FITA helps you find
service providers for:

Market Research


flag United States United States: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

The United States is the largest and most powerful economy in the world. Nevertheless, it was the first to suffer from the consequences of the financial crisis. The country experienced the words recession since the crisis of the 1930s, the economy shrinking by 2.6% in 2009. Thanks to the government’s large-scale budget and monetary stimulus plan, which among others stimulated household consumption, the economy has recovered in 2010, with a growth of 2.6%. The economy is expected to continue to grow slowly in 2011.

In the recent years and following the raise in expenditure in the defense field, the financial crisis and the limited budgetary solutions offered by the government, the federal finances are in deficit. The government has therefore set itself the goal of lowering the deficit by more than 10% in 2010, to 3% in 2015. After having built their growth based on internal consumption for a long time, the American administration has recently indicated its willingness to switch to a model where growth would be coming from exports. The aim is to double exports in five years. Finally, a new stimulus plan has been announced, planning to renew and develop transport infrastructure, as well as introduce tax deductions for businesses.

Following the crisis, the unemployment benefits shows a strong upward trend, exceeding 9% at the beginning of 2010 and thus reaching the highest numbers in the last 25 years. In addition, since the 1980s we see a growth in social inequality.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 13,938.9314,526.5515,064.8215,495.3915,990.78
GDP (Constant Prices, Annual % Change) -3.53.0e1.5e1.82.5
GDP per Capita (USD) 45,34846,86048,147e49,05550,144
General Government Balance (in % of GDP) -6.7-7.0-6.4-5.0-3.7
General Government Gross Debt (in % of GDP) 85.2e94.4100.0105.0108.9
Inflation Rate (%) -0.31.6e3.01.20.9
Unemployment Rate (% of the Labor Force) 9.39.69.19.08.5
Current Account (billions USD) -376.55-470.90-467.64e-329.35-273.34
Current Account (in % of GDP) -2.7-3.2e-3.1e-1.7-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

The American agricultural sector is without a doubt, the biggest in the world. It is characterized by high productivity and by the use of modern technologies. The United States is one of the major producers of corn, soya, beef and cotton.  California alone produces more than 12% of the country's total agricultural production.  Nevertheless, agriculture only accounts for 1% of the American GNP.

The United States is a very industrialized country. The industrial sector contributes almost a quarter of the GDP and includes a large variety of activities. The most significant are the manufacturing of electric and electronic machinery, chemical products, industrial machinery, the food industry and automobile sectors. It is also the world leader in aerospace and pharmaceutical industries. The abandunce of natural resouces has turned the United States into a leader in the production of several minerals and allows it to maintain a diversified production. It  is thus the biggest world producer of liquid natural gas, aluminum, electricity and nuclear energy. It is the third oil producer in the world.

The American economy is essentially based on services. The tertiary sector accounts for more than three-fourths of the GDP and of the workforce.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 1.5 19.9 78.6
Value Added (in % of GDP) 1.2 21.4 77.4
Value Added (Annual % Change) 5.3 -7.2 -1.6

Source: World Bank - Last Available Data.

 
 
Monetary Indicators 20062007200820092010
American Dollar (USD) - Average Annual Exchange Rate For 1 USD 1.001.001.001.001.00

Source: World Bank - Last Available Data.

 
 
Learn more about Market Analysis about the United States on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
77.8/100
Position:
Mostly free
World Rank:
9/179
Regional Rank:
2/3

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

Return to top

Foreign Trade in Figures

The country has generally reduced trade barriers and integrated into the world economic system. The United States is convinced that trade promotes economic growth, social stability, and democracy in individual countries, and also helps to promotes better international relations. Nevertheless, trade represents less than a third of the country’s GDP. As part of the 2010 economic stimulus plan, the administration has adopted a policy of promoting exports, with the aim of doubling exports in the next five years.

The U.S. trade balance is structurally strongly negative. As an effect of the economic crisis, the decrease in imports reduced the deficit, nevertheless with the economic recovery it has progressively deepened and this tendency should continue.

The main trade partners of the United States are the countries of NAFTA (North American Free Trade Agreement composed of the United States, Mexico and Canada), China and the European Union.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 1,918,0802,020,4002,169,4901,605,3001,968,071
Exports of Goods (million USD) 1,025,9671,148,1991,287,4421,056,0401,278,140
Imports of Services (million USD) 305,000334,624365,013334,310357,914
Exports of Services (million USD) 393,405462,529510,474475,979514,970
Imports of Goods and Services (Annual % Change) 6.12.7-2.6-13.8-
Exports of Goods and Services (Annual % Change) 8.4----
Imports of Goods and Services (in % of GDP) 16.817.017.914.0-
Exports of Goods and Services (in % of GDP) 11.011.912.911.2-
Trade Balance (million USD) -832,896-815,836-827,136-502,540-642,359
Trade Balance (Including Service) (million USD) 753,2861,073,045,1031,073,043,481381,272500,031
Foreign Trade (in % of GDP) 27.828.830.825.2-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Canada 19.4%
Mexico 12.8%
China 7.2%
Japan 4.7%
United Kingdom 3.8%
See More Countries 52.1%
Main Suppliers
(% of Imports)
2010
China 19.5%
Canada 14.2%
Mexico 11.8%
Japan 6.3%
Germany 4.3%
See More Countries 44.0%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.2%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.1%
Electronic integrated circuits and microassembliesElectronic integrated circuits and microassemblies 3.0%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.6%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
See More Products 85.2%
Main Imports
(% of Imports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 13.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.9%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 3.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.5%
See More Products 70.6%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

Return to top

Sources of General Economic Information

Ministries
Federal Trade Commission, US customs, Department of State
US Department of Labor
US Department of Agriculture
International Trade Administration
Statistical Office
US Census Bureau
Central Bank
The Federal Reserve
Stock Exchange
New York Stock Exchange- Euronext
American Stock Exchange
Philadelphia Stock Exchange
Boston Stock Exchange
Chicago Stock Exchange
Chicago Mercantile Exchange
Chicago Board Options Exchange
Minneapolis Grain Exchange
Kansas City Board of Trade
NASDAQ
Search Engines
About
Ah-ha.com
Altavista
Aol Netfind
Ask Jeeves
Dogpile
Excite
Galaxy
Go.com
Google
Help Find it
Hotbot
Infospace
Looksmart
Lycos
Mamma
Bing
Northern Light
Open Directory Project
Rex
Scrub The Web
Search.com
Search King
Searchport
Seekon
Web Crawler
Yahoo!
Economic Portals
National Bureau of Economic Research
Bureau of census
Bureau of Labor Statistics
Bureau of Economic Analysis
Economic Statistics

Return to top

Political Outline

Executive Power
President is both the chief of state and the head of the government. President is elected by an electoral college (who are elected directly from each state) to serve a four-year term. President is the commander-in-chief of the armed forces.
These powers are checked by parliament. The Cabinet is appointed by the President subject to approval by the senat.
Legislative Power
The legislature is bicameral in the United States. The Congress consists of Senate (the upper house) and the House of Representatives (lower house). The Senate has the power to confirm or reject presidential appointments and to ratify treaties; the House of Representatives has the sole right to initiate revenue bills, although they may be amended or rejected by the Senate. President has the power to veto the legislation passed by the Congress. The Congress can override the veto with a two-thirds vote.
Main Political Parties
The United States has a two-party system :
- Democratic Party : the oldest political party in the world (established in 1820s) with a liberal, pro-working class Philosophy;
- Republican Party : established in 1854, socially conservative but economically more liberal, favors free-market economy and capitalism.
Current Political Leaders
President: Barack Obama (since January 2009): Democrat Party
Next Election Dates
Presidential: November 2012
ongress: November 2012
 

Indicator of Freedom of the Press

World Rank:
20/178
Evolution:
same place compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
1/7
Civil Liberties:
1/7

Map of freedom 2010
Source: Freedom House

 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2012