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UNITED STATES
COUNTRIES A-Z
United states Economy
Country Name: United States of America
Capital City: Washington, DC
Population: 301,139,947 (July 2007 est.)
Population Growth: 0.894% (2007 est.)
Currency: US dollar (USD)
Languages: English 82.1%, Spanish 10.7%, other Indo-European 3.8%, Asian and Pacific island 2.7%
Area:
Inflation Rate: 2.5% (2006 est.)
Unemployment Rate: 4.8% (2006)
Domain extension:
ECONOMIC DETAILS OF UNITED STATES
ECONOMY OVERVIEW
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $43,500. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The response to the terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. The rise in GDP in 2004-06 was undergirded by substantial gains in labor productivity. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices in 2005 and 2006 threatened inflation and unemployment, yet the economy continued to grow through year-end 2006. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $750 billion in 2006.
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $43,500. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The response to the terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. The rise in GDP in 2004-06 was undergirded by substantial gains in labor productivity. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices in 2005 and 2006 threatened inflation and unemployment, yet the economy continued to grow through year-end 2006. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $750 billion in 2006.
GDP - purchasing power parity:
$13.13 trillion (2006 est.)
GDP - real growth rate:
3.2% (2006 est.)
GDP - per capita:
$44,000 (2006 est.)
GDP - by sector (agriculture):
agriculture: 0.9%
GDP - by sector (industry):
industry: 20.4%
GDP - by sector (services):
services: 78.6% (2006 est.)
Export Partners:
Canada 22.2%, Mexico 12.9%, Japan 5.8%, China 5.3%, UK 4.4% (2006)
Import Partners:
Canada 16%, China 15.9%, Mexico 10.4%, Japan 7.9%, Germany 4.8% (2006)
Export Commodities:
agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0% (2003)
Import Commodities:
agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys) (2003)
Exports Volume:
Imports Volume:
Labour Force:
151.4 million (includes unemployed) (2006 est.)
Unemployment Rate:
4.8% (2006 est.)
Population below poverty line:
12% (2004 est.)
Inflation Rate:
2.5% (2006 est.)
Investment (gross fixed):
16.6% of GDP (2006 est.)
Public Debt:
64.7% of GDP (2005 est.)
Agriculture Products:
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Industries:
leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
Industrial Production Growth Rate:
4.2% (2006 est.)
Electricity - production:
3.979 trillion kWh (2004)
Electricity - consumption:
3.717 trillion kWh (2004)
Electricity - exports:
22.9 billion kWh (2004)
Electricity - imports:
34.21 billion kWh (2004)
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
Currency Code: