|
Economy overview
|
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $37,800. 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 considerably 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 entry in their rivals' home markets than the barriers to entry of foreign firms in 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 years 1994-2000 witnessed solid increases in real output, low inflation rates, and a drop in unemployment to below 5%. The year 2001 saw the end of boom psychology and performance, with output increasing only 0.3% and unemployment and business failures rising substantially. The response to the terrorist attacks of 11 September 2001 showed the remarkable resilience of the economy. Moderate recovery took place in 2002 with the GDP growth rate rising to 2.4%. A major short-term problem in first half 2002 was a sharp decline in the stock market, fueled in part by the exposure of dubious accounting practices in some major corporations. The war in March/April 2003 between a US-led coalition and Iraq shifted resources to the military. In 2003, growth in output and productivity and the recovery of the stock market to above 10,000 for the Dow Jones Industrial Average were promising signs. Unemployment stayed at the 6% level, however, and began to decline only at the end of the year. 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.
|
|
GDP
|
purchasing power parity - $10.99 trillion (2004 est.)
|
|
GDP - real growth rate
|
3.1% (2004 est.)
|
|
GDP - per capita
|
purchasing power parity - $37,800 (2004 est.)
|
|
GDP - composition by sector
|
agriculture: 1.4%
industry: 26.2%
services: 72.5% (2004 est.)
|
|
Investment gross fixed
|
15.2% of GDP (2004 est.)
|
|
Population below poverty line
|
12% (2004 est.)
|
|
Household income or consumption by percentage share
|
lowest 10%: 1.8%
highest 10%: 30.5% (1997)
|
|
Distribution of family income - Gini index
|
45 (2004)
|
|
Inflation rate consumer prices
|
2.3% (2004 est.)
|
|
Labor force
|
146.5 million (includes unemployed) (2004 est.)
|
|
Labor force by occupation
|
farming, forestry, and fishing 2.4%, manufacturing, extraction, transportation, and crafts 24.1%, managerial, professional, and technical 31%, sales and office 28.9%, other services 13.6%
note: figures exclude the unemployed (2001)
|
|
Unemployment rate
|
6% (2004 est.)
|
|
Budget
|
revenues: $1.782 trillion
expenditures: $2.156 trillion, including capital expenditures of NA (2004 est.)
|
|
Public debt
|
62.4% of GDP (2004 est.)
|
|
Agriculture products
|
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish
|
|
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
|
0.3% (2004 est.)
|
|
Electricity production
|
3.719 trillion kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 71.4%
hydro: 5.6%
other: 2.3% (2001)
nuclear: 20.7%
|
|
Electricity consumption
|
3.602 trillion kWh (2001)
|
|
Electricity exports
|
18.17 billion kWh (2001)
|
|
Electricity imports
|
38.48 billion kWh (2001)
|
|
Oil production
|
8.054 million bbl/day (2004 est.)
|
|
Oil consumption
|
19.65 million bbl/day (2001 est.)
|
|
Oil exports
|
NA (2001)
|
|
Oil imports
|
NA (2001)
|
|
Oil proved reserves
|
22.45 billion bbl (1 January 2002)
|
|
Natural gas production
|
548.1 billion cu m (2001 est.)
|
|
Natural gas consumption
|
640.9 billion cu m (2001 est.)
|
|
Natural gas exports
|
11.16 billion cu m (2001 est.)
|
|
Natural gas imports
|
114.1 billion cu m (2001 est.)
|
|
Natural gas proved reserves
|
5.195 trillion cu m (1 January 2002)
|
|
Current account balance
|
$-541.8 billion (2004 est.)
|
|
Exports
|
$714.5 billion f.o.b. (2004 est.)
|
|
Exports commodities
|
capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products
|
|
Exports partners
|
Canada 23.4%, Mexico 13.5%, Japan 7.2%, UK 4.7%, Germany 4% (2003)
|
|
Imports
|
$1.26 trillion f.o.b. (2003 est.)
|
|
Imports commodities
|
crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages
|
|
Imports partners
|
Canada 17.4%, China 12.5%, Mexico 10.7%, Japan 9.3%, Germany 5.3% (2003)
|
|
Reserves of foreign exchange gold
|
$85.94 billion (2003)
|
|
Debt external
|
$1.4 trillion (2001 est.)
|
|
Economic aid recipient
|
|
|
Currency
|
US dollar (USD)
|
|
Currency code
|
USD
|
|
Exchange rates
|
British pounds per US dollar - 0.6139 (2003), 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), Canadian dollars per US dollar - 1.4045 (2003), 1.5693 (2002), 1.5488 (2001), 1.4851 (2000), 1.4857 (1999), Japanese yen per US dollar - 116.08 (2003), 125.39 (2002), 121.53 (2001), 107.77 (2000), 113.91 (1999), euros per US dollar - 0.8866 (2003), 1.0626 (2002), 1.1175 (2001), 1.08540 (2000), 0.93863 (1999)
|
|
Fiscal year
|
1 October - 30 September
|
This information was reproduced in part from the CIA World Fact book.
If you would like to use this flag of United States or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
If you would like to use this map of United States or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
If you would like to use this information for United States or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.