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United States Economy 1996
The US has the most powerful, diverse, and technologically advanced economy
in the world, with a per capita GDP of $25,850, 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 0.6%, unemployment grew, and signs of recovery proved premature. Growth
picked up to 2.3% in 1992 and to 3.1% in 1993. Unemployment, however,
declined only gradually, the increase in GDP being mainly attributable to
gains in output per worker. The year 1994 witnessed a solid 4% gain in real
output, a low inflation rate of 2.6%, and a drop in unemployment below 6%.
The capture of both houses of Congress by the Republicans in the elections
of 8 November 1994 means substantial changes are likely in US economic
policy, including changes in the ways the US will address its major economic
problems in 1995-96. These problems include inadequate investment in
economic infrastructure, rapidly rising medical costs of an aging
population, and sizable budget and trade deficits.
GDP - purchasing power parity - $6.7384 trillion (1994)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$1.461 trillion, including capital expenditures of $NA (1994)
$513 billion (f.o.b., 1994)
capital goods, automobiles, industrial supplies and raw materials, consumer
goods, agricultural products
Western Europe 24.3%, Canada 22.1%, Japan 10.5% (1993)
$664 billion (c.i.f., 1994)
crude oil and refined petroleum products, machinery, automobiles, consumer
goods, industrial raw materials, food and beverages
Canada, 19.3%, Western Europe 18.1%, Japan 18.1% (1993)
growth rate 5.4% (1994 est.)
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
accounts for 2% of GDP and 2.9% 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 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
commitments, including ODA and OOF, (FY80-89), $115.7 billion
1 United States dollar (US$) = 100 cents
(#) per US$ - 0.6350 (January 1995), 0.6529 (1994), 0.6033 (1993), 0.5664
(1992), 0.5652 (1991), 0.5603 (1990)
(Can$) per US$ - 1.4129 (January 1995), 1.3656 (1994), 1.2901 (1993), 1.2087
(1992), 1.1457 (1991), 1.1668 (1990)
(F) per US$ - 5.2943 (January 1995), 5.5520 (1994), 5.6632 (1993), 5.2938
(1992), 5.6421 (1991), 5.4453 (1990)
(Lit) per US$ - 1,609.5 (January 1995), 1,612.4 (1994), 1,573.7 (1993),
1,232.4 (1992), 1,240.6 (1991), 1,198.1 (1990)
(Y) per US$ - 99.75 (January 1995), 102.21 (1994), 111.20 (1993), 126.65
(1992), 134.71 (1991), 144.79 (1990)
(DM) per US$ - 1.5313 (January 1995), 1.6228 (1994), 1.6533 (1993), 1.5617
(1992), 1.6595 (1991), 1.6157 (1990)
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