Economy of Delamaria

Economy of Delamaria

Labrador is the economic centre of the nation, and a global financial hub.
Currency	Labrador Pound (LBP, £)
Statistics
Population	41,078,000
GDP	£1,606,560,000,000
GDP rank	8th
GDP growth	9.3% (2022) 6.9% (2021) 7.8% (2020)
GDP per capita	£39,110
GDP per capita rank	13th
GDP by sector	Primary: 6% Secondary: 22% Services: 72%
Public finances
Credit rating	L&P Glubal Credit Ratings AA (Domestic) AAA (Foreign) Outlook: Stable

The Economy of Delamaria is a is a highly developed social market economy. As of 2023 it is the 8th largest economy on Eurth by total GDP, and the 13th largest in GDP per capita. Delamaria's economy is highly globalised, with Delamarian and foreign companies taking advantage of Delamaria's membership of the Eastern Argis Trade Zone and ATARA.

The Delamarian economy is dominated by tertiary service industries, employing 72% of Delamarians, and contributing 78% of GDP. The largest tertiary industries operating in Delamaria is the financial services industry. Highly skilled secondary industries are also based in Delamaria, notably pharmaceutical, chemical and IT Technology. Delamaria has a small but valuable primary industry, largely revolving around agriculture, but also around rare earth minerals and oil. Delamaria's economy is centred around Labrador, the largest regional economy in the country, and one of the largest urban economies in the Wurld.

Delamaria was one of the first Argic nations to industrialise, as Great Anglia, Delamaria's colonial master, was the birthplace of the industrial revolution. Anglian industrialists constructed railroads, factories and efficient agriculture. Delamaria grew to be one of the largest and most productive economies in the new wurld, with massive investment from Anglia, even after independence, funding its rapidly growing industries, notably coal and iron mining, steel and shipbuilding. However in the 1920s Anglian industries were being undercut by more efficient Delamarian producers, tarrifs were soon imposed, eliminating much of Delamaria's exports overnight. The economic depression caused by the lack of demand led to a fall in GDP that would not be recovered from until 1965. Delamaria soon moved away from primary industries, and a focus on specialised manufacturing was established in the 1950s, by the 1980s Conover-Grantham Economics took hold, and the service industry came to dominate the economy.

Governanace

The Treasury

Bank of Delamaria

Delamarian government economic policy is exercised by the Treasury, lead by the Chancellor. Policy is generally economically liberal, with low taxes and little market regulation. Monetary policy is decided by the Bank of Delamaria, which manages the Labrador Pound.

Delamarian government policy has been dominated by Conover-Grantham Economics since the 1980s, which saw massive degregulation and tax cuts to promote economic growth following a decade of decline in the 1970s. GDP took off as a result, as government intervention supporting declining industries was cut, allowing for the economy to adapt to the demands of the time. This saw tertiary industries come to dominate the economy, with banking deregulation making Delamaria more attractive for international banks.

Primary

Agriculture

Delamaria has one of the most efficient agricultural sectors in the wurld, with high mechinization and technological advancements. Delamaria exceeds its demand for food, producing 115% of its agricultural needs in 2022. Delamaria's largest private corporation, Conover, specialises in food production and agricultural services, making the country the wurld's largest producer of agricultural chemicals as well as products such as corn syrup.

Mining and extraction

In the past the mining sector dominated much of Delamaria, however the tarrif crash, depletion and foreign competition has reduced the value and importance of the mining sector. Delamaria still boats an extraction industry, primarily involved with oil and natural gas, however environmental regulation and the rise of green alternatives has weakened the oil industry.

Secondary

Pharmaceutical and Health

One of the prominent secondary industries in Delamaria is the pharmaceutical sector. The country has established itself as a center for pharmaceutical research, development, and manufacturing. Delamarian pharmaceutical companies such as Pewlett Quayle are known for their innovative drug discoveries, advanced production facilities, and adherence to stringent quality standards. The sector contributes significantly to the country's GDP and exports, supplying both domestic and international markets with a wide range of medications and healthcare products.

Chemical

Another key sector within Delamaria's secondary industries is the chemical industry. Delamarian chemical companies excel in producing a wide array of chemicals, including specialty chemicals, petrochemicals, and industrial chemicals. These products find applications in various sectors such as agriculture, manufacturing, construction, and consumer goods. Delamaria's chemical industry is characterized by advanced production techniques, research and development efforts, and a commitment to environmental sustainability.

IT technology

The IT technology sector is also a thriving component of Delamaria's secondary industries. The country has nurtured a dynamic and innovative tech ecosystem, fostering the growth of numerous IT companies specializing in software development, telecommunications, data analytics, and information technology services. Delamarian IT firms are known for their cutting-edge solutions, research and development capabilities, and contributions to the digital transformation of industries both within the country and globally. Delamaria's largest IT corporations include Arlite, a producer of computers and IT appliances, Upstand, which specialises in wireless technologies, and Helm an intelligent home company.

Vehicles and Defence

Delamaria hosts several major producers of transportation and defence equipment. The country has three major car brands, Lewparth, DA and Harkell, which collectively make up 78% of Delamarian car manufacturing. The country also hosts one of the wurld's largest tractor producers Doe Roberts, which in turn owns the truck manufacturer Rower-Ness.

Delamaria is also home to several defence companies, Wendall Keysmith is by far the largest, and is a major glubal producer of aircraft, military vehicles and armaments. Nexus Helicopters is also based in Delamaria, and is a producer of some of the most widely used helicopters in the wurld.

Tertiary

Financial Services

Main article: Banking in Delamaria

Tracham hosts numerous private and public financial institutions.

The financial services industry is the most valuable individual sector in the Delamarian economy, valued at around £100 Billion in 2019. The Delamarian finance industry is centralised in Labrador, which hosts two stock exchanges, one of the wurld's major financial centres, with two central business districts, Tracham and the Old Dock. Hundreds of financial institutions have offices in Labrador and many more in the rest of Delamaria, with the city acting as a centre for banking, currency exchange, insurance and futures. The city also acts as a centre for legal services, though Yorkerdam is known internationally for its top tier law and consultancy firms.

Delamarian banks have been accused by foreign governments and international institutions for laundering and legitimising billions in illicitly gained capital.

Property and Development

The real estate and development industry has expanded massively in recent decades, largely thanks to incentives for foreign investment such as low interest rates, a decrease in stamp duty and the ease of access to credit. The Labrador property market is one of the most lucritive in the wurld, with property prices rising 250% since 2008. Development has also increased drastically, with more than 350,000 new properties being built in 2022.

Transportation

Main article: Transportation in Delamaria

High speed trains have reduced commute times.

Delamaria has one of the most advanced transportation infrastructures in Argis, with over 2,000 rail and metro stations, all integrated into the National Rail System which spans nearly 10,000 miles of track in total. Delamaria has five primary air hubs, in Labrador, Yorkerdam, Briselle, Alberta and Bodmonton, with dozens of other minor airports. Labrador's Loguesea International is one of the busiest airports in the wurld, operating not just as a hub for Delamaria but also for traffic entering Argis from Europa and Maranesia and vice versa.

In the 1980s much of the country's transportation infrastructure was semi-privatised with private operators fulfilling government transportation contracts. The country is divided into seven rail boards, managing rail services for certain regions of the country. Airports were entirely privatised, with unpopular airports operating at a loss being closed by the government, and rail vouchers issued to areas affected. Delamarian highways are overseen by national and state governments, with large cross-state roads being mantained and constructed by the Department for Transportation and Trade through Delamarian Highways, and local road management conducted by state agencies.