Economy Overview:

    The US has the most powerful, diverse, and technologically advanced economy
    in the world, with a per capita GDP of $25,850, the largest among major
    industrial nations. The economy is market oriented with most decisions made
    by private individuals and business firms and with government purchases of
    goods and services made predominantly in the marketplace. In 1989 the
    economy enjoyed its seventh successive year of substantial growth, the
    longest in peacetime history. The expansion featured moderation in wage and
    consumer price increases and a steady reduction in unemployment to 5.2% of
    the labor force. In 1990, however, growth slowed to 1% because of a
    combination of factors, such as the worldwide increase in interest rates,
    Iraq's invasion of Kuwait in August, the subsequent spurt in oil prices, and
    a general decline in business and consumer confidence. In 1991 output fell
    by 0.6%, unemployment grew, and signs of recovery proved premature. Growth
    picked up to 2.3% in 1992 and to 3.1% in 1993. Unemployment, however,
    declined only gradually, the increase in GDP being mainly attributable to
    gains in output per worker. The year 1994 witnessed a solid 4% gain in real
    output, a low inflation rate of 2.6%, and a drop in unemployment below 6%.
    The capture of both houses of Congress by the Republicans in the elections
    of 8 November 1994 means substantial changes are likely in US economic
    policy, including changes in the ways the US will address its major economic
    problems in 1995-96. These problems include inadequate investment in
    economic infrastructure, rapidly rising medical costs of an aging
    population, and sizable budget and trade deficits.


National product:
    GDP - purchasing power parity - $6.7384 trillion (1994)
National product real growth rate:
    4.1% (1994)
National product per capita:
    $25,850 (1994)
Inflation rate (consumer prices):
    2.6% (1994)
Unemployment rate:
    5.5% (March 1995)
Budget:
  revenues:
    $1.258 trillion
  expenditures:
    $1.461 trillion, including capital expenditures of $NA (1994)


Industrial production:

    growth rate 5.4% (1994 est.)


Electricity:
  capacity:
    695,120,000 kW
  production:
    3.1 trillion kWh
  consumption per capita:
    11,236 kWh (1993)


Economic Activity

Industries:

    leading industrial power in the world, highly diversified and
    technologically advanced; petroleum, steel, motor vehicles, aerospace,
    telecommunications, chemicals, electronics, food processing, consumer goods,
    lumber, mining
Agriculture:
    accounts for 2% of GDP and 2.9% of labor force; favorable climate and soils
    support a wide variety of crops and livestock production; world's second
    largest producer and number one exporter of grain; surplus food producer;
    fish catch of 4.4 million metric tons (1990)

Exports:

    $513 billion (f.o.b., 1994)
  Commodities:
    capital goods, automobiles, industrial supplies and raw materials, consumer
    goods, agricultural products
   Major Trade Partners::
    Western Europe 24.3%, Canada 22.1%, Japan 10.5% (1993)


Imports:

    $664 billion (c.i.f., 1994)
  Commodities:
    crude oil and refined petroleum products, machinery, automobiles, consumer
    goods, industrial raw materials, food and beverages
   Major Trade Partners::
    Canada, 19.3%, Western Europe 18.1%, Japan 18.1% (1993)
External debt:
    $NA