Economy of Valruzia

WORK IN PROGRESS The economy of Valruzia is one of the fastest growing economies in Seleya and the whole Terra. Since 4244 and adaptation of new Constitution, Valruzia has pursued a stable and inclusive economic growth and economic evolution which successfully turned the country from an underdeveloped country with the economy based on agriculture into a fast-growing and competitive country with the economy based on services and advanced industry. The constitution indirectly enforces a social market economy. That combined with discovery of numerous rich oil reservoirs in Valruzia and its territorial waters caused tremendous effects of Valruzian economy. During the period from 4244 to 4259, the Valruzian economy was growing with an average growth rate of 9-12% annually. The growth of the Valruzian economy in that period is considered as one of the most impressive economic performance in Seleya.

Valruzia is ranked 17th Terra-wide in terms of GDP and is classified as the high-income economy. The largest component of its economy is the service sector which makes up 64.2% of the total economy. It is followed by industry which sums up to 31.9% and agriculture which makes up 3.9%. It quickly became one of the biggest exporters of goods and service provider in Terra. The top Valruzian export products are petroleum, crude oil, natural gas, passenger and cargo vessels, wood (raw and processed), vehicles and furniture.

In 4259, the General Statistics Office reported that the economy growth slowed to ca. 3.5% annually but that result still puts Valruzia way ahead of the rest countries in Seleya. It is expected that in future years the growth rate will rise due to incereased exploration of newly dscovered oilreservoirs in Ruzian Voivodeship.

Valruzian government operates the sole stock exchange in the country Nowogard Stock Exchange (GPW) which is located in Abramow Dirstrict of Nowogard. GPW is a joint stock company wholely funded by the State Treasury which is the owner of 100% of shares.

Services
Services sector generates roughly 64% of gross domestic product (GDP) of Valruzia, and the sector employed 67.5% of the workforce. Subcomponents of the services sector are: financial and banking (39%), real estate (21%) and other business activities such as trade, transportation, and tourism and air passenger traffic (40%).

Industry and Mining
Industry and construction make up ca. 31% of GDP with oil extraction and petroleum processing as the biggest component of Valruzian industry. Industry sector employs 25% of thw workforce. Valruzia excels in the extraction and rafining of crude oil, extraction of natural gas, production of cargo and passenger vessels and chemicals. With extraction of 13,45 million oil barrels daily, it is the largest extractor of oil on Terra and with 15% market share in shipbuilding it is the second vessels procuder. Despite around 75% of the industry sector is in the hands of the state, small, and medium-sized companies have a strong position on the Valruzian market.

Agriculture
Agriculture and Forestry create 3.9% of the total GDP, and employ 7.5% of the workforce. Agriculture sector is overwhelmingly productive in Valruzia and fulfils 95% of the nations nutritional needs, solely by the domestic production. Agriculture varies in different voivodeship. In Valusian Voivodeship the agriculture is based on intensive farming with relatively little fragmentation of farms and presence of big cooperatives which associate numerous landowners and the crop produced is precondititioned by the market demand. In Chynberg and Ruzian Voivodeship the agriculture is based on extensve farming and relatively high fragmentation of farms and landowners determine crops they grown on their own.

Forestry
The territory of Valruzia is covered by forst in 45%. The forestry industry provides three-quarters of the domestic demand of raw and processed wood.

Energy
Valruzia in recent years beame the Terra's largest energy consumer, consuming 945 terawatts-hours of electricity in 4259. Most of the energy consumed in Valruzia is produced domestically. Government of Valruzia actively promote enviorment preservation and implemented series of pollution restrictions and requires most of the energy to be produced by the nuclear power plants. However in 4260 just 34.5% of the energy produced in Valruzia was produced in nuclear power plants. Majority of the energy was produced from fossil fuels: coal (33%) and natual gas (21%). Government's undertaking and enviroment preservation meassures resulted in an increased in the use of renewable sources of energy. 11,5% of energy produced in Valruzia is produced by solar, wind and gheotermal power plants. The companies responsible for energy production in Valruzia are: Enerwal - operateor of conventional power plants and those using renewable sources of energy, Walatom - operator of nuclear power plants.

Road Network
Due to its vast territory, the density of road and railroad network is relatively lower than in other countries. Despite that Valruzia is home to numerous communication routes which connect north and south Seleyan countries. The extensive motorway network (Autostrada) is third largest in Terra in its total lenght. In recent years the national government implemented series of designated sectionsof the motorways which have no blanket speed limit.

Railway Network
Valruzia has also relatively large network of high-speed trains both passenger and cargo, connecting all major Vlaruzian cities and neighbouring countries. The train maximum speed varies from 190 km/h and 340 km/h depending on the geography of the region.

Air Traffic
Valruzia have also extensive network of both international, and domestic airports: the biggest is located in the country capital - Nowogard Ignanski Airport. Other important airports are: Brzansk - Olimpia Airport, Hel International Airport, Gryfitow - Topolin Airport.