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Economy of United States



The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. According to the International Monetary Fund, the U.S. GDP of $15.1 trillion constitutes 22% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP). Though larger than any other nation's, its national GDP was about 5% smaller at PPP in 2011 than the European Union's, whose population is around 62% higher. The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP. The U.S. dollar is the world's primary reserve currency.

The United States is the largest importer of goods and third largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners. In 2010, oil was the largest import commodity, while transportation equipment was the country's largest export. China is the largest foreign holder of U.S. public debt.

In 2009, the private sector was estimated to constitute 86.4% of the economy, with federal government activity accounting for 4.3% and state and local government activity (including federal transfers) the remaining 9.3%. While its economy has reached a postindustrial level of development and its service sector constitutes 67.8% of GDP, the United States remains an industrial power. The leading business field by gross business receipts is wholesale and retail trade; by net income it is manufacturing. Chemical products are the leading manufacturing field. The United States is the third largest producer of oil in the world, as well as its largest importer. It is the world's number one producer of electrical and nuclear energy, as well as liquid natural gas, sulfur, phosphates, and salt. While agriculture accounts for just under 1% of GDP, the United States is the
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