According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).
The nominal GDP of the U.S. is estimated to be $17.528 trillion as of 2014. From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7. The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP. The U.S. dollar is the world’s primary reserve currency.
The United States is the largest importer of goods and second-largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners. In 2010, oil was the largest import commodity, while transportation equipment was the country’s largest export.
A large flag is stretched over Roman style columns on the front of a large building.
The New York Stock Exchange on Wall Street is the world’s largest stock exchange (per market capitalization of its listed companies) at US$23.1 trillion as of April 2018.
In 2009, the private sector was estimated to constitute 86.4% of the economy, with federal government activity accounting for 4.3% and state and local government activity (including federal transfers) the remaining 9.3%. While its economy has reached a postindustrial level of development and its service sector constitutes 67.8% of GDP, the United States remains an industrial power.
Annual GDP per capita
Agriculture accounts for just under 1% of GDP, although the United States is the world’s top producer of corn and soybeans. The country is the primary developer and grower of genetically modified food, representing half of the world’s biotech crops. In the contiguous 48 states, 35% of the land is used as pasture, 28% is covered by forest, and 21% is agricultural cropland, with all other uses accounting for less than 20%.
A tract housing development in San Jose, California
Consumer spending comprises 68% of the U.S. economy in 2015. In August 2010, the American labor force consisted of 154.1 million people. With 21.2 million people, government is the leading field of employment. The largest private employment sector is health care and social assistance, with 16.4 million people. About 12% of workers are unionized, compared to 30% in Western Europe. The United States has lost five million manufacturing jobs since 2000. The World Bank ranks the United States first in the ease of hiring and firing workers. The United States is ranked among the top three in the Global Competitiveness Report as well. It has a smaller welfare state and redistributes less income through government action than European nations tend to.
The United States is the only advanced economy that does not guarantee its workers paid vacation and is one a few countries in the world without paid family leave as a legal right. While federal law does not require sick leave, it is a common benefit for government workers and full-time employees at corporations. 74% of full-time American workers get paid sick leave, according to the Bureau of Labor Statistics, although only 24% of part-time workers get the same benefits. In 2009, the United States had the third-highest workforce productivity per person in the world, behind Luxembourg and Norway. It was fourth in productivity per hour, behind those two countries and the Netherlands.
The 2008–2012 global recession significantly affected the United States, with output still below potential according to the Congressional Budget Office. It brought high unemployment (which has been decreasing but remains above pre-recession levels), along with low consumer confidence, the continuing decline in home values and increase in foreclosures and personal bankruptcies, an escalating federal debt crisis, inflation, and rising petroleum and food prices.