| COUNTRIES | GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

United States Economy 2011
https://theodora.com/wfb2011/united_states/united_states_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















United States Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 13, 2011

Economy - overview:
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $47,400. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. Soaring oil prices between 2005 and the first half of 2008 threatened inflation and unemployment, as higher gasoline prices ate into consumers' budgets. Imported oil accounts for about 60% of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $840 billion in 2008 before shrinking to $506 billion in 2009, and ramping back up to $630 billion in 2010. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and other industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. Approximately two-thirds of these funds were injected into the economy by the end of 2010. In March 2010, President OBAMA signed a health insurance reform bill into law that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a bill designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In late 2010, the US Federal Reserve Bank (The Fed) announced that it would purchase $600 billion worth of US Government bonds by June 2011, in an attempt to keep interest rates from rising and snuffing out the nascent recovery.

GDP (purchasing power parity):
$14.72 trillion (2010 est.)
country comparison to the world: 2

$14.33 trillion (2009 est.)
$14.72 trillion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$14.62 trillion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2010 est.)
country comparison to the world: 133

-2.6% (2009 est.)
0% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$47,400 (2010 est.)
country comparison to the world: 11

$46,700 (2009 est.)
$48,300 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 76.7% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
154.9 million
country comparison to the world: 4
note: includes unemployed (2009)
[see also: Labor force country ranks ]

Labor force - by occupation:
farming, forestry, and fishing: 0.7%
manufacturing, extraction, transportation, and crafts: 20.3%
managerial, professional, and technical: 37.3%
sales and office: 24.2%
other services: 17.6%
note: figures exclude the unemployed (2009)

Unemployment rate:
9.7% (2010 est.)
country comparison to the world: 108

9.3% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
12% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30% (2007 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45 (2007)
country comparison to the world: 42

40.8 (1997)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
12.8% of GDP (2009 est.)
country comparison to the world: 142
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $2.092 trillion
[see also: Budget - revenues country ranks ]
expenditures: $3.397 trillion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
58.9% of GDP (2010 est.)
country comparison to the world: 36

53.5% of GDP (2009 est.)
note: data cover only what the United States Treasury denotes as "Debt Held by the Public," which includes all debt instruments issued by the Treasury that are owned by non-US Government entities; the data include Treasury debt held by foreign entities; the data exclude debt issued by individual US states, as well as intra-governmental debt; intra-governmental debt consists of Treasury borrowings from surpluses in the trusts for Federal Social Security, Federal Employees, Hospital Insurance (Medicare and Medicaid), Disability and Unemployment, and several other smaller trusts; if data for intra-government debt were added, "Gross Debt" would increase by about 30% of GDP
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.4% (2010 est.)
country comparison to the world: 33

-0.3% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.5% (31 December 2009)
country comparison to the world: 137

0.86% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.25% (31 December 2009 est.)
country comparison to the world: 150

5.09% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.74 trillion (31 December 2010 est)

$1.722 trillion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.39 trillion (31 December 2009)

$12.46 trillion (31 December 2008)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$32.61 trillion (31 December 2009 est.)
country comparison to the world: 1

$31.53 trillion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$15.08 trillion (31 December 2009)
country comparison to the world: 1

$11.74 trillion (31 December 2008)
$19.95 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products

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

Industrial production growth rate:
3.3% (2009 est.)
country comparison to the world: 96
[see also: Industrial production growth rate country ranks ]

Electricity - production:
4.11 trillion kWh (2008 est.)
country comparison to the world: 1
[see also: Electricity - production country ranks ]

Electricity - consumption:
3.873 trillion kWh (2008 est.)
country comparison to the world: 1
[see also: Electricity - consumption country ranks ]

Electricity - exports:
24.08 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
57.02 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
9.056 million bbl/day (2009 est.)
country comparison to the world: 3
[see also: Oil - production country ranks ]

Oil - consumption:
18.69 million bbl/day (2009 est.)
country comparison to the world: 1
[see also: Oil - consumption country ranks ]

Oil - exports:
1.704 million bbl/day (2008 est.)
country comparison to the world: 13
[see also: Oil - exports country ranks ]

Oil - imports:
11.31 million bbl/day (2008 est.)
country comparison to the world: 1
[see also: Oil - imports country ranks ]

Oil - proved reserves:
19.12 billion bbl (1 January 2010 est.)
country comparison to the world: 14
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
593.4 billion cu m (2009 est.)
country comparison to the world: 1
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
646.6 billion cu m (2009 est.)
country comparison to the world: 1
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
30.35 billion cu m (2009 est.)
country comparison to the world: 9
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
106.1 billion cu m (2009 est.)
country comparison to the world: 1
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
6.928 trillion cu m (1 January 2010 est.)
country comparison to the world: 6
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$561 billion (2010 est.)
country comparison to the world: 190

-$378.4 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$1.27 trillion (2010 est.)
country comparison to the world: 4

$1.069 trillion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%

Exports - partners:
Canada 19.37%, Mexico 12.21%, China 6.58%, Japan 4.84%, UK 4.33%, Germany 4.1% (2009)

Imports:
$1.903 trillion (2010 est.)
country comparison to the world: 1

$1.575 trillion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)

Imports - partners:
China 19.3%, Canada 14.24%, Mexico 11.12%, Japan 6.14%, Germany 4.53% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$130.8 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.98 trillion (30 June 2010)
country comparison to the world: 1

$13.75 trillion (31 December 2008)
note: approximately 4/5ths of US external debt is denominated in US dollars; foreign lenders have been willing to hold US dollar denominated debt instruments because they view the dollar as the world's reserve currency
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.581 trillion (31 December 2010 est.)
country comparison to the world: 1

$2.41 trillion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.597 trillion (31 December 2010 est.)
country comparison to the world: 1

$3.367 trillion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
British pounds per US dollar: 1 (2010), 0.6504 (2010), 0.6494 (2009), 0.5302 (2008), 0.4993 (2007), 0.5418 (2006)
Canadian dollars per US dollar: 1.0346 (2010), 1.1548 (2009), 1.0364 (2008), 1.0724 (2007), 1.1334 (2006)
Chinese yuan per US dollar: 6.7852 (2010), 6.8249 (2009), 6.9385 (2008), 7.61 (2007), 7.97 (2006)
euros per US dollar: 0.7715 (2010), 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)
Japanese yen per US dollar: 88.67 (2010), 94.5 (2009), 103.58 (2008), 117.99 (2007), 116.18 (2006)


NOTE: The information regarding United States on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United States Economy 2011 information contained here. All suggestions for corrections of any errors about United States Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
Copyright © 1995-2020 ITA (all rights reserved).