Economy Of United States - United States Information

Translation Services » Country Guides O - Z » United States

Choose the first letter to select required country:

Economy Of United States
United States Information - Country Guides

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

American Flag Map Of United States

Economy Of United StatesUnited States Information - Country Guides

Economy Of United States
United States Information - Country Guides