US Economy is the powerful economy of the world. The United States of America (US) is the third-
largest country in the world's, in terms of population. The data obtained from US census bureau predicts 295.734 millions persons residing in the US in 2005 , as against an average number of 1000 million in the ‘high-income countries’ category.
The US, in the past, has attracted vast numbers of immigrants from around the globe. Yet, the country remains less densely populated than other large countries or other industrialized nations. In 2003, there were 30 persons per sq km (78 per sq mi). For a large country, the United States is also remarkably uniform linguistically and culturally. Almost 80% of the people live in urban areas and enjoy a higher life expectancy at birth of 77 years.
Average annual growth of population has been 1.1% from 1997 to 2003, which is still higher than other high-income countries’ figure of 0.6 %. The US economy has an edge over other rich countries as indicated by its labour force growth rate of 1.3% (1997-03), while other high income countries have less than 1% growth in workforce over these years.
U.S. economic growth has been slowing since last spring due to the housing slump.The Curreent US economy is facing stiff competition from the new growing economies like India and China. These countries are coming together along with Brazil and Russia, in business terms, to form BRIC.
US Economy - Key Indicators
The US has the largest and most technologically powerful economy in the world, with a per capita Gross National income of $37,610, (2003) this figure is significantly higher in comparison to that of other developed countries.
The average annual growth rate of GDP was 2.9% during 2003, while GDP per capita grew at 2% in the same year. The US output is projected to grow at a rate of 3.5% for year 2005. In the first quarter of 2007 US Economy Grow .7% at the Annual rate.
In United States Economy, the GNI in atlas method was 13.4 trillions in current US $ as in the year 2006 with a per capita GNI of 44,970 (In Current US $). Find GNI per capita of the country’s economy over various years.
