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Economy

The Interior of the Hammarvik Stock Exchange

Eldmark has a mixed market economy with mild regulations, a robust welfare system, and low barriers on trade. Eldmark is the 20th largest nominal GDP (€745 billion), the 20th largest by purchasing power parity (€1.12 trillion), and the 4th largest economy in Asteria Superior. Benefiting from considerably rich natural resources, an educated population, and an diverse industrial and export-oriented agricultural base, the economy of Eldmark has seen its domestic production increase by 32.3% over the last decade. Agribusiness (agriculture and cattle-raising), which grew by 40% or 3.6% per year, remains the most dynamic sector. It maintains a "high" rating on the Human Development Index, but also has a medium GINI Coefficient, at 41.2. Economic inequality has become a problem, although it has been steadily decreasing over the last decade. The average income in a typical urbanized area of Eldmark was, according to a report by the OAN, €44,290, while the average income in rural areas mere kilometers away was only €17,700. Hourly minimum wages are nationally set at K22.50 (€4.18). As a mixed market economy, the Government of Eldmark has stakes or holds outright ownership of some economic sectors, such as passenger rail, healthcare, and some heavy manufacturing.

The peoples of pre-contact Eldmark, and well into the intial colonization of the countryside, largely relied on subsistence agriculture and fishing. The first cash crops were sugar and tobacco, then rice, tea, and coffee quickly became economic contenders in their own right. In 1758, gold was discovered in the Ryggrad, prompting the first of a series of gold rushes, and the birth of the precious metals industry in the country, which remains a force in the modern economy of the nation. After Eldmarsk independence, the beef and pork grew steadily, as railroads expanded further inward towards the open pasture/brushlands of central and Eastern Eldmark. To this day, Eldmark is a top consumer and exporter of beef. The economy of Eldmark suffered greatly during to the Great Collapse, and was equally wrecked by the Ardesian invasion that followed. Afterwards, Eldmark experienced a quick recovery thanks to foreign assistance, and rapidly grew in the middle to latter half of the 20th century. In 1979, the country entered a recession amid a political corruption scandal and nationwide protests to civil rights abuses suffered at the hands of the Hellmann Administration. The 1980s was marked as a miraculous recovery period, with the succeeding government prioritizing the creation of a robust welfare program and economic regulation package. During the 20 years of AFP governance (Under Haraldsen, Lindbergh, and Essen, respectively), Eldmark saw growth in real GDP averaging at 8%. In 2001, the NP wrestled back parliamentary power, running on Orjan Rehn's economic platform "Ny NP," which sought to continue much of the welfare programs of the AFP. Rehn's administration was later forced to enact tight monetary policies and lower exports due to the Coian financial crisis, which would half the growth rate from 8% to 4%. Eldmark's economy has since recovered and has seen growth rates of 6–8% over the past several years.

Tourism & Services

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  "Neonraden" district of Sankt Albrekt.

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  Agayvlibergen National Park, translates to "Thousand Colors."

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  a South Asterian fox in Guldkalvdalen National Park.

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  The Old Man, an iconic rock formation in Gyllenedal National Park.

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  The Great War Memorial at Naradalen attracts thousands of visitors a year to reflect and learn about the Great War.

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  The Maisgulfen National Marine Sanctuary is known for its beautiful multicolored coral reefs.

Tourism is a rapidly growing sector in Eldmark, and is a large sector of employment for Eldmarsk people in key portions of the country. Eldmark's natural geography, sites of historic importance, and deliberate government and private investment into both has created a burgeoning resort industry as well as over 20 national parks, 42 state parks, and hundreds of smaller preserves and management areas. Eldmark's Ryggrad Mountains attracts thrillseekers and hikers to it yearly, with Guldkalvdalen and Berget Hjalmar national parks garnering over 600,000 visitors a year combined. The cities of Sankt Albrekt, Runavik, Alestrand, Knuten, Vaxholmen, and others have pristine white sand beaches that are among the most visited in the world. Many tourists also visit Sankt Albrekt, Vaxholmen, and Runavik for their nightlife and casinos. Alestrand is known as one of Asteria Superior's best surfing destinations, according to Oyster.

K&K Tower, the centerpiece of Hammarvik's Marknaden District

Eldmark has a robust finance industry, which has grown quickly in recent years, with a high level of permissable foreign activity in Eldmarsk banks. Though foreign banks are just as likely to operate in Eldmark as domestic banks, the domestic market is led predominantly by Riksbank Eldmark, K&K (Karlsen and Karlsen), DG Kapital, and insurance firms LivHaraldsen and Viktori, though K&K remains the dominant force in both markets, after the bank purchased Viktori in 2014. Eldmark's state-owned pension system, with assets worth roughly €60 billion, has been an important source of investment capital. Eldmarsk foreign policy has recognized the importance of the service sector to the economy, boosting the industry by initiating the signing of several free trade area agreements. Business process outsourcing is one of the leading Eldmarsk service exports, and reached €2 billion. Eldmark has two stock exchanges located in Hammarvik and Grönsund, the largest of which is by far the Hammarvik Stock Exchange, which has a market capitalisation of K1.3 trillion (€245 billion) and is the third largest in Asteria Superior behind the Rizean and Cassien stock exchanges.

The telecommunications sector has rapidly expanded, as have the economic benefactors from widespread access to communications services. These include: 77% of the population with access to mobile phones, 95% of whom use smartphones; Internet (75%); and broadband services. Regular telephone services, with 9.5 million lines, and mail services are also robust. Total telecom revenues has reached more than €16 billion, and e-commerce has reached over €4.1 billion in total sales. The telecommunications industry is a competitive market, including domestic players SVK and BV23, alongside foreign providers from other nations in Asteria Superior or Euclea. The Eldmarsk internet country code is ".el".

Transportation

Terminal B, King Frederick I International Airport

The North Eldmarsk section of Riksväg 5

Vanölink's Prins Jan hovercraft

Due to Eldmark's difficult topography, the Eldmarsk Department of Transportation has prioritized an extensive and robust transport network, including 354,095 km of roads, of which 216,802 km are paved. Of these, 9,234 km are multi-lane expressways, of which 8,245 km are four-lane, the remainder being of 6 or more lanes. Since the 1980s, there has been a significant focus on the improvement of the country's roads, through various grants and bidding processes to repave existing roads, widen others, and revitalize the Eldmarsk section of the West Asterian Highway (Riksväg 5) as well as the Arucian Coastal Expressway (Riksväg 10).

Starting in 1857, private entrepreneurs lobbied the Eldmarsk Riksdag for funding and grants for passenger rail expansion, which resulted in several passenger lines such as the Juniskaren-Ytterholm Rail Service, the Grand Asterian Railway Company, and the Jansplatå Cargo Line, which would in 1927 be nationalized as the Eldmark Railways (Eldmarsk Järnväger) After the Great War, the remainder of all rail would be consolidated under state rule, and the network would double in size and complexity. Eldmark has 29,234 km of rail line, and has seen a great degree in investment to ensure EJ remains both profitable and clean for cargo and passenger traffic alike. In 2022, Prime Minister Eno Ahaloke revealed a plan to establish a high speed rail line from Hammarvik to Hunavatn, which would travel at 300km/h, and make the journey in just 2 hours. The project is estimated to cost K122 billion, or €23 billion, and is being developed jointly by the government and the private sector.

Eldmark has 67 seaports and 2 river ports. The four largest ports, concentrating roughly 75% of the sea-based merchandise traffic are Hammarvik, Stalkulle, Tjallingen, and Grönsund. Fluvial transport is not often used for people in the Eldmarsk interior, however ferry services such as EJ's Vanölink and Systrarfärja AB operate to transport passengers to and from Eldmark's Vehemen and Arucian islands.

Eldmark has 143 airports with paved runways, however of these only 23 carry 94% of the air passenger traffic. King Frederick I International Airport in Hammarvik, the hub of flag carrier Eldmarskflyg, is a popular aviation hub that serves several international airline companies as a stopover location between Euclea/Coius and Asteria Superior with a traffic of 11.2 million passengers per year.

Energy

The Ytterholm Solar Electric Generation Plant covers 7.5 km² and provides an estimated 110 MWh of electricity per year.

In 2022, 54% of Eldmark's electricity came from non-renewable sources such as oil, coal, and natural gas. 22% came from wind and solar energy, while 16% came from nuclear energy. The remaining 8% came from hydroelectricity and biofuel/mass. On the whole, this translates to 300 billion kWh of used electricity, or 8,570 kWh per capita. The increase in renewable energy consumption has been encouraged by collaboration with Rizealand and the AFR. The electricity industry is privatized, with Arucian Light (Arusisktljus AB) as the frontrunner in the field, though it is managed and regulated by the Eldmarsk Department of Energy.

Eldmark has a huge solar potential, with an estimated potential at 3kWh/m² daily, which is being exploited at ever higher rates, through a combination of grants and government projects to encourage further investment. Currently, Project Jana, located in Odavlistaden, will have capacity of 200 MW from an array of 150,000 solar panels when it is completed in 2025.