Economy of Sancratosia
Economy of Sancratosia | |
---|---|
Currency | Impresa (SNI, ) |
Fixed exchange rates | CAD 1$ = SNI 2 |
Fiscal year | Calendar year |
Statistics | |
GDP | SNI 9 450◊ (2022) |
GDP per capita | SNI 196◊ (2022) |
External | |
Exports | SNI 50◊ (est. 2022) |
Export goods |
|
Imports | SNI 1 600◊ (est. 2022) |
Import goods |
|
Main import partners | |
FDI stock | SNI 0◊ (2022) |
Public finances | |
Reserves | SNI 220◊ (2022) |
Budget deficit | SNI 0◊ (2022)[a] |
Revenues | 5% of GDP (2022) |
Expenses | 90% of GDP (2022) |
Economic aid | SNI 0◊ (2022) |
Foreign reserves | SNI 0◊ (2022) |
All values, unless otherwise stated, are in SNI |
The economy of Sancratosia relies predominantly on public spending facilitated by the government, particularly drawing from the personal finances of the House of Sancratosia, which plays a crucial role in financing the Principality.
Overview
Sancratosia operates with a limited economic base, heavily dependent on the personal fortune of the House of Sancratosia. Economic activities primarily consist of handmade products and service industries, with minimal exports and a reliance on imported goods. The Principality's main export product is postage stamps. Public spending is a cornerstone of economic development in Sancratosia.
Taxes
The tax system in Sancratosia includes a 25% value-added tax (VAT) applied to most goods and services, with prices typically inclusive of VAT. There is no income tax imposed on citizens.
Legal interest rate
As of 1 September 2023, the legal interest rate in Sancratosia stands at 5%.
Public finances
- See also: National budget of Sancratosia
Public financing plays a dominant role in the Sancratosian economy, comprising approximately 90% of the Principality's GDP. Given its status as a nascent nation, Sancratosia allocates significant resources to governmental development. State revenues primarily derive from personal contributions by the House of Sancratosia.
Commerce
Commerce in Sancratosia is conducted by a mix of privately and publicly owned companies, as well as non-profit organizations. State corporations engage in for-profit activities under government ownership, while private enterprises vary in structure and responsibility. Associations operate as non-profit entities exempt from VAT on sales necessary for their operations.
Most entities engaged in commerce must register with the Registry of Legal Entities, overseen by the Department of Development under the Ministry of Economy. Chez Chloé, registered on 30 November 2022, was the first company officially recognized in Sancratosia.
State corporations
Private companies
Associations
- Provaluas
See also
Notes and References
Notes
- ↑ The Sovereign Family offers an annual contribution which allows the budget to register a positive balance.