<hdr>The World Factbook 1994: United States<nl>Economy</hdr><body>
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<item><hi format=bold>Overview:</hi> The US has the most powerful, diverse, and technologically advanced economy in the world, with a per capita GDP of $24,700, 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 1%, unemployment grew, and signs of recovery proved premature. Growth picked up to 2.6% in 1992 and to 3.0% in 1993. Unemployment, however, declined only gradually, the increase in GDP being mainly attributable to gains in output per worker. Ongoing economic problems for the remainder of the 1990s include inadequate investment in economic infrastructure, rapidly rising medical costs, and sizable budget and trade deficits.
<item><hi format=bold>National product:</hi> GDP—purchasing power equivalent—$6.379 trillion (1993)
<item><hi format=bold>National product real growth rate:</hi> 3% (1993)
<item><hi format=bold>National product per capita:</hi> $24,700 (1993)
<item>• <hi format=ital>consumption per capita:</hi> 12,690 kWh (1992)
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<item><hi format=bold>Industries:</hi> 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
<item><hi format=bold>Agriculture:</hi> accounts for 2% of GDP and 2.8% 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)
<item><hi format=bold>Illicit drugs:</hi> illicit producer of cannabis for domestic consumption with 1987 production estimated at 3,500 metric tons or about 25% of the available marijuana; ongoing eradication program aimed at small plots and greenhouses has not reduced production
<item><hi format=bold>Economic aid:</hi>
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<item>• <hi format=ital>donor:</hi> commitments, including ODA and OOF, (FY80-89), $115.7 billion
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<item><hi format=bold>Currency:</hi> 1 United States dollar (US$)=100 cents
