United States of America, Economy

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Summary

The United States of America (USA or U.S.A.), commonly referred to as the United States (US or U.S.), America, and sometimes the States, is a federal republic consisting of 50 states and a federal district. The 48 contiguous states and Washington, D.C., are in central North America between Canada and Mexico. The state of Alaska is the northwestern part of North America and the state of Hawaii is an archipelago in the mid-Pacific. The country also has five populated and nine unpopulated territories in the Pacific and the Caribbean. At 3.71 million square miles (9.62 million km2) a

Details

The United States has a capitalist mixed economy which is fueled by abundant natural resources and high productivity. According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP). Its national GDP was about 5% larger at PPP in 2014 than the European Union's, whose population is around 62% higher. However, the US's nominal GDP is estimated to be $17.528 trillion as of 2014, which is about 5% smaller than that of the European Union. From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7. 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 second 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. The largest holder of the U.S. debt are American entities, including federal government accounts and the Federal Reserve, who hold the majority of the 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 world's top producer of corn and soybeans. The National Agricultural Statistics Service maintains agricultural statisticslivestock statisticsCopyright: Attribute—Share Alike

External Links

  • WikipediaUnited StatesKey Development Forecasts for the United StatesOfficial U.S. Government Web PortalHouseSenateWhite House

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