United States – Economic Overview
The United States has the largest and most technologically powerful economy in the world, with a per-capita GDP of $47,400. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. U.S. businesses enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers and to develop new products. Simultaneously, they face higher barriers to enter their rivals’ home markets than foreign firms face entering U.S. markets. U.S. firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace and military equipment; however, their advantage has narrowed since the end of World War II. Other notable facts about the United States are, in 2010:
- Its GDP was estimated at $14.72 trillion.
- Its GDP real growth rate was 2.8 percent.
- Its inflation rate (consumer prices) was 1.4 percent.
- Its exports totaled $1.27 trillion and imports totaled $1.903 trillion.
- Its stock of direct foreign investment at home was $2.581 trillion.
- Its stock of direct foreign investment abroad was $3.597 trillion.
CIA – World Factbook
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