U.S. Economy

By | April 26, 2022

The USA is the world’s leading economic power. A characteristic feature of the American economy con. 20th century is the advanced development of information and communication technologies.

The volume of GDP (at current prices) is 10.48 trillion dollars (37.6 thousand dollars per capita – 2nd place in the world after Luxembourg) (2002). The structure of GDP by sectors of the economy: industrial production 18%, agriculture 2%, services 80%. The share of US GDP in world production is 32.6%. National income $8.12 trillion Federal budget for 2002 $2,052 billion After a two-year (2000-2001) surplus, the federal budget deficit in 2002 was $165 billion (1.24% of GDP). In 2003, it continued to grow and by the end of the year amounted to $374.2 billion. US gold and foreign exchange reserves $21.8 billion; the total volume of state financial reserves in foreign currency – 29 billion dollars (2001). The average annual economic growth rate in 2002 was 1.6%. Public debt St. $7 trillion; the payment of interest on the debt is St. $333 billion per year (2002). External debt – $ 2.3 trillion. Investments of all types in the country’s economy – $ 2,046.2 billion (including state – $ 335.8 billion, private – $ 1,586 billion, foreign – $ 124.4 billion.) (2001). Inflation 2.86% (2003).

According to ejiaxing, the average annual income of one household is $42.2 thousand The average annual income per capita is $29.5 thousand The average annual wage is $35.3 thousand The average hourly wage in industry is $14.87 (the minimum for employees is $5.15) (2002). The median weekly wage is $507. The minimum wage is $14,258 per year. Average annual income for men: whites $29,797; blacks, $21,343; Hispanics, $19,498; Women: White $16,063; Black $15,881; Hispanic $12,248 Average Total Annual Family Income $50,890 Average Annual Poverty Rate for a Family of 4 – $17,063 and below (31.1 million people, or 11.3% of the country’s population). Poverty rate – $ 8501 per person. in year. There are 31.6 million people living below the poverty line in the United States. (13% of the population), incl. 21.9 million whites (9.8%), 8.4 million blacks (23.6%) and 7.4 million Hispanics (22.8%) (2001). There are 2.2 million millionaires and 243 billionaires in the USA.

The economically active population is 141.8 million people. Unemployment – 8 million people. (approx. 5.8% of the economically active population) (2003).

The service sector is the leading branch of the American economy in terms of the number of enterprises (39.1%) and people employed in it (41 million people, 29.5% of the economically active population). The volume of services produced is 2,164.6 billion dollars. The average unemployment rate is 4.5% (2001). Average weekly wage $504.8 (2003).

Retail is the second largest sector of the American economy in terms of the number of enterprises (19.5%) and people employed in it (23.5 million people, 18.3% of the economically active population). Average unemployment rate 6% (2001). Average weekly wage $288.5 (2003).

At various levels of the civil service, including employees of federal and local institutions, as well as educational and postal departments, 20.9 million people are employed. (15.6% of the economically active population). 45% of persons employed in the civil service work in the field of education. Average unemployment rate 2.2% (2001).

The manufacturing industry is the largest of the manufacturing sectors of the American economy in terms of the number of employees. Its revival dates from the 2nd half. 1980s and is associated with the intensification of the protectionist policy of the American state and an increase in federal appropriations for R&D (federal appropriations account for less than 1/4 of private investment). The total volume of production is 1,566.6 billion dollars. The industry, which includes 5.4% of all industrial enterprises in the country, employs 17.7 million people. (14.4% of the economically active population). Average unemployment rate 4.8% (2001). Average weekly wage $628.2 (2003). The United States is ahead of other countries in terms of production of science-intensive products. US industries associated with information technology, give 20-30% annual GDP growth;

7.7 million people are employed in finance, insurance and real estate. (5.8% of economically active population) (2001). Average weekly wage $604.4 (2003).

The wholesale trade, which accounts for 8.9% of all enterprises in the country, employs 6.8 million people. (5.5% of the economically active population). Average unemployment rate 4.8% (2001). Average weekly wage $618.9 (2003).

Transport, communications, energy and utilities. This complex of industries, which includes 4.2% of all enterprises in the country, employs 7.1 million people. (5.3% of the economically active population). Unemployment rate 4.1% (2001). Average weekly wage $660.7

The United States has the most developed transportation system in the world, including rail, road, sea, inland waterways, air and pipelines.

The length of the main railway network is 194.7 thousand km. The total length of the roads of St. 6.3 million km, incl. paved roads 3.7 million km (of which expressways – 89.4 thousand km), unpaved roads – 2.6 million km (2000). There are 221 million registered cars in the US.

The length of waterways – rivers and water channels (excluding the Great Lakes) – 41 thousand km. The merchant marine fleet includes 348 ships with a displacement of 1,000 tons or more. The total displacement of the US merchant fleet is 12.2 million tons, including ships assigned to ports in other countries. The largest sea and river ports in the USA: Anchorage, Baltimore, Boston, Charleston, Chicago, Duluth, Hampton Road, Honolulu, Houston, Jacksonville, Los Angeles, New Orleans, New York, Philadelphia, Port Canaveral, Portland, Prudhoe Bay, San Francisco, Savannah, Seattle, Tampa, Toledo.

In the USA, there are St. 14.8 thousand airports and 149 helicopter airports (2002). Major airlines: Alaska Airlines, America West, American Airlines, American Trans Air, Air Train, Continental Airlines, Delta Air Airlines, Frontier, Northwest Airlines, Southwest, Transworld Airlines, United and US Airways.

The length of main oil pipelines is 244.6 thousand km, gas pipelines are 548.6 thousand km (2003).

The volume of construction work is 463.6 billion dollars. The industry employs 6.7 million people. (5.2% of the economically active population). Average unemployment rate 7.3% (2001). Average weekly wage $724.6 (2003).

