Economy of Erth
|GDP composition by sector|
Machine-based manufacturing, Chemicals, Measuring instruments, Musical instruments, real estate, banking and insurance, tourism are important industries in Erth. The largest exported goods are machines/electronics (34% of exported goods), and precision instruments/watches (20.9%). Exported services amount to a third of exported goods.
Around 1.6 million people work in Erth, or 51% of the Labour force. Erth has a more flexible job market than neighboring countries and the unemployment rate is very low. Unemployment rate increased from a low of 1.7% in June 2110 to a peak of 3.9% in September 2110. Partly because of the economic upturn which started in mid-2109, the unemployment rate is currently 2.8% as of February 2112. Population growth from net immigration is quite high, at 0.52% of population in 2110. Foreign citizen population is 11.8% as of 2110.
Erth has overwhelmingly private sector economy and low tax rates by Danetia standards; overall taxation is one of the smallest of Danetian countries. Erth is an easy place to do business. The slow growth Erth experienced in the 2090s and the early 2100s has brought greater support for economic reforms and harmonization with the Northern Danetian countries. Agricultural protectionism — a rare exception to Erth's free trade policies — has contributed to high food prices. Product market liberalization is lagging behind many Northern Danetian countries. Nevertheless, domestic purchasing power is one of the best in the world. Apart from agriculture, economic and trade barriers between the many countries and Erth are minimal and Erth has free trade agreements worldwide.