The economic data for 2022 has been released by the government following Orange Tax investments.
Data revealed by the regional government shows that the percentage growth of the economy in each nation was as follows:
Across the entire region, economic growth was higher than anticipated, particularly with the recent trade fiasco's involving the NWTA and EU.
Average growth is now stable, at 3.72% which means fears of a recession due to the NWTA and EU have passed.
Meanwhile, the regional economy grew by 3 trillion marks- indicating a positive outlook with no nations in recession.
Here is a breakdown for each nation:
Mardata
Growth Rate: 8.79%
The Mardatan economy performed incredibly well in 2022 thanks to its government's actions in organising the economy. A high taxation rate and sensible spending plan majorly benefited the nation, however the 1 trillion mark investment by the regional government also made a significant difference.
In real terms, the economy grew by a massive 730 billion marks, leaving the average citizen in Mardata 811 marks richer this year than last.
The GDP per capita is now above 10,000 marks for the first time, indicating that the nation has a positive outlook.
Projected growth for 2023- 7.5%
Patec
Growth Rate: 5.78%
The economy of Patec had a successful year after the major investment made by the government, along with Patec's own investments.
GDP per capita has increased to 12,000, and GDP grew by 370 billion in real terms.
This 5.78% increase is likely to be similar next year.
Projected growth for 2023- 5.5%
Terebostadan
Growth Rate: 4.45%
Terebostadan has been labeled as an 'emerging economic superpower' following a sharp rise in GDP despite there being no regional investment in the nation.
The economy grew by 160 billion, meaning the average citizen is now 4,000 marks better off- the highest in the region.
Projected growth for 2023- 5%
Niater
Growth Rate: 3.22%
Niater had a very positive 2022 economically speaking- largely thanks to keeping out of the controversial trade packs and instead staying open to business for everyone.
In real terms, the GDP grew by 400 billion and GDP per capita by 600 per person.
Projected growth for 2023- 3%
Meercovo
Growth Rate: 3.15%
The Meercovian economy grew at levels above expected due to overspill from Patec and also the construction of the FRS-Meercovo Bridge.
The GDP grew by 375 billion and GDP per capita by 730 per person.
Projected growth for 2023- 3%
FRS
Growth Rate: 2.14%
FRS' economy grew slightly less than expected, due to the recent announcement of leaving the EU for the NWTA. However, the Meercovo-FRS bridge has boosted the economy.
The economy is expected to perform much stronger this year due to the strengthening Sekpolis pact presenting FRS as the more democratic alternative to Zanjact for many industries and businesses.
The economy grew by 350 billion and this added 415 marks to the GDP per capita
Projected growth for 2023- 3.5%
Oranjehaven
Growth Rate: 1.52%
Oranjehaven slumped in 2022 despite optimism of high growth. The lower than average economic growth can be attributed to the absence of membership for any organisation- party, trade block or defence pact.
However, Oranjehaven is expected to bounce back this year with a much stronger performance.
The economy grew by 170 marks
Projected growth for 2023- 2.5%
Zanjact
Growth Rate: 1.02%
The low growth rate in Zanjact is due to the already huge size of the economy. The recent abrupt announcement of leaving the NWTA also had a detrimental impact, however the stable economy is expected to continue to grow at about 1-2% for the next few years.
Projected growth for 2023- 1.5%
ONN has also put together a projection for the next 5 years in terms of GDP growth:
