USA (United States of America) GDP
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About US GDP
As of 2007, US GDP (purchasing power parity) was $13.78 trillion. US GDP (official exchange rate) was about $13.84 trillion. Real growth rate of US GDP in 2007 was 2 percent. In 2007, per capita GDP of USA was nearly $45,800. Going by GDP per capita figures, US is ranked #10 in world.
Composition of US GDP
In 2007, 1.2 percent of total US GDP was contributed by agricultural sector. Industrial sector made up 19.8 percent of US GDP in 2007. Services sector made up 79 percent of US GDP in that same period.
Status and Growth of US GDP
Over years, USA has maintained a steady rate of growth of GDP. In third quarter of financial year 2008, US GDP had grown 0.7 percent from previous financial year. However, there have been periods when US GDP has experienced setbacks. For example in 1973-75, when there was oil crisis, US GDP reduced by 3.1 percent. There was another recession in 1981-82 financial year. During that period, US GDP came down by 2.9 percent.
In third quarter of financial year 2008, real gross domestic product has been hit hard as output of services and goods that are produced by property and labor situated in United States of America has gone down by 0.5 percent. However, in second quarter of financial year 2008, real GDP increased by 2.8 percent.
Downswing of real GDP of US has been caused, to a large extent, due to decreasing contributions of personal consumption expenditures sector, equipment and software sector and residential fixed investment scenario. However, effects of these sectors has been lessened, to a certain degree, by increased contributions from federal governmental expenditures, non residential structures, private inventory investment, local and state governmental expenditures and exports.
Sales of computer have played an integral role when considered in context of decreasing real GDP figures for third quarter of financial year 2008. They have had a positive influence on US GDP for that particular quarter by virtue of adding 0.03 percentage points. Decrease in real personal consumption expenditures has also been important in this regard.
