Overview: The US has the most powerful, diverse, and technologically advanced economy in the world, with a per capita GNP of $21,800, the largest among major industrial nations. In 1989 the economy enjoyed its seventh successive year of substantial growth, the longest in peacetime history. The expansion featured moderation in wage and consumer price increases and a steady reduction in unemployment to 5.2% of the labor force. In 1990, however, growth slowed to 1% because of a combination of factors, such as the worldwide increase in interest rates, Iraq's invasion of Kuwait in August, the subsequent spurt in oil prices, and a general decline in business and consumer confidence. Ongoing problems for the 1990s include inadequate investment in education and other economic infrastructure, rapidly rising medical costs, and sizable budget and trade deficits.

GNP: $5,465 billion, per capita $21,800; real growth rate 1.0% (1990)

Inflation rate (consumer prices): 5.4% (1990)

Unemployment rate: 5.5% (1990)

Budget: revenues $1,106 billion; expenditures $1,272 billion, including capital expenditures of $NA (FY90 est.)

Exports: $393.9 billion (f.o.b., 1990); commodities--capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products; partners--Western Europe 27.3%, Canada 22.1%, Japan 12.1% (1989)

Imports: $516.2 billion (c.i.f., 1990); commodities--crude and partly refined petroleum, machinery, automobiles, consumer goods, industrial raw materials, food and beverages; partners--Western Europe 21.5%, Japan 19.7%, Canada 18.8% (1989)

External debt: $581 billion (December 1989)

Industrial production: growth rate 1.0% (1990)

Electricity: 776,550,000 kW capacity; 3,020,000 million kWh produced, 12,080 kWh per capita (1990)

Industries: leading industrial power in the world, highly diversified; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, fishing, lumber, mining

Agriculture: accounts for 2% of GNP and 2.8% of labor force; favorable climate and soils support a wide variety of crops and livestock production; world's second-largest producer and number-one exporter of grain; surplus food producer; fish catch of 5.0 million metric tons (1988)

Illicit drugs: illicit producer of cannabis for domestic consumption with 1987 production estimated at 3,500 metric tons or about 25% of the available marijuana; ongoing eradication program aimed at small plots and greenhouses has not reduced production

Economic aid: donor--commitments, including ODA and OOF, (FY80-89), $115.7 billion

Currency: United States dollar (plural--dollars); 1 United States dollar (US$) = 100 cents

Exchange rates: British pounds (5) per US$--0.5171 (January 1991), 0.5603 (1990), 0.6099 (1989), 0.5614 (1988), 0.6102 (1987), 0.6817 (1986), 0.7714 (1985); Canadian dollars (Can$) per US$--1.1559 (January 1991), 1.1668 (1990), 1.1840 (1989), 1.2307 (1988), 1.3260 (1987), 1.3895 (1986), 1.3655 (1985); French francs (F) per US$--5.1307 (January 1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985); Italian lire (Lit) per US$--1,134.4 (January 1991), 1,198.1 (1990), 1.372.1 (1989), 1,301.6 (1988), 1,296.1 (1987), 1,490.8 (1986), 1,909.4 (1985); Japanese yen (3) per US$--133.88 (January 1991), 144.79 (1990), 137.96 (1989), 128.15 (1988), 144.64 (1987), 168.52 (1986), 238.54 (1985); German deutsche marks (DM) per US$--1.5100 (January 1991), 1.6157 (1990), 1.8800 (1989), 1.7562 (1988), 1.7974 (1987), 2.1715 (1986), 2.9440 (1985)

Fiscal year: 1 October-30 September

NOTE: The information regarding United States on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United States Economy 1991 information contained here. All suggestions for corrections of any errors about United States Economy 1991 should be addressed to the CIA.