Overview: The US has the most powerful, diverse, and technologically advanced economy in the world, with a per capita GDP of $24,700, the largest among major industrial nations. The economy is market oriented with most decisions made by private individuals and business firms and with government purchases of goods and services made predominantly in the marketplace. 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. In 1991 output fell by 1%, unemployment grew, and signs of recovery proved premature. Growth picked up to 2.6% in 1992 and to 3.0% in 1993. Unemployment, however, declined only gradually, the increase in GDP being mainly attributable to gains in output per worker. Ongoing economic problems for the remainder of the 1990s include inadequate investment in economic infrastructure, rapidly rising medical costs, and sizable budget and trade deficits.

National product: GDP - purchasing power equivalent - $6.379 trillion (1993)

National product real growth rate: 3% (1993)

National product per capita: $24,700 (1993)

Inflation rate (consumer prices): 3% (1993)

Unemployment rate: 6% (May 1994)

Budget:
revenues: $1.1535 trillion
expenditures: $1.4082 trillion, including capital expenditures of $NA (1993 est.)

Exports: $449 billion (f.o.b., 1993 est.)
commodities: capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products
partners: Western Europe 24.3%, Canada 22.1%, Japan 10.5% (1993 est.)

Imports: $582 billion (c.i.f., 1993 est.)
commodities: crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages
partners: Canada, 19.3%, Western Europe 18.1%, Japan 18.1% (1993 est.)

External debt: $NA

Industrial production: growth rate 4.6% (1993); accounts for 23% of GDP (1991)

Electricity:
capacity: 780,000,000 kW
production: 3.23 trillion kWh
consumption per capita: 12,690 kWh (1992)

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

Agriculture: accounts for 2% of GDP 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 4.4 million metric tons (1990)

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: 1 United States dollar (US$) = 100 cents
Exchange rates:
British pounds: (#) per US$ - 0.6699 (January 1994), 0.6033 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990), 0.6099 (1989)
Canadian dollars: (Can$) per US$ - 1.3174 (January 1994), 1.2901 (1993), 1.2087 (1992), 1.1457 (1991), 1.1668 (1990), 1.1840 (1989)
French francs: (F) per US$ - 5.9205 (January 1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990), 6.3801 (1989)
Italian lire: (Lit) per US$ - 1,700.2 (January 1994), 1,573.7 (1993), 1,232.4 (1992), 1,240.6 (1991), 1,198.1 (1990), 1.372.1 (1989)
Japanese yen: (Y) per US$ - 111.51 (January 1994), 111.20 (1993), 126.65 (1992), 134.71 (1991), 144.79 (1990), 137.96 (1989)
German deutsche marks: (DM) per US$ - 1.7431 (January 1994), 1.6533 (1993), 1.5617 (1992), 1.6595 (1991), 1.6157 (1990), 1.8800 (1989)

Fiscal year: 1 October - 30 September

NOTE: The information regarding United States on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United States Economy 1995 information contained here. All suggestions for corrections of any errors about United States Economy 1995 should be addressed to the CIA.