An Overview of the Economy
The largest economy in the world, the United States has a global
effect on markets worldwide due to its immense spending power and
its widely varied markets. An abundance of natural resources
supports the economy, but the majority of the GDP is funded through
the services sector. Figures for 2007 showed GDP at official
exchange rates of $13.84 trillion, which according to the IMF
constitutes over a quarter of the gross world product at this rate.
In addition, GDP has shown steady growth over the last ten years
averaging 3.3%. Low unemployment, excellent infrastructure and a
thriving private sector help drive the economy and maintain its
strength. Tourism also contributes stongly to national GDP.
Currently suffering from a weak exchange rate, the falling
dollar has slowed economic growth but the fundamentals remain for a
resistant economy that will eventually come back to strength.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
13.8 |
| GDP (PPP) (CIA) (US$Billions) |
13.8 |
| GDP Growth (IMF) (%) |
2.2% |
| GDP Growth (CIA) (%) |
2.2% |
| GDP Per Capita (PPP) (IMF) (US$) |
45,845 |
| GDP Per Capita (PPP) (CIA) (US$) |
45,800 |
| GDP by Sector (%) |
Agriculture: 0.9%
Services: 78.5%
Industry: 20.5% |
| Inflation (%) |
2.9% |
| Population Below the Poverty Line (%) |
12.0% |
| Labour Force (Millions) |
153.1 |
| Labour Force by Occupation (%) |
Farming, forestry and fishing: 0.6%
Manufacturing, extraction, transportation and crafts: 22.6%
Managerial, professional and technical: 35.5%
Sales and office: 24.8%
Other Services: 16.5% |
| Unemployment (%) |
4.6% |
| Main Industries |
Leading indsutrial power in the world, highly diversified
and
technologically advanced; petroleum, steel ,motor vehicles,
aerospace, telecommunications, chemicals, electronics,
food processing, consumer goods, lumber, mining. |
Sources: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
10,961 |
11,686 |
12,434 |
13,195 |
13,484 |
| GDP Growth (%) |
3.1% |
4.4% |
3.2% |
3.2% |
2.2% |
| GDP Per Capita (US$) |
37,685 |
39,811 |
41,969 |
44,118 |
45,845 |
| GDP Per Capita (PPP) (US$) |
37,685 |
39,811 |
41,969 |
44,118 |
45,845 |
| Inflation (%) |
2.3% |
2.5% |
3.2% |
2.5% |
2.9% |
| Unemployment (%) |
6.0% |
5.5% |
5.1% |
4.8% |
4.6% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
85.9 |
85.9 |
86.9 |
69.2 |
70.6 |
| Mobile Phone Users |
158,722,000 |
158,722,000 |
219,400,000 |
219,400,000 |
233,000,000 |
| Internet Users |
159,000,000 |
159,000,000 |
205,326,680 |
205,327,000 |
208,000,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
The United States is the largest importer of goods and the third
largest exporter. It is the third largest exporter of oil in the
world, according to statistics compiled by the CIA with latest data
available, but even so, imported oil accounts for about two thirds
of US consumption.
Major exports 2007
Agricultural products, industrial supplies, capital goods,
consumer goods.
major imports 2007
Agricultural products, industrial supplies, capital goods,
consumer goods.
| export partners |
% of total |
| Canada |
22.2% |
| Mexico |
12.9% |
| Japan |
5.8% |
| China |
5.3% |
| UK |
4.4% |
| import partners |
% of total |
| Canada |
16.0% |
| China |
15.9% |
| Mexico |
10.4% |
| Japan |
7.9% |
| Germany |
4.8% |
Source: CIA World Factbook
Top