Economy of the United States

The United States’ economy is a well-developed market economy. [38] It boasts the world’s greatest nominal GDP and net wealth, as well as the second-largest purchasing power parity (PPP) economy after China. [39] In 2021, it had the ninth highest nominal per capita GDP and the fifteenth highest PPP per capita GDP in the world. [40] The United States possesses the world’s most technologically advanced and innovative economy. Its companies are on the cutting edge of technological advancements, particularly in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military technology. [41] The United States dollar is the most widely used currency in international transactions and the world’s most important reserve currency, supported by its economy, military, petrodollar system, and enormous U.S. treasury market.

The Nation’s Economy

Natural resources, a well-developed infrastructure, and high productivity drive the economy of the country. [49] It has the world’s seventh-highest total-estimated natural resource value, valued at Int$45 trillion in 2015. [50] Among OECD member states, Americans have the highest average household and employee income. [51] They had the sixth-highest median household income in 2013, compared to the fourth-highest in 2010. [52] [53]

The United States had surpassed the British Empire as the most productive economy in the world by 1890.

[54] It is the world’s greatest petroleum and natural gas producer.

[55] It was the world’s largest trading country and third-largest manufacturer in 2016, accounting for a fifth of global industrial output. [57] The United States not only has the world’s largest internal market for products, but it also controls the services market. U.S

Currency
Increase in the value of the US dollar (USD) Fiscal year October 1, 2021 – September 30, 2022 Dollar Index
WTO, OECD, and other trade organisations
Developed/Advanced country group
[2]
Economy with a lot of money
[3]
Statistics\sPopulation\sIncrease 332,403,650 dollars (1-Jan-2022) [4] [5] Increase in GDP of $24.79 trillion (est 2022) [6] GDP is ranked first (nominal; 2022)
second (PPP; 2022)
2.9 percent increase in GDP (2018) 2.3 percent in 2019; 3.5 percent in 2020 (2020) [7] 5.7 percentage point (2021) 4.4 percentage point (2022e) [8] Increase in GDP per capita of $74,725 (est 2022) [6] [9] GDP per capita is ranked seventh (nominal; 2022)
8th grade (PPP; 2022)
GDP by industry
Agriculture accounts for 0.9 percent of the total.
18.9% in the industry
80.2 percent is devoted to services (2017 est.)
[10]
Components of GDP
Consumption by households: 68.4 percent
17.3% of total consumption is consumed by the government.
17.2 percent investment in fixed capital
0.1 percent investment in inventories
Exports of products and services accounted for 12.1% of total exports.
Imports of goods and services account for 15% of total imports (2017 est.)
[10]
Population living in poverty
Increase in the negative

Unemployment has dropped by 3.9 percent (December 2021) [16] A fall of 10.9 percent in youth unemployment is a positive sign (December 2021; 16 to 19 year-olds) [16]
Unemployment has decreased by 6.9 million people (November 2021)
[16]
Increase in average gross pay of $69,392 (2020)
[18]
Weekly increase in median gross pay of $1,010 (Q4, 2021)
[19]
The most important industries
Petroleum
automobiles made of steel
aerospace
telecommunicationschemicalselectronics
processing of food
technology of information
Lumbermining is a type of consumer goods that involves the extraction of timber.
The ease-of-doing-business ranking has risen to 6th place (very easy, 2020)
[20]
Exports decrease by $2.127 trillion (2020)
[21]
Agricultural products are exported. Fuels and mining products account for 10.7% of the total. Manufacturers accounted for 9.4% of the total, while others accounted for 5.1 percent. [22]
Most important export partners
Canada(+) 18.7% European Union(+) European Union(+) European Union(+) European Union(+) European Union(+) 18.3 percent (plus) Mexico China (-) 8% Japan (+) 4.4 percent Others 34.8 percent [21]
Imports are down by $2.808 trillion (2020)
[21]
Agricultural products are imported. Fuels and mining products account for 10.5 percent of the total. Manufacturers account for 10.7% of the total. Others 4.2 percent 78.4 percent [23] Major import partners China (-) 21.4 percent European Union (+) 18.9% Mexico (+) 13.2 percent Canada (+) 12.6 percent Japan (plus) 6% Others 27.9 percent [21]
Foreign direct investment (FDI) stock

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