Difference between revisions of "Economy of Zong"

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*[[Zong–Nusaraya Free Trade Agreement]] (DATE)
 
*[[Zong–Nusaraya Free Trade Agreement]] (DATE)
 
*[[Zong–Limonia Free Trade Agreement]] (DATE)
 
*[[Zong–Limonia Free Trade Agreement]] (DATE)
*[[Zong–ZONGSTRAYA Free Trade Agreement]] (DATE)
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*[[Zong–Pakiak Free Trade Agreement]] (DATE)
 
*[[Zong–Hitani Free Trade Agreement]] (DATE)
 
*[[Zong–Hitani Free Trade Agreement]] (DATE)
*[[Zong–KANSAI Free Trade Agreement]] (DATE)
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*[[Zong–Atama Free Trade Agreement]] (DATE)
 
*[[Zong–Binguk Free Trade Agreement]] (DATE)
 
*[[Zong–Binguk Free Trade Agreement]] (DATE)
*[[Zong–KYUSHU Free Trade Agreement]] (DATE)
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*[[Zong–Nankuni Free Trade Agreement]] (DATE)
 
*[[Zong–Taysong Free Trade Agreement]] (DATE)
 
*[[Zong–Taysong Free Trade Agreement]] (DATE)
 
*[[Zong–Daras Free Trade Agreement]] (DATE)
 
*[[Zong–Daras Free Trade Agreement]] (DATE)

Revision as of 14:01, 13 August 2019

Economy of Zong
Huwei skyline.jpg
The boroughs of Lamtong and Paktong in Huwei
Currency

Siiang (ZSL)

1 liang = 100 cent
1 January – 30 December
Trade organisations
WWF
Statistics
GDP ₭7.558 trillion (nominal, June 2016)
₭12.258 trillion (PPP, June 2016)
GDP rank ??th (PPP)
GDP growth
Increase 1.04% (June 2016)
GDP per capita
₭19,834 (nominal, June 2016)
₭32,167.68 (PPP; ??th; June 2016)
GDP by sector
agriculture: 2.7%, industry: 28.1%, services: 69.2% (2016 est.)
1.4% (2016)
Population below poverty line
7.6% (2016)
Labour force
168 million (2016)
Labour force by occupation
agriculture (7.8%), industry (26.6%), services (65.6%)
Unemployment 6.8% (2016 est.)
Main industries
Oil and gas, motor vehicles, aerospace, electronic equipment, machine tools, steel and nonferrous metals, financial services, pharmaceuticals, chemicals, textiles, agriculture
15th (2016)
External
Exports ₭1.019 trillion (June 2016 est.)
Export goods
Manufactured goods, chemicals, processed food, motor vehicles, aircraft, finance, petroleum products, industrial supplies and materials, military arms and equipment, pharmaceuticals
Main export partners
 Limonia 14.7%
 Fenia 11.3%
 Hitani 7.7%
 Nusaraya 6.5%
 Daras 6.13%
 Jumia 5.9%
 Sinte 5.4%
Imports ₭1.107 trillion (June 2016 est.)
Import goods
Manufactured goods, machinery and equipment, foodstuffs, vehicles, iron and steel products, plastics, chemicals, petroleum products
Main import partners
 Fenia 15.5%
 Limonia 12.6%
 Nusaraya 7.3%
 Hitani 6.8%
 Sinte 6.3%
 Jumia 5.7%
 Pakiak 4.7%
Public finances
63.4% of GDP (June 2016)
Revenues Increase24.4% of GDP, ₭1.844 trillion
Expenses Increase26.3% of GDP, ₭1.988 trillion
AA (Domestic)
AA (Foreign)
AAA (T&C Assessment)
Foreign reserves
₭585 billion

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

The economy of Zong is a highly developed and market-oriented economy. It is the third-largest in Adonia by nominal GDP and the second-largest by purchasing power parity (PPP). According to the World Monetary Fund, the country's per capita GDP (PPP) was at ₭32,167.68 in June 2016.

History

TBD

Bank of Zong

Monetary Policy Report

Inflation targeting

Government debt

Government spending and economic management

Taxation

Valued added tax

Taxes on wealth

Corporate tax

Income Tax

Both the federal and provincial governments have imposed income taxes on individuals, and these are the most significant sources of revenue for those levels of government. The federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage. Income taxes throughout Zong are progressive with the high income residents paying a higher percentage than the low income. As of 1 January 2019, Siakang has the highest income tax rates in the country at 55% at the highest bracket, combining a federal tax of 30% and a provincial and local rate of 25%.

Wages

Under the Constitution of Zong, the responsibility for enacting and enforcing labor laws, including the minimum wage, rests with the provinces which have been granted this power by federal legislation. As such there is no de jure federal minimum wage. The de facto federal minimum wage is the general adult minimum wage rate of the province where the work is performed. This means, for example, that a railway company could not legally pay a worker in Penia less than $23.37 per hour regardless of the worker's experience. Minimum wage currently ranges from $14.30/h to $39.92/h.

As of 1 January 2019, the current minimum wages by province are as follow:

Jurisdiction Wage ($/h)
23x15px Chioseng 33.32
23x15px Gichhun 23.27
23x15px Hongkhau 14.52
 Hong Leng Te 37.36
23x15px Kimkok 19.36
23x15px Lamgan 25.28
23x15px Lamkeng 21.42
23x15px Lengtek 20.52
 Liongtian 15.24
 Omorpho 29.72
23x15px Pakgan 19.68
 Pelyun 20.48
 Penia 23.37
23x15px Phongtek 18.12
23x15px Sanbin 22.25
 Siakang 25.76
 Sianlam 39.92
23x15px Sinlo 14.30
 Taioan 23.18
23x15px Thianhu 17.64

Physical properties

Natural resources

Zong has the 14th largest reserves of oil and the 14th largest reserves of natural gas in Adonia. Most of its oil and gas is located off-shore in its EEZ in the Jade Sea and the Sea of Hitani especially.

Zong has a significant quantity of minerals, including large deposits of coal, uranium, iron and gold. It also has beauxite deposits in the north of the country, as well as other metals of lesser amount. Coal is mined almost exclusively in the east of the country. Almost all of the coal mined in Zong is consumed domestically, with a marginal quantity exported annually. Coal provides about 15% of Zong's electricity production. In fiscal year 2012–13, 386 million tonnes of coal was mined, and 13 million tonnes exported.

Infrastructure

Zong has a large road and motorway network. The TBD million kilometers of paved road are one of the major means of transportation. Like most of East Fosia, Zong has left-hand traffic. A single network of speed, divided, limited-access toll roads connects major cities and are operated by toll-collecting enterprises. New and used cars are inexpensive and both federal and provincial governments have encouraged people to buy hybrid or electric vehicles in recent years.

Rail transport is a major means of transport in Zong. Several private railway companies compete in regional and local passenger transportation markets. Often, strategies of these enterprises contain real estate or department stores next to stations, and many major stations have major department stores near them. There are over 40 metro systems throughout the various cities of Zong. The country is also served by a high speed rail, the domestically produced TTG, operated by the CT umbrella.

There are 162 passenger and 312 total airports in Zong, and flying is a popular way to travel with Zong being the second largest air market in Adonia after Breisland. 23 of the 162 passenger airports had over 10 million passengers in 2017. The largest airports are Huwei–Phokau International Airport, Lifang International Airport and Huwei–Toanto International Airport, all serving over 50 million passengers annually. The largest ports in Zong include the Port of Hong Leng Te, also the largest in Adonia, the Port of Hongto, the Port of Siqiao, the Port of Lidun and the Port of Lifang among others.

Zong's electricity production is dominated by oil and gas at 42%, followed by nuclear at 28%, coal at 15%, hydroelectricity at 10% and wind and solar at 5%. About 78% of Zong's energy is produced domestically, with 22% imported from other countries. Oil is imported mainly from Nusaraya and Sinte. Zong represents the second largest consumer of oil in Adonia after Breisland.

Sectors

Agriculture

Construction

Production industries

Electricity and water supply

Manufacturing

Mining and quarrying

Service industries

Tourism

Telecommunications

Wholesale and retail trade

Largest companies

Currency

Trade

Free-trade agreements

Free-trade agreements in force

Free-trade agreements concluded

Ongoing free-trade agreements negotiations

Zong is negotiating bilateral FTAs with the following countries respectively trade blocs:

Foreign direct investment