New England Online > Economy
Economy of New England
| Economy of New England | |
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| Currency: | New England Crown |
| Fiscal Year: | 1 July - 30 June |
| Trade Organisations: | OECD, PU |
| Statistics | |
| GDP Ranking: | 62nd |
| GDP: | €67,478 million |
| GDP per capita: | €20,856 |
| GDP by sector | - Agriculture (35%) - Industry (10%) - Services (55%) |
| Inflation: | 1.9% |
| Poverty Rate: | 6.2% |
| Labour force | 1.45 million |
| Sector Breakdown: | - Agriculture (25%) - Industry (15%) - Services (60%) |
| Unemployment: | 5.75% |
| Main Industries: | - Carbon Sequestration - Agricultural Produce - Electronics - Finance - Tourism |
| Trading Partners | |
| Exports: | - Sugar - Fruit - Dairy - Wool - Electronics - Forest Products - Fish |
| Export Partners: | - New Zealand - European Union - China - Korea - Singapore - South Africa |
| Imports: | - Raw Carbon - Vehicles - Steel - Textiles - Computers |
| Import Partners: | - European Union - China - Korea - New Zealand - Singapore |
| Public Finances | |
| Public Debt: | C540 million |
| External Debt: | C2.2 billion |
| Revenues: | C14.9 billion |
| Expenses: | C14.8 billion |
| Budget Surplus: | C100 million |
| Economic Aid: | C550 million |
The Economy of New England is a prosperous and modern capitalist economy, with economic indicators similar to those found in baltic europe. The domestic economy is dominated by its services sector (55% of GDP), while the combined agricultural, mining and environmental sectors make up 35% of GDP. New England's manufacturing sector is quite small with just 10% of GDP.
Since independence, New England has maintained a small advantage over many competitors in primary products, which reflects the natural wealth of the nation and the small domestic market of just 2.4 million. New England's exports of wool, wheat, meats, timber and fruits are considered some of the best in the world.
Overview
New England's economy is built on a mixture of agriculture, services and environmental industries. New England is the world's largest carbon sink, accounting for about 23% of global carbon recycling and storage. Carbon recycling accounts for 19% of all jobs in New England. A small but strong agricultural economy exists as well, and is built on wool, wheat, sugar, dairy, fish and hardwood timber exports. Manufacturuing is small but growing sector, with electronics being a major export earner. Services remain the core of the New England economy, with retail, tourism and financial services playing a major role in propelling further growth.
As part of the immense social expectations leveled on the government and private enterprise by the people, all core services are controlled by the state. Utilities, transport and specific industry regulation are run through various government ministries and are all public enterprises. The economy is considered to be significantly regulated, with the aims of New England's businesses having been amended to include a strong sense that community service and obligation is just as important as achieving profit.
Corporations and Companies - New England's commercial sector is typcial for a capitalist scoiety. A number of private local and overseas corporations operate in New England. New England's largest company is Carbon Pacific, which recycles and stores raw carbon from all over the world. The largest domestic-only company is Red Lion Brewing, which makes the famous Lion Draught beer and the Gara Vale Wines label. New England's major retailers include the hardware chain Burgess & Green, the grocers Drury's and FreeAsh and New England preminant department store, Richardson's. Overseas companies also operrate in New England, either as themselves or through locally owned assets. Examples include Golden Fleece Petroleum and Tasman Bank.
Monetary Policy - The national currency of New England is the Crown, which was introduced in 2014. Mangement of the Crown rests with the Central Bank of New England, which was established at the same time as the Crown. The bank monitors economic indicators such as the cash rate, wages, inflation and current accounts and uses it's power over interest rates to keep growth within targets set by the bank and the government of the day.
Sectors & Industries - Business in New England is divided into public and private sectors. Each of these is in turn subdivided into smaller groups. The private sector is divided into Primary (Agriculture, Environment & Mining), Manufacturing and Service Industries. The public sector is divided into the civil service, crown corporations and crown statutory agencies. Employment in most industries is open, but it is a legal requirement for all workers to be a member of a professional guild or federation. Membership of a trade union is voluntary.
Taxation - The Tax System of New England is typical for a modern economy. New Englanders are subject to a system of progressive forms of taxation, with a mixture of income tax, value-added tax and exicise applied to all people. Additional charges, such as the Medibank levy, apply to high income earners. A High Impact Goods Excise applies to goods and services that have a negative impact on the environment, such as petroleum.
Ten Richest New Englanders - New England's industrialists are not as wealthy as many of their collegues overseas. However, a few have managed to establish themselves as very wealthy players and own assets both at home and abroad. The richest New Englander is Sir Ian Grieg with assets of just over C1 billion. Other wealthy New Englanders include Sir Lew Haines, John Aspley and HM The King.
History
At independence, New England was an exclusively agricultural economy, with only small manufacturing industries servicing the immediate area in which they operated. Cut off from the Australia after 2014, the economy suffered a severe downturn until the migration fuelled boom of the 2020s. By 2019, the government posted a deficit of C4.8 billion. Inflation stood at 9.7% and unemployment sat at a staggering 20.6%.
The migration assistance scheme sought to encourage a revival of New England's financial fortunes through rapid economic growth. Essential services, such as medicine, teaching and legal roles were filled first, then many other professionals were lured with better pay, cheap housing and interest free loans. After 2024, the scheme was opened to general labourers, who were sought to build housing and infrastructure for the new migrants. The scheme was successful in pushing the economy into surplus for the first time in 2027. Much of the investment was underwritten by European nations keen to establish an operational base in the pacific.
The Five Day War forced New England into greater economic unity with the European Union. A number of economic treaties in the 2020s stabilised the economy and tied the Crown to the Euro through the European Rate Mechanism IV in 2038. Unemployment and inflation both fell to acceptable levels. The creation of the Pacific Union in 2038 led to a small wave of unskilled migration, with many pacific islanders trained to work as tradesmen New England.
In recent times, the economy has continued to grow strongly. A number of European corporations have relocated their regional headquarters from Australia to New England as the world splits onto three economic blocs. The domestic market has not suffered a recession since 2043, and has enjoyed twenty-eight quarters of continued growth. Throughout the last forty years, governments of all persuasions have maintained a stern watch on the economy ensuring that excesses seen in the 1980s and the 2000s are not repeated. New England's corporations are subject to the Eurozone Corporations Tax, which charges 0.25% for every share traded on stock markets in East Africa, Europe, Canada, New England, New Zealand, Oman, Russia, Singapore, Southern Africa, Turkey and West Africa.
| Economy of New England |
| Corporations & Companies · Monetary Policy · Sectors & Industries · Taxation · Ten Richest New Englanders |
