Economy of Shenewa
Shenewa is a developing, upper middle income market economy. However, it is still marked by high levels of income inequality across the country, with its highlands further inland typically being a great deal poorer than the coasts. As a developing economy, the Shenewan services sector is still a relatively small part of the economy, just 54%, whilst industry and agriculture make up 32% and 14% respectively. The largest employer is the services sector, at 41% of the labour force, with 32% employed by the industrial sector and 27% working in agriculture.
Shenewa has one of the largest labour forces in Central Avalonia and has the largest labour force of the Ingonian nations. However, its labour force is comparatively under skilled, with many still being employed in unproductive agriculture.
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Currency | Shenewan Noshawa (ShN; ¥) |
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2022 | |
Trade organisations | ECOSEAS |
Statistics | |
Population |
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GDP | |
GDP rank | |
GDP growth |
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GDP per capita |
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GDP by sector |
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Population below poverty line |
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Labour force |
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Labour force by occupation |
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Unemployment |
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Average gross salary | ¥123,794 / $331 monthly |
External | |
Exports |
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Export goods | Agricultural goods, ship hulls, automobiles, automobile parts, silver |
Main export partners | |
Imports |
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Import goods | Machinery & equipment, fertilisers, steel, oil, natural gas, coal |
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Public finances | |
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-1.1% of GDP (2022 est.) | |
Revenues | $177.336 billion (2022 est.) |
Expenses | $187.006 billion (2022 est.) |
Foreign reserves |
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All values, unless otherwise stated, are in US dollars. |
Economic History
Currency
Shenewa's currency is the Noshawa. This name's origin is the keumoine "noshata harawa", literally meaning "silver ring", derived from the keumoine practice of carrying the precious metals they used as currency in the form of rings on their hands. With their spread either by settlement or as traders across the entire area of modern day Shenewa, these rings became a recognised form of currency across the area. Gradually, the term "noshata harawa" was corrupted as it was used by non-keumoine speakers, leading to the name "noshawa". As a nod to their origins, modern noshawa coins continue to have holes in their centre, although they are no longer rings. The symbol used to denote the Shenewan Noshawa is ¥. It is derived from the representation of the Emperor's crown that was stamped on the first Emperor's noshawa coins.
As of December 2022, $1 was worth ¥374
Sectors
Primary Sector
Agriculture
Aquaculture & Fishing
Most fishing in Shenewa is now done through farming rather than catching wild fish. In the 2020s, just under 2.4m hectares of Shenewa's rivers and lakes are dedicated to aquaculture, producing 9.2m tons of aquaculture products a year. Of these, 6.8m are consumed in Shenewa, an average of 47kg per capita.
Resource Extraction
Shenewa has deposits of silver, copper and some rare earths. However, mining constitutes only a small part of the Shenewan economy, largely made up of copper mining.
Shenewa has proven reserves of 455 million barrels of oil and produces 33,000 barrels a day on average. Most of this crude oil is exported to be refined elsewhere.
Secondary Sector
Energy
Shenewa is heavily dependent on energy imports, with only limited oil reserves and no local currently exploited sources of coal or gas. Whilst some efforts have been made to build Shenewa's production of energy from renewable sources (largely focussing on hydropower), it is still an economy heavily dependent on fossil fuels.
Per capita, Shenewa consumes 2,670 kWh each year. In terms of energy sources, 47% of Shenewan energy is produced using oil, 25% using natural gas, 14% from renewable sources and 14% from coal. Shenewa imports its natural gas primarily from New Valentina.
Light Industry
The majority of Shenewan manufacturing could be classified as "light" industry. Notable examples of this are the food processing, beverage, textiles, garments, shoe, cigarette and cigar making industries.
Heavy Industry
Whilst light industry still comprises the majority of Shenewan manufacturing, since the early 2000s "heavy" industry has comprised a growing proportion of Shenewa's secondary sector. The longest running of these industries is the chemicals sector, mainly focussing on the production of fertilisers. In addition to this, automotive manufacture, steel production (particularly of low grade steel) and shipbuilding make notable contributions to Shenewa's "heavy" industry.
Tertiary Sector
Transport
Tourism
Financial Services
Public Sector
Labour Abroad
Trade
Labour Force
The Shenewan economy has a workforce of 98,592,251 people with a workforce participation rate of 62.08%.This is an increase from in the year 2000, when Shenewa's workforce was 70,562,230 people with a 58.08% participation rate. This increase has been achieved despite increasing numbers of Shenewan youth attending school until 18 and going on to university, with much of the increase in workforce participation rate being attributable to increased integration of women in the workforce. The number of children aged 15-18 participating in the labour force has also decreased, from 1 in 5 in 2000 to 1 in 8 by 2022.