US Database
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US database contains latest and most authentic information on various economic aspects of the country.
US Database comprises of details on gross domestic product, gross national product, per capita income, export and import details, foreign direct investment, and sectoral composition in the United States of America.
Economy of the United States is technologically advanced and accounts for a per capita GDP of $46,000. This market economy is dominated by the prevalence of private enterprises and business entities. The federal and state governments’ involvement in the economic processes is minimal and they only participate in purchasing activities in private market place. In the economy, private entrepreneurs enjoy independent status and can function with greater flexibility. Decisions on production such as expansion of the capital plant, manufacture of new products and lay off surplus workers are taken by the individual entrepreneurs. Firms in the United States of America exercise a greater flexibility as compared to their European and Japanese counterparts.
The economy recorded a rise in GDP between the years 2004-07 and also secured substantial gains in labor productivity. This has countered the terrorist onslaught in 2001 and threat to inflation between 2005 and 2007.
Some of the other aspects of the US economy according to statistics available in the year 2007 are listed below:
- Real growth rate of the economy – 2.2%
- GDP purchasing power parity – $13.84 trillion
- Per capita GDP – $45, 800
- Labor force – 153.1 million
- Unemployment rate – 4.6%
- Population under the poverty line – 12% (2004 estimate)
- Sectoral composition of GDP –
- Industry: 20.5%
- Tertiary: 78.5%
- Agriculture: 0.9%
- Inflationary rate in consumer prices – 2.9%
- Public debt of the government – 60.8% of GDP
- External Debt – $12.25 trillion
- Exports – $1.149 trillion f.o.b
- Imports – $1.965 trillion f.o.b
- Stock of foreign direct investment made in US – $1.967 trillion
- Stock of foreign direct investment in the international arena – $2.627 trillion
The US economy is faced with challenges and long term problems that need to be overcome to bolster economic growth of the country. These problems include rising pension and medical expenditures, inadequate investment in economic infrastructure, fiscal deficits, income disparities, and stagnation especially among the lower income groups. Unless dealt with immediately, these problems can be the source of value depreciation of dollar as happened in the year 2007.
