 30 percent of Ayorin's total gross domestic product in 2016.

The economic development of the country has been uneven geographically with the Coastal region contributing a very large share of the country's GDP relative to their population. Ayorin's coastal areas are relatively wealthy (especially in the Southern half of the country), and the country gradually becomes poorer the further inland it goes.