In the extractive industry, the total volume of production is 127.1 billion dollars. The industry employs 565 thousand people. (0.4% of the economically active population). Unemployment rate 4.7% (2001). Average weekly wage $763.86 (2003).

Electricity production 3.7 trillion kW per year (approx. 29.5% of world production), incl. 71.4% is produced by thermal power plants, 5.6% by hydroelectric power plants, 20.7% by nuclear power plants, and 2% by other power plants. Export of electricity – 18.1 billion kW. Import of electricity – 38.5 billion kW. Electricity consumption – 3.6 trillion kW (about 12 thousand kW per capita) (2001).

The volume of agricultural production is 135.8 billion dollars. Farms occupy 941.8 million acres (41% of the country’s territory), of which 431 million acres (46%) are occupied by crops. 11.6% of the total area under crops is irrigated land. 396.8 million acres (42.6%) are allocated for pastures. There are over 2.1 million farms in the US (2001). The average farm area is 487 acres. Main agricultural products: wheat, corn, soybeans, fruits, vegetables, cotton, beef, pork, broilers, dairy products. Main exports: soy and soy products, feed grains, livestock and meat products, fresh vegetables and vegetable products. Agricultural products account for (in value terms) 8% of all US exports and 4% of US imports.

70% of the total number of farms are partially or fully livestock or poultry. The number of cattle is approx. 100 million heads, pigs – 60 million, sheep – 7 million, poultry – 500 million. Export of livestock, poultry, animal and poultry meat and products from them is (in value terms) St. 21% of US agricultural exports.

Fisheries and fishing. The annual catch of fish and other seafood (intended for food) is approx. 4.1 million tons. The United States imports 1.86 million tons and exports 1.2 million tons of fresh, canned and frozen fish and seafood.

Forestry. The total area of the territory occupied by forests, approx. 750 million acres, incl. owned by the state or under national jurisdiction – St. 124 million acres, privately owned by St. 350 million acres. In the timber and paper industries, there are St. 42,000 cable companies also operate 61 ground telephone exchanges (Intelsat system), 5 stations of the Intersputnik system and 4 stations of the Inmarsat system operating via communication satellites.

In the US, 4,762 AM, 5,542 FM and 18 shortwave radio stations (1998) providing stable reception to 575 million radios; St. 1.5 thousand television stations, incl. 5 large television corporations – National Broadcasting Corporation (NBC), American Broadcasting Corporation (ABC), Columbia Broadcasting Systems (CBS), Fox Broadcasting Company (FOX) and Public Broadcasting Systems (PBS), and also ok. 10 thousand cable television systems serving more than 74 million customers (70.2% of households) and 219 million TV sets (1997). The highest award in the field of television is the Emmy Award, established in 1949 by the National Academy of Television Arts and awarded in more than 30 categories.

In the USA, there are St. 7 thousand provider services serving 165.75 million Internet users (2002). In 2000, there were approx. 54 million households (51%) with one or more computers. OK. 44 million households (42%) had Internet access. 65% of children aged 3 to 17 lived in households with computers, 30% of children used Internet services. OK. 90% of school-age children have access to a computer at home or at school (of which 23% have this access only at school).

The country publishes 1468 daily newspapers with a circulation of 55.6 million copies, as well as 913 Sunday newspapers with a circulation of 59 million copies. (2002). Leading national newspapers: US Today, New York Times, Wall Street Journal, Los Angeles Times, Washington Post, New York Daily News, Chicago Tribune, Long Island Newsday, New York Post, San Francisco Cro Nickle, Chicago Sun-Times, Boston Globe, Baltimore Sun, Christian Science Monitor, Philadelphia Inquirer”, “Cleveland Plain Dealer”, etc. In the USA, approx. 100 magazines with a circulation of 1 million copies. and more.

The highest circulation magazines are Reader’s Digest (12.2 million), T-V Guide (over 9 million), Better Homes and Gardens (7.6 million), National Geographic (6.9 million). ), Good Housekeeping (4.7 million). Among socio-political magazines, the most popular are Time (4.1 million) and Newsweek (3.2 million).

The leading news agencies are the Associated Press (founded in 1848) and United Press International (founded in 1958).

The highest journalistic, literary and musical award is the Pulitzer Prize, established in 1903. It is awarded in 8 nominations. At least 1.5 million workers are employed.

In foreign trade, the value of current US exports is 687 billion dollars, the share in world trade is 8.7%. The value of current US imports is 1165 billion dollars, the share in world trade is 11.6%. The deficit of the foreign trade balance is 478 billion dollars. The main export items are capital goods, motor vehicles, manufactured goods, raw materials, consumer goods and agricultural products. The United States is ahead of other countries in terms of exports of science-intensive products. The largest importers of American goods are Canada (23.2%), Mexico (14.1%), Japan (7.4%), Great Britain (4.8%), Germany (4.1%), France (3%), Netherlands (3%). The main items of American imports are: crude oil (annual volume – 3,405 million barrels, worth over $74 billion) and petroleum products ($24 billion), machine tools, motor vehicles, consumer goods, industrial raw materials, food products and drinks. Top US exporters: Canada (17.8%), Mexico (11.3%), China (11.1%), Japan (10.4%), UK (8.9%), Germany (5.3%) %), Taiwan (4%) (2002).

The scale of tourism from and to the US has declined markedly since the terrorist attacks on New York and Washington on September 11, 2001. In 2001, 45.5 million foreign tourists visited the US. Incomes from foreign tourism amounted to 72.3 billion dollars (in 2000 – 82 billion).

Communication, mass media and informatics. The United States has the most modern and developed telephone network. The country has 178 million telephone numbers (1999) and 128.4 million cell phones (2001).

U.S. Economy