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USA Economy

The

United States

Of America (USA) is the largest and most technologically powerful economy of the world. The per capita Gross National Income of the country has reached at US $37,610 in the year 2003, which is much higher in contrast to the other developed economies of the world. The average annual growth rate of GDP of the country was 2.9% during 2003, while GDP per capita grew at 2% in the same year. The growth rate of output projected for year 2005 was 3.5% for the country. Among the various sectors of the economy, the service sector has the highest contribution to the US GDP, followed by Industry. Being an industrialized nation agriculture accounts for a very marginal share in the total national income.

Presently the world's top most economy's failures are also more clear when we go through IMF's report on the economy which is observing a record-low household saving rate and a large federalfiscal deficit. Thus it is essential to support the adjustment by strong US national saving to avoid a burden falling on investment and growth, both in America and abroad.



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