Growth and welfare of the US economy crucially depend on the performance of business sectors and related activities. Per capita GDP of the United States has turned out to be $46,000.
US economy is a market-oriented one. Business firms and private individuals play a major role in decision-making.
Both US federal and state governments provide business firms with great operational flexibility in all areas of their businesses. US business firms make use of latest technology to beat their counterparts in the other nations of the world.
As per the 2007 estimates, agriculture sector contributes 0.9% of the total US GDP. Contribution of the industrial sector stands out to be 20.5%; whereas contribution of the service sector amounts to 78.5%. The real growth rate of US GDP stands at 2.2% as per the 2007 estimate. GDP at Purchasing Power Parity has turned out to be $13.48 trillion according to the estimate of 2007.
Performance of the US economy is driven by the diverse business sectors. The US federal government takes a number of policy measures to facilitate the economic prosperity of US business firms. Mining, finance and insurance, manufacturing, real estate, food services and accommodation, transportation and warehousing, information technology, construction, educational services, wholesale trade, healthcare services, scientific, professional and technical services and many other services come under the purview of US business.
US industrial sector has emerged as the most important industrial power of today’s world. Use of state-of-the-art technology distinguishes its industries from other industrial powers of the world.
Export and import figures are also highly important. Major exportable products include consumer goods like medicines and automobiles, industrial supplies mostly organic chemicals, and capital goods like parts of motor vehicles, transistors, telecommunication devices, computers, and many more. The US export volume (estimated) for the year 2007 has been $1.149 trillion f.o.b.
As far as imports are concerned, the United States imports consumer goods like furniture, clothing, automobiles, medicines, and toys, industrial supplies like crude oil, agricultural products, and capital goods like office machines, electric power machinery, computer software, and many more. The import figure of the US economy has turned out to be $1.956 trillion f.o.b. as per the 2007 estimate.
After a series of headline-grabbing statements about the possibility of “switching” European consumers over to American gas, the US media hastened to announce the launch of Obama’s oil and gas offensive against Russia. In reality, the EU is not prepared, neither technically nor in terms of price, to buy its energy resources from the US. It would take at least ten years to adapt even the technically advanced German energy system to work with American gas supply.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural 'Distinguished Leader in Residence' at New York University. Advisor at World Economic Forum
CEO and co-CIO of PIMCO. Served as President and CEO of the Harvard Management Company for 2 years, while also working at the IMF for 15 years. In 2008, his book "When Markets Collide", won the Financial Times award for Business Book of The Year in addition to being named as the one of the best business books of all time by The Independent.
Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific