USA Economic Standing - What You Must Know

USA Economic Standing - Introduction

The US economy features high productivity, a well-developed infrastructure, and plenty of natural resources. Its GDP (Gross Domestic Product) is 5% smaller than the gross domestic product of the European Union. Its currency is the primary reserve currency on the planet. The United States is the third largest exporter in the world and the first largest importer.

Its top trading partners are China, Canada, Japan, Germany, and Mexico. The activity of the private sector constitutes 86.4% of the total economy, local and state government has 9.3%, and the federal government accounts for 4.3%.

The United States is also an industrial power, although its service sector accounts for 67.8% of its gross domestic product. Retail and wholesale trade is the leading business field by gross revenue. Manufacturing is the leading field by net income. The United States has a very interesting economic standing. This country is the largest importer of oil, and its third largest exporter. The Unite States is the first global producer of soybeans, corn, nuclear and electrical energy, liquid natural gas, and salt. The federal government is the largest employer with 21.2 million people. The work force of the United States accounts for 154.1 million workers. Social assistance and health care are the largest employers in the private sector. You can hire and fire an employee without much complication in this country. In fact, the World Bank, in terms of ease of firing and hiring employees, ranks the United States in the first position.

USA Economic Standing - Final words

Twelve percent of the workers in the United States belong to unions. Luxembourg and Norway are the only two countries in the world more productive than the United States. The Netherlands, Luxembourg, and Norway are the only three countries with more productivity per hour than the United States. The tax and corporate tax rates are higher in the United States than in Europe.