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United States

 
     
    • Overview: 
      The US has the most powerful, diverse, and technologically advanced economy in the world, with a per capita GDP of over $28,600, the largest among major industrial nations. In this market-oriented economy, private individuals and business firms make most of the decisions, and government buys needed goods and services predominantly in the private marketplace. US business firms enjoy considerably greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entry in their rivals' home markets than the barriers to entry of foreign firms in US markets. In all economic sectors, US firms are at or near the forefront in technological advances, especially in computers, and medical, aerospace, and military equipment, although their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get pay raises, health insurance coverage, and other benefits. The years 1994-96 witnessed moderate gains in real output, low inflation rates, and a drop in unemployment below 6%. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical costs of an aging population, sizable budget and trade deficits, and stagnation of family income in the lower economic groups. The outlook for 1999 is for continued moderate growth, low inflation, and about the same level of unemployment.  
     
    • National product: 
      GDP - purchasing power parity - $7.61 trillion (1996) 
     
    • National product real growth rate: 
      2.4% (1996) 
     
    • National product per capita: 
      $28,600 (1996) 
     
    • Inflation rate (consumer prices): 
      3% (1996) 
     
    • Unemployment rate: 
      5.5%  (1996) 
     
    • Budget: 
     
        revenues: 
        $1.351 trillion 
     
        expenditures: 
        $1.514 trillion, including capital expenditures of $NA (1996) 
     
    • Exports: 
      $584.7 billion (f.o.b., 1995) 
     
        commodities: 
        capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products 
     
        partners: 
        Western Europe 24.3%, Canada 22.1%, Japan 10.5% 
     
    • Imports: 
      $771 billion (c.i.f., 1995) 
     
        commodities: 
        crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages 
     
        partners: 
        Canada, 19.3%, Western Europe 18.1%, Japan 18.1%  
     
    • External debt: 
      $862 billion (1995 est.) 
     
    • Industrial production: 
      growth rate 3.1% (1996 est.) 
     
    • Electricity: 
     
        capacity: 
        695,120,000 kW 
     
        production: 
        3.1 trillion kWh 
     
        consumption per capita: 
        11,236 kWh (1994) 
     
    • Industries: 
      leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining 
     
    • Agriculture: 
      accounts for 2% of GDP and 2.9% of labor force; favorable climate and soils support a wide variety of crops and livestock production; world's second largest producer and number one exporter of grain; surplus food producer; fish catch of 4.4 million metric tons (1990) 
     
    • Illicit drugs: 
      illicit producer of cannabis for domestic consumption with 1987 production estimated at 3,500 metric tons or about 25% of the available marijuana; ongoing eradication program aimed at small plots and greenhouses has not reduced production 
     
    • Economic aid: 
     
        donor: 
        commitments, including ODA and OOF, (FY80-89), $115.7 billion 
     
    • Currency: 
      1 United States dollar (US$) = 100 cents 
     
    • Exchange rates: 
     
        British pounds: 
        (#) per US$ - 0.6350 (January 1995), 0.6529 (1994), 0.6033 (1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990) 
     
        Canadian dollars: 
        (Can$) per US$ - 1.4129 (January 1995), 1.3656 (1994), 1.2901 (1993), 1.2087 (1992), 1.1457 (1991), 1.1668 (1990) 
     
        French francs: 
        (F) per US$ - 5.2943 (January 1995), 5.5520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990) 
     
        Italian lire: 
        (Lit) per US$ - 1,609.5 (January 1995), 1,612.4 (1994), 1,573.7 (1993), 1,232.4 (1992), 1,240.6 (1991), 1,198.1 (1990) 
     
        Japanese yen: 
        (Y) per US$ - 99.75 (January 1995), 102.21 (1994), 111.20 (1993), 126.65 (1992), 134.71 (1991), 144.79 (1990) 
     
        German deutsche marks: 
        (DM) per US$ - 1.5313 (January 1995), 1.6228 (1994), 1.6533 (1993), 1.5617 (1992), 1.6595 (1991), 1.6157 (1990) 
     
    • Fiscal year: 
      1 October - 30 September