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United States


    • Overview:
      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.

    • National product:
      GDP - purchasing power parity - $6.7384 trillion (1994)

    • National product real growth rate:
      4.1% (1994)

    • National product per capita:
      $25,850 (1994)

    • Inflation rate (consumer prices):
      2.6% (1994)

    • Unemployment rate:
      5.5% (March 1995)

    • Budget:

        revenues:
        $1.258 trillion

        expenditures:
        $1.461 trillion, including capital expenditures of $NA (1994)

    • Exports:
      $513 billion (f.o.b., 1994)

        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)

    • Imports:
      $664 billion (c.i.f., 1994)

        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)

    • External debt:
      $NA

    • Industrial production:
      growth rate 5.4% (1994 est.)

    • Electricity:

        capacity:
        695,120,000 kW

        production:
        3.1 trillion kWh

        consumption per capita:
        11,236 kWh (1993)

    • 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 2.9% 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 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$ - 0.6350 (January 1995), 0.6529 (1994), 0.6033 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990)

        Canadian dollars:
        (Can$) per US$ - 1.4129 (January 1995), 1.3656 (1994), 1.2901 (1993), 1.2087 (1992), 1.1457 (1991), 1.1668 (1990)

        French francs:
        (F) per US$ - 5.2943 (January 1995), 5.5520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990)

        Italian lire:
        (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)

        Japanese yen:
        (Y) per US$ - 99.75 (January 1995), 102.21 (1994), 111.20 (1993), 126.65 (1992), 134.71 (1991), 144.79 (1990)

        German deutsche marks:
        (DM) per US$ - 1.5313 (January 1995), 1.6228 (1994), 1.6533 (1993), 1.5617 (1992), 1.6595 (1991), 1.6157 (1990)

    • Fiscal year:
      1 October - 30 September






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