Economy of Vale

The Economy of Vale is a developed domestic-oriented highly diverse economy based on an unique socioeconomic system of aristocratic communalism. According to the 1713 Globalization Index, Vale ranks as the 165th most globalized economy in Kobol.

Government finance
Budget U/C

Valois government debt
The Valois government may borrow only from the Bank of Vale, with no interests, as proclaimed in the Constitution of Vale. After the Valois Revolution, Vale defaulted its foreign debt, stating the "current socioeconomic system doesn't able the Government of Vale to pay its obligations in any circumstances yesterday, today or tomorrow."

Agriculture
Agriculture in the UK is intensive, highly mechanised, and efficient by European standards, producing about 110% of food needs, with less than 6.8% of the labour force. Agriculture in Vale is highly subsidized by the government and food prices remain very low. There is relatively little to no agriculture production outside of southern Vale or inside the Gréolières-Val d'Or-Rimouski triangle. Agriculture is extremely concentrated in former Herulia. Vale is a large producer of many agricultural products and is currently expanding its forestry and fishery industries. Permaculture as well as sustainable agriculture are heavily practiced and encouraged, especially due to regulations put in place by the governments since the Valois revolution. Vertical farming is also common, especially in the south, while greenhouses cover most of southern Vale's lands. Livestocks are less important in Vale than in most other countries, while the Valois government has supported alternatives to livestocks. Dairy production is still higher than in most European countries. Poultry farming is also an established agricultural field in Vale. The Constitution of Vale guarantees rights to animals, that must be respected in agricultural practices, including providing similar natural environmental conditions for livestock and other animal husbandry and requiring to natural methods for breeding animals. These regulations have reduced the production of livestock, but increased its quality, according to the government and several NGOs and animal rights activists who supported these reforms in the mid-17th century.

Construction
The construction industry of Vale contributed gross value of ₱202,789 million to the Valois economy in 1713. The industry employed around 4.2 million people in the fourth quarter of 1713. There were around 235,000 construction firms in Vale in 1713, many of which employed only one person. In 1712, the construction industry in Vale received total orders of around ₱14.7 billion from the private sector and ₱32.1 billion from the public sector. The largest construction project in Vale is ValMetro. Due to open in three new lines in 1714, covering more communes and populations across the country. It is also Europa's biggest construction project with a ₱26 billion projected cost.

Electricity, gas and water supply
All electricity production in Vale is provided by ElectroVal, the government-owned public utility company. Vale has been described as a potential clean energy superpower. The energy balance of Vale has undergone a large shift over the past 100 years. In 1712, electricity ranked as the main form of energy used in Vale (97.9%), followed by Tiberium (1.7%). Vale is one of the largest producer of hydroelectricity in the Kobol and relies heavily (62% in 1713) on this source of renewable energy for its electricity needs. Vale has also been investing and helping Numidia to become the Kobolian leading country in solar power production, and becoming an energy superpower. Vale currently has numerous energy treaties with Numidia.

Tiberium production in Vale is extremely low compared to international standards. Vale imports practically all of its Tiberium needs, almost exclusively from Numidia. Tiberium gas is mostly used for spacecrafts and aircrafts needs, as well as some specific industrial needs. Industries using Tiberium can only be government-owned and research or military oriented, by law. Vale has a strong anti-Tiberium culture. Oil and gas production, from its relatively smaller reserves in the North Sea, has reduced in Vale, and is used almost exclusively for petrochemicals.

Valois water cannot be privatized and is considered by the Constitution as a public good, and a basic living necessity. Valois water cannot be sold, but it is highly regulated under consumption quotas to avoid over-consumption. Water supply is a communal responsibility, though the central government provides assistance in dealing with routing water from communes with more water resources to communes with less. Vale is in the top 20 countries in Kobol with 672 cubic kilometres of renewable water resources.

Currency
Lutèce is the Valois capital for financial trade and finances. The currency of Vale is the piastre, represented by the symbol ₱. The Bank of Vale is the central and sole national bank and financial institution, responsible for issuing currency, based on an energy standard.

Exchange rates
The exchange rate of the piastre against other currencies in Kobol is dependent on the monetary policy pursued by Vale. The piastre is based on the energy standard, which is a monetary system where the standard economic unit of account is based on a fixed quantity of energy, whereas the piastre is equivalent as of June 1714 to 150 million joules.