Economy of Astoria: Difference between revisions

|sectors            = {{W|Primary sector of the economy|Primary}}: 1.4% <br> {{W|Secondary sector of the economy|Secondary}}: 28.1% <br> {{W|Tertiary sector of the economy|Tertiary}} : 70.5% <br> (2023 est.)

|occupations        = agriculture: 1.3%, industry: 42.7%, services: 56% (2023)

Astorian citizens boast some of the {{W|World Bank high-income economy|highest incomes}} in the world, ranking [[Lists of sovereign states and dependent territories#List of countries by gross domestic product statistics|5th]] in GDP (PPP) per capita and [[Lists of sovereign states and dependent territories#List of countries by gross domestic product statistics|4th]] in GDP (nominal) per capita. In 2024 the GDP (PPP) per capita was $92,934 and the GDP (nominal) per capita was $94,831.

{{Main|Economic history of Astoria}}

{{Main|Economic history of Astoria#19th century}}

{{Main|Economic history of Astoria#20th century}}

{{Main|Economic history of Astoria#21th century}}

{{Main|Berry production in Astoria|Potato production in Astoria|Apple production in Astoria|Wine industry in Astoria}}  

Agriculture in Astoria is varied due to the variety in climates and fertile soils found across the nation. Astoria is a leading producer of wheat, barley, and potatoes. Winter wheat is grown extensively in [[North Columbia]] and potatoes in [[Pocatello]]. The [[Willamette Valley]] and the [[Fraser Valley]] have a high density of fruit orchards and vineyards that produce various specialty crops like berries and hazelnuts. Astoria is major producer and exporter of red delicious apples, blueberries and raspberries. Organic farming and sustainable practices have grown in popularity since the late 20th century, contributing to the growth of Astoria's organic market.  

[[Aluminum industry in Astoria|Aluminum]] has long been one of the cornerstones of the economy of Astoria. Aluminum smelting, processing and manufacturing developed in Astoria during the Great War, due in part to the vast [[Mining in Astoria#Bauxite|bauxite]] deposits discovered throughout [[Nechako]] and northern [[Monatoga]]. Domestic bauxite reserves have fueled the large-scale production of aluminum for nearly a century. Processed bauxite is transported down the [[Columbia River]] to smelters located near hydroelectric dams that dot the basin. Smelting facilities close to these dams provides a critical advantage economically, as access to some of the cheapest electricity in the developed world allows melting to remain a profitable industry in Astoria. Aluminum manufactures in Astoria are also protected by tariffs and numerous trade deals the other North American states, which has allowed Astorian aluminum manufactures to maintain dominance in the [[American Single Market]], producing approximately 5.5 million metric tonnes of aluminum annually.   

[[File:Warszawa_-_Pałac_Łazienkowski_(13).jpg|220px|thumb|left|[[Hood Palace]], located in [[Asphodele]], is the headquarters of the [[Monetary Commission of Astoria]].]]

Monetary and fiscal policy in Astoria is controlled by the [[Monetary Commission of Astoria]] (MCA), the central bank of Astoria. The Monetary Commission is also responsible for controlling the currency supply promoting maximum employment, maintaining inflation at a rate below two precent and to act as depository institution for the Astorian government and foreign governments.Minting is the responsibility of the [[Department of the Treasury (Astoria)|Department of the Treasury]].   

The [[Astorian dollar]] is the third most used reserve currency, composing roughly 17.5% of the official foreign exchange reserves. Considered a safer currency, the Astoria was the last country to drop its gold standard 2002. The gold standard in Astoria was tied to the constitutional requirement that all land transactions in Astoria had to be completed in hard money.

The Monetary Commission is controlled by 12 [[Banking in Astoria#State banks|state banks]] and four [[Banking in Astoria#County banks|county banks]], who own 80% of the commission's voting shares. The [[Tahoma State Bank]] (TSB), [[Clackamas State Bank]] (CSB), [[Vancouver State Bank]] (VSB) [[Olympia State Bank]] (OSB), [[Cannon County Bank]] (CCB) and [[Multnomah County Bank]] (MCB) are the largest share holders of the Monetary Commission. [[Astor Credit]], [[United Bank of Astoria]] (UBA) and the [[Postal Savings System of Astoria]] (PSBA) control the majority of the remaining 20% of the voting shares.

The [[Department of the Treasury (Astoria)|Department of the Treasury]] oversees financial institutions, enforces economic sanctions, and implements policies to ensure the stability and integrity of the financial system. Under its purview are the [[National Commission for Capital and Securities]] (NCCS) and the [[National Commission for Interstate Transactions]] (NCIT). The NCCS regulates the securities markets to ensure fairness and transparency in the issuance, trading, and disclosure of securities, while addressing fraudulent or illegal activities. The NCIT focuses on consumer protection and fair competition, regulating advertising, marketing, and other practices to prevent anti-competitive behavior.

The [[Department of Health and Welfare (Astoria)|Department of Health and Welfare]] administers programs aimed at improving public health, providing social services, and supporting community well-being. It oversees the [[National Commission for Environmental Conservation]] (NCEC) and the [[National Commission for Safe Consumption]] (NCSC). The NCEC enforces environmental laws to safeguard public health and the environment, while the NCSC regulates food safety, pharmaceuticals, medical devices, and cosmetics to ensure that these products meet safety standards and do not pose risks to consumers. Additionally, the [[National Commission for Communications]] regulates interstate and international communications via radio, television, wire, satellite, and cable.

Energy regulation in Astoria is managed by the [[National Commission on Energy]], a subordinate body of the Department of Energy. This commission oversees the transmission and sale of electricity, natural gas, and oil, as well as hydropower projects.

Taxes in Astoria is levied at the federal, state and local levels on a variety of sources including income, property, payroll, dividends, capital gains, imports, estates and gifts. Approximately 28% of the national GDP was collected in taxes, lower than the [[OCED]] average of 33.5%. Income and payroll taxes are primary funding source for the national mandatory health insurance scheme and pension system. Total tax burdens vary by state and locality. [[Clackamas]] had the highest total tax burden, with a maximum rate of 15% on top of federal taxes, and [[Pocatello]] had the lowest with a maximum rate of 4% on top of federal taxes.     

Astoria has a federal progressive tax system, where certain portions of citizens income are taxed at different rates. Incomes below $10,000 are taxed the least at 5% while incomes above $400,000 are taxed at the highest rate of 35%. Only two income exemptions exist, both of which are exclusively for earners classified as middle or lower income earners with homes or dependents. [[States of Astoria|State]] and local governments may also levy income taxes.  

===Federal budget and expenditure===

{{Main|Federal budget of Astoria|Social programs in Astoria}}

{{Main|List of exports of Astoria|List of imports of Astoria}}

{{Main|List of Astorian states by GDP|List of Astorian states by unemployment rate}}