Economy of Azmara

Economy of Azmara

A view of the Stefansburg central business district from the Bojner.
Currency	Euclo (EUC, €)
Fiscal year	Calendar year
Trade organizations	EC and ITO
Statistics
GDP	€513.5 billion (nominal) €473.6 billion (PPP)
GDP growth	1.7% (2018) 1.9% (2019) 2.2% (2020) 2.3% (2021e)
GDP per capita	€51,201 (nominal) €47,309 (PPP)
GDP by sector	agriculture: 1.8% industry: 32.4% services: 65.8% (2017 est.)
Inflation (CPI)	1.9% (2018) 2.0% (2019) 1.9% (2020) 2.2% (2021e)
Population below poverty line	19.7% at risk of poverty or social exclusion (AROPE, 2019)
Gini coefficient	27.9 low (2019, Euclostat)
Human Development Index	0.908 very high (2019, Euclostat) 0.841 Inequality-adjusted Human Development Index very high (2019, Euclostat)
Labour force	5,504,384 (2020, Euclostat) decrease 74.2% employment rate
Labour force by occupation	Agriculture: 2% Industry: 21% Services: 77% (2018 est.)
Unemployment	4.1% (2020) 13.7% youth unemployment (2020, 15-24 year olds)
Average gross salary	€4,120 monthly (2019)
Average net salary	€2,801 monthly (2019)
Ease-of-doing-business rank	15th (very easy, 2020)
External
Exports	347.2 billion (2019 est.)
Export goods	machinery and equipment, manufactured goods, chemicals, foodstuffs, iron and steel
Main export partners	Gaullica (+) 20.1% Werania (+) 13.7% Borland (+) 11.2% Template:Country data Estmere (+) 8.8% Alsland (+) 6.8% (2019)
Imports	€352.6 billion (2019 est.)
Import goods	machinery and equipment, motor vehicles, oil and oil products, clothing, chemicals, metal goods
Main import partners	Gaullica (+) 23.2% Werania (+) 16.7% Borland (+) 8.9% Caldia (+) 8.7% Template:Country data Estmere (+) 4.9% (2019)
FDI stock	€273.2 billion (2018) Abroad: $304.6 billion (2018)
Current account	€6.283 billion (2018)
Gross external debt	€702.4 billion (2018)
Public finances
Public debt	73.1% of GDP €375.4 billion (2019)
Budget balance	€872 million (2019) +0.2% of GDP (2019)
Revenues	50.3% of GDP
Expenses	50.1% of GDP
Credit rating	DeCraxi: AAA
Foreign reserves	€62.62 billion (2017)

The economy of Azmara is classified as a mixed-market high-income economy. Many analysts see the country's economy as principally characterised by its social democratic welfare model and its high degree of integration into the Euclean Community - as a full member of the organisation the country is a member of its customs union and uses the common Euclo currency. The country ranks highly on measures of development, ranking in the top ten internationally for inequality-adjusted Human Development Index.

The economy is dominated by the service sector, which contributes 65.8% of the country's GDP and makes up 77% of employment, with fields such as research and development, the knowledge economy and software development contributing heavily to this and being based largely in the economically dominant Bojnersteden conurbation. The country also possesses a significant manufacturing sector which contributes 32.4% of GDP, being largely dominated by the construction of machinery and transportation equipment, engineering, the production of steel and the creation of various manufactured luxury goods. The country also possesses a small agricultural sector which is dominated by the cultivation of cereals and fruit.

The country possessed a GDP per capita of €51,201 in nominal terms and €47,309 when adjusted for purchasing power parity. Azmara depends heavily on international trade, with imports making up over 60% of GDP in 2019. The country maintains a good macroeconomic performance, with a steady growth rate throughout much of the late 2010s and early 2020s alongside a stable inflation rate of around 2% and a low unemployment rate of 4.1% in 2020. The country ranks moderately well on rankings of business freedom, being placed 15th in the 2020 Ease of Doing Business Ranking.