Economy of the United States

The United States is a highly developed/advanced market economy.[35][36][37] It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China.[38] It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022.[39] The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and around 15.6% in PPP terms.[40][41] The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar.[42] Several countries use it as their official currency and in others it is the de facto currency.[43]

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Economy of the United States

New York City, the world’s principal financial center[1] and epicenter of the principal American metropolitan economy[2]
Currency	United States dollar (USD) US Dollar Index
Fiscal year	October 1, 2022 – September 30, 2023
Trade organizations	WTO, G-20, G7, OECD, USMCA, APEC and others
Country group	Developed/Advanced[3] High-income economy[4] Diversified North American economy[5]
Statistics
Population	340,332,281 (August 30, 2023)[6]
GDP	$26.854 trillion (nominal; 2023 est.)[7] $26.854 trillion (PPP; 2023 est.)[7]
GDP rank	1st (nominal; 2023) 2nd (PPP; 2023)
GDP growth	2.1% (2022)[8] 1.6% (2023f)[8] 1.0% (2024f)[8]
GDP per capita	$80,034 (nominal; 2023)[7] $80,034 (PPP; 2023)[7]
GDP per capita rank	7th (nominal; 2023) 9th (PPP; 2023)
GDP by sector	Agriculture: 0.9% Industry: 18.9% Services: 80.2% (2017 est.)[5]
GDP by component	Household consumption: 68.4% Government consumption: 17.3% Investment in fixed capital: 17.2% Investment in inventories: 0.1% Exports of goods and services: 12.1% Imports of goods and services: −15% (2017 est.)[5]
Inflation (CPI)	3% (2023)[9]
Population below poverty line	11.6% (2021)[10] 38 million (2021)[10]
Gini coefficient	49.4 high (2021, USCB)[11] 43.4 medium (2017, CBO)[12]
Human Development Index	0.921 very high (2021)[13] (21st) 0.819 very high (25th) (2021)[14]
Labor force	161,200,000 (2023)[15] 62.4% employment rate (2023)[15]
Labor force by occupation	Agriculture: 1.0% Industry: 19% Services: 80% (FY 2018)[16]
Unemployment	3.4% (January 2023 )[15] 10.4% youth unemployment (December 2022; 16 to 19 year-olds)[15] 5.7 million unemployed (july 2022)[15]
Average gross salary	$5,407 / €5,052 monthly[17] (2022)
Average net salary	$4,066 / €3,799 monthly[18][19] (2022)
Main industries	Petroleum steel motor vehicles aerospace telecommunications chemicals electronics food processing information technology consumer goods lumber mining
External
Exports	$3.009 trillion (2022)[20]
Export goods	Agricultural products 10.7% Fuels and mining products 9.4% Manufacturers 74.8% Others 5.1%[21]
Main export partners	European Union(+) 18.7%  Canada(+) 18.3%  Mexico(+) 15.9%  China(-) 8%  Japan(+) 4.4% Other countries 34.8%[22]
Imports	$3.957trillion (2022)[20]
Import goods	Agricultural products 10.5% Fuels and mining products 10.7% Manufacturers 78.4% Others 4.2%[23]
Main import partners	China(-) 21.4%  European Union(+) 18.9%  Mexico(+) 13.2%  Canada(+) 12.6%  Japan(+) 6% Others 27.9%[22]
FDI stock	Inward: $367 billion (2021)[24] Outward: $403 billion (2021)[24]
Current account	−$985.25 billion (2022)[25] −3.93% of GDP (2022)[25]
Gross external debt	$27 trillion (2023)[26]
Public finances
Government debt	$30.568 trillion 122.1% of GDP (2022)[25]
Budget balance	–5.5% of GDP (2022)[27]
Revenues	$8.371 trillion[25] 33.4% of GDP (2022)
Expenses	$9.379 trillion[25] 37.4% of GDP (2022)
Economic aid	donor: ODA, $35.26 billion (2017)[28]
Credit rating	Standard & Poor's:[29][30] AA+ (Domestic) AA+ (Foreign) AAA (T&C Assessment) Outlook: Stable Moody's:[30][31] Aaa Outlook: Stable Fitch:[32] AA+ Outlook: Stable Scope Ratings:[33] AA Outlook: Negative
Foreign reserves	$217 billion (2023)[34]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

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The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources.[44] Americans have the highest average household and employee income among OECD member states.[45] In 2021, they had the highest median household income.[46] The U.S. has one of the world's highest income inequalities among the developed countries.[47][48][49] The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam.[50] The U.S. is the world's largest importer and second-largest exporter.[51] It has free trade agreements with several countries, including Canada and Mexico (through the USMCA), Australia, South Korea, Israel, and several others that are in effect or under negotiation.[52]

By 1890, the United States had overtaken the British Empire as the world's most productive economy.[53] It is the world's largest producer of petroleum and natural gas.[54] In 2016, it was the world's largest trading country[55] as well as its third-largest manufacturer, representing a fifth of the global manufacturing output.[56] The U.S. not only has the largest internal market for goods, but also dominates the services trade. U.S. total trade amounted to $4.2 trillion in 2018.[57] Of the world's 500 largest companies, 121 are headquartered in the U.S.[58] The U.S. has the world's highest number of billionaires, with a total wealth of $3.0 trillion.[59][60] US commercial banks had $22.9 trillion in assets as of December 2022.[61] U.S. global assets under management had more than $30 trillion in assets.[62][63] During the Great Recession of 2008, the U.S. economy suffered a significant decline.[64][65] The American Reinvestment and Recovery Act was passed by the US administration, and in the years that followed, the U.S. experienced the longest economic expansion on record by July 2019.[66][67][68][69]

The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume.[70][71] In 2014, the U.S. economy was ranked first in international ranking on venture capital[72] and global research and development funding.[73] Consumer spending comprised 68% of the U.S. economy in 2022,[74] while its labor share of income was 44% in 2021.[75] The U.S. has the world's largest consumer market.[76] The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.[77] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.[78]