Economy of Belmont

The Economy of Belmont is a highly developed and mixed economy. Belmont's economy is one of the largest in the world and also one of the most industrialized. Belmont's economy combines extensive private enterprise (nearly 2.5 million companies registered) with substantial (though declining) government intervention. The government retains considerable influence over key segments of infrastructure sectors, with majority ownership of railway, electricity, aircraft, and telecommunications firms. It has been gradually relaxing its control over these sectors since the early 1990s. The government is slowly selling off holdings in Belmont Télécom, Air Belmont, as well as the insurance, banking, and defense industries.

Though the largest producer of coal, Belmont is the smallest emitter of carbon dioxide among the most industrialized countries in the world, due to its heavy investment in nuclear power. As a result of large investments in nuclear technology, most of the electricity produced in the country is generated by 59 nuclear power plants. Large tracts of fertile land, the application of modern technology, and EDF subsidies have combined to make Belmont the leading agricultural producer and exporter in Gallia. Wheat, poultry, dairy, beef, and pork, as well as an internationally recognized foodstuff and wine industry are primary Belmontien agricultural exports. EDF agriculture subsidies to Belmont have decreased for the last years, but still amounted to $8 billion in 2007.

The Big Three
See: Thasisse Holdings BE, Orliac Investment & Holdings BE, A&O Group of Industries

Other Major Companies
See: Companies of Belmont

Belmontien brands
See: Brands of Belmont

Industry
Belmont, as with many modern industrialized nations, has a large and diverse industrial base. Industry and construction accounted for 29% of gross domestic product in 2008, and employed 34.3% of the workforce. Belmont excels in the production of electronics, machine tools, weaponry, and chemicals. In 2004, Belmont enjoyed the largest world market share in machine tools (19.3%). Of vital importance is the role of small- to medium-sized manufacturing firms, which specialize in niche products and often are owned by management. The industrial sector is mainly based in the south and north-east Belmont.

Mining
The mountain ranges of Tréguier and Visidame are home to vast reserves of coal and allow Belmont to be one of the largest coal producing nations in the world. Profits from the coal mining amount to billions of Francs to the GDP and provide jobs to hundreds of thousands of people across southern Belmont. Coal mining began in Belmont in the mid to late 1980s. The sector rose to great prominence after a joint venture between Charbon du Sud and Pegnitz Vereinte Bergbau and Fränkische Rohstoffe AG brought three major companies into the coal sector. Nearly all of the coal mined is exported.

Oil Refining
Companies such as PetroThas and A&O Refining have since the early 1920s been operating several oil refineries in south Belmont. Belmont only imports crude oil and local companies refine the petroleum. The local oil refining industry has also enabled Belmontien companies to use their expertise and assist other countries in constructing oil refineries, such as was done in Batavië.

Iron & Steel
The iron and steel industry plays an important part of the Belmontien economy and its presence is important for the local arms industry. Companies in this sector are known for their close ties to Greater Sarmatia and Kyiv, since much of the industry imports raw material from those two countries, and in the past have received flak for that. The sector also exports nearly 25% of its output.

Construction
The construction sector accounts for 3.7% of the GDP. The sector also invest heavily in the local cement industry. Belmontien cement is exported heavily across the world. The construction industry is led by Cimento and Balesse.

Arms & Ammunition
Belmont is the third largest weapons supplier in the world. The Belmontien arms industry's main customer, for whom they mainly build warships, guns, nuclear weapons and equipment, is the Armed Forces of Belmont. Furthermore, record high defense expenditure (currently at €126.08 billion), which was considerably increased under the government of Premier Shahrazad Martinique, have contributed to the success of the Belmontien arms industries. In addition, external demand plays a big part in the growth of this sector. Market leaders in this sector are A&O Defense Industries, Heavy Industries Toulouse & Vertille Aeronautics.

Pharmaceutical
The pharmaceutical sector is an emerging area of the economy with investments being made into newly set up companies based mainly in Nantes. The pharmaceutical sector is tied closely to the University of Paris and its alumni. The pharmaceutical sector also plans on working with its counterparts in Central Europe.

Agriculture
Belmont is one of the EDF's leading agricultural producers, accounting for about one-third of all agricultural land within the EDF. Northern Belmont is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central Belmont, while the production of fruits, vegetables, and wine ranges from central to southern Belmont. The country is a large producer of many agricultural products and is currently expanding its forestry and fishery industries.

Belmont is the world's second-largest agricultural producer and the third-largest agricultural exporter. However, the destination of 70% of its exports are other EDF member states and many Himyari countries. Wheat, beef, pork, poultry, and dairy products are the principal exports.

The Belmontien agricultural sector is heavily dependent upon subsidies from the EDF, which account for ₣11 billion. Specific government policies, such as the infamous reclassification of Belmontien wine as a 'health food' to avoid VAT, also goes a long way to create a thriving domestic sector.

Energy
Belmont has relied heavily on the development of nuclear power, which now accounts for about 78% of the country's electricity production, up from 73% in 2000. Nuclear waste is stored on site at reprocessing facilities.

In 2009, electricity in Belmont amounted to 548.8 TWh, of which:


 * 428.7 TWh (78.1%) were produced by nuclear power generation
 * 60.9 TWh (11.1%) were produced by hydroelectric power generation
 * 52.4 TWh (9.5%) were produced by fossil fuel power generation
 * 21.6 TWh (3.9%) by coal power
 * 20.9 TWh (1.1%) by natural gas power
 * 9.9 TWh (1.8%) by other fossil fuel generation (fuel oil and gases by-products of industry such as blast furnace gases)
 * 6.9 TWh (1.3%) were produced by other types of power generation (essentially waste-to-energy and wind turbines))
 * The electricity produced by wind turbines increased from 0.596 TWh in 2004, to 0.963 TWh in 2005, and 2.15 TWh in 2006, but this still accounts only for 0.4% of the total production of electricity (as of 2006).

The Government of Belmont has also stated that it was producing a surplus in electricity and stood in a position to export electricity to other countries.

Tourism
Belmont features cities of high cultural interest (Paris being the foremost), beaches and seaside resorts, ski resorts, and rural regions that many enjoy for their beauty and tranquility. In 2009, the Ministry of Tourism reported that 56 million tourists visited the country and contributed up to ₣6.34 billion to the local economy.