United States of America

USA orthographic

The USA was the largest economy in the world by nominal GDP in 2018. It generates and earns more than 20 percent of global income and is the second largest manufacturing country. It has a diverse economy, is rich in natural resources (fourth in natural capital), is the leader in science and technology, and New York is the world's leading financial district. GDP per capita is $62,641, which is above the average for high income and OECD countries. It is a member of the G20, OECD, and the USMCA free trade agreement. Services was the largest economic sector in 2018 (77 percent of GDP), followed by manufacturing (19 percent). In 2017, the largest export sectors were services (34 percent), machinery (13 percent), chemicals (10 percent), vehicles (8.2 percent), agriculture (7.7 percent), and electronics (7.4 percent). The largest individual exports were ICT services (15.8 percent), travel and tourism (8.98 percent), insurance and finance (5.45 percent), and refined petroleum (3.23 percent). Its largest export partners were Canada (17.85 percent), Mexico (15.7 percent), and China (8.49 percent). The largest goods imports were cars (7.56 percent), crude oil (5.7 percent), and transmission apparatus for radio, telephone, and TV (4.2 percent). By WW1 the USA had emerged as the leading industrial power and after the war New York had displaced London as the leading financial centre. The great depression had a profound impact on the USA and the world. After the failure of protectionism at the start of the depression the USA embraced free trade and made it a tenet of its economic policy. After WW2, the USA and Britain remade the global economic order with the US linked to gold and the establishment of the Bretton Woods institutions. The 1950s and 1960s was an era of rapid growth and marked the rise consumerism, which the US exported to the rest of the world. The oil shocks and Vietnam led to stagnation in the 1970s and early 1980s, at which point Reaganomics took over. The late 1990s and 2000s saw low interest rates and "irrational exuberance" fuel the stock market and housing market, which led to the Tech Bubble in 2001 and the global financial crisis in 2008. US public debt has grown though the 2000s on the back of the financial crisis and the wars in Afghanistan and Iraq. The US has also recently become the world's largest oil producer as shale oil became viable through new technology and a rising oil price.

Its population in 2018 was 330,530,669 [1]

In 2015, 8.72% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 5.67% [2]

In 2021 it had a negative Current
Account Balance of US$bn 806.61 [3]

Its unemployment rate in 2021 was 5.36% [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2020 was 3.45% [2]

A Big Mac will set you back the
local equivalent of US$5.58 [4]



What free trade areas or economic unions is it a member of?

Member of the North American Free Trade Agreement (NAFTA) since 01/01/1994

Other members:

Canada, Mexico


What trade deals are there between North American Free Trade Agreement and other countries and economic unions?

None


What trade deals are there with other countries and economic unions?

United States - Israel free trade agreement (from 19/08/1985)

United States - Jordan free trade agreement (from 17/12/2001)

United States - Chile free trade agreement (from 01/01/2004)

United States - Singapore free trade agreement (from 01/01/2004)

United States - Australia free trade agreement (from 01/01/2005)

United States - Morocco free trade agreement (from 01/01/2006)

United States - Bahrain free trade agreement (from 01/08/2006)

United States - Oman free trade agreement (from 01/01/2009)

United States - Peru free trade agreement (from 01/02/2009)

Korea, Republic of - United States free trade agreement (from 15/03/2012)

United States - Colombia free trade agreement (from 15/05/2012)

United States - Panama free trade agreement (from 31/10/2012)

Dollar Strains — Our Currency, Your Problem: Specialised Investment Research and Analysis from PGM Global Inc.

Unlike their DM counterparts, EM central banks have started to cut rates, in some cases aggressively,

Federal Realty Keeps the Faith in Traditional Industry Wisdom — but Adds Emphasis to Eco Issues

US property firm Federal Realty applies strategy and smarts in environmental oversight. In an industry known
Read more

Craig Ferguson The King of Chat who Vanquished Personal Demons — and Enchanted his Audience

If Craig Ferguson had been just another chat show host, his legacy may not have endured.

IMF: Turbulence and the Lessons of History

Opportunities are born of crisis, but the lines that connect them are far from direct Events
Read more

Quantitative Tightening and Capital Flows to Emerging Markets

In its May 15th meeting, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve

A Bipolar World? Searching in Vain for a Dollar Alternative

The seizure of Russia’s dollar reserves, part of the first wave of sanctions decreed in response
Read more

Sanctions Against Russia Resemble a Boxing Match

The economic sanctions against Russia announced last week by the US and Europe are having a

No Gloating on First Anniversary of DC Riots: Misguided Republican Anger at a Beneficial Electoral System

She called it a “beautiful sight to behold” when student protesters stormed the building that houses
Read more

Too Much of a Good Thing: Inflation Spike Puzzles ECB – Engage or Ignore?

For years on end, central bankers in Europe and the United States have tempted providence to

Anthony Scaramucci: Mooching Towards Washington, With No Polyester Suits in Sight

Entrepreneur and author Anthony Scaramucci has seen plenty of ups and downs — and the US
Read more

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2022.

Contains public sector information licensed under the Open Government Licence v3.0.