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Economy of USA


Economy

US Economy The fiscal year in U.S.A. runs from October 1st to September 30th.

As per the 2016 estimate, agriculture contributed 1.1%, the industry contributed 19.4%, and the services sector contributed 79.5% to the gross domestic product (GDP) of the country.

According to the Bureau of Labor Statistics, 1.5% of the labor force in the US is engaged in farming, forestry, and fishing; 12.7% in mining, construction and manufacturing; 79.7% in managerial, professional, and technical activities; with the rest being self-employed.

Agricultural products of the country include wheat, corn, other grains, fruits, vegetables, beef, pork, poultry and dairy products, fish and forest products and cotton.

Industries in the US are highly diversified and include petroleum, steel, automobiles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumbering, and mining.

Resources
As of January 1st, 2016, the demonstrated reserve base (DRB) of coal was estimated as 477 billion short tons. Other natural resources found in the country include copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, and timber.

International Trade
Total exports for the US in 2016 aggregated to USD 192.1 billion. The country mostly exports agricultural products like soybeans, fruit, and corn; industrial supplies like organic chemicals; capital goods such as transistors, aircraft, motor vehicle parts, computers and telecommunications equipment; and consumer goods like automobiles and medicines. Its main export partners are Canada, Mexico, China, Japan and the UK.

Total imports into the U.S.A as on November 2014 aggregated to USD 240.6 billion. The country mostly imports agricultural products; industrial supplies like crude oil; capital goods like computers, telecommunications equipment, motor vehicle parts, office machines and electric power machinery; and consumer goods like automobiles, clothing, medicines, furniture, and toys. Its main import partners are China, Canada, Mexico, Japan, and Germany.

Travel and Tourism
Travel and TourismThe US is a vast country, and there is much for a visitor to see and experience. As of October 2014, approximately 6.3 million international visitors traveled to the United States. The most visited cities in the US were; New York City, New York; Los Angeles, California; Miami, Florida; Orlando, Florida; San Francisco, California; Las Vegas, Nevada; Washington, D.C.; Oahu/Honolulu, Hawaii; Boston, Massachusetts; Chicago, Illinois; San Diego, California; Atlanta, Georgia; Philadelphia, Pennsylvania; Flagstaff, Arizona; Seattle, Washington; Houston, Texas; Anaheim-Santa Ana, California; Tampa/St. Petersburg, Florida and Dallas-Plano-Irving, Texas. 

While some of the favorite destinations for domestic American tourists are; the Virgin Islands; Hudson River Valley, New York; Four Corners Region, Southwest US; Culebra, Puerto Rico; California Gold Country; Boulder, Colorado; Hawaii, and Yellowstone National Park.

  The most visited spots in the US are; Times Square, New York City; the Las Vegas Strip, Nevada; National Mall and Memorial Parks, Washington, D.C.; Faneuil Hall Marketplace, Boston; Disney World's Magic Kingdom and Lake Buena Vista, Florida; Disneyland Park, California; Fisherman's Wharf/Golden Gate National Recreation Area, San Francisco; Niagara Falls, New York; Great Smokey Mountains National Park, Tennessee and North Carolina and Navy Pier, Chicago.

Every year thousands of tourists fly to the United States to have a glimpse of the majestic Grand Canyon. Yellowstone National Park offers visitors amazing sights of the wonderful flora & fauna and some natural formations. The Golden Gate Bridge and Statue of Liberty are iconic landmarks of the country.

Other attractions worth visiting are Central Park in New York City, The National 9/11 Memorial & Museum in New York City, The Wizarding World of Harry Potter in Orlando, Alcatraz Island in San Francisco, Lincoln Memorial in Washington DC, The National WWII Museum in New Orleans, and many others.

Flying to the United States is relatively simple, as the country is well-connected to the other parts of the world through a vast network of airports that are serviced by leading airlines. Some of the international airlines that fly to the United States are; Air Mauritius, Silk Air, Aeromexico, Air India, China Eastern Airlines, Malaysia Airlines, Air Canada, Air France, Qatar Airways, Japan Airlines, Air China, Air India, and many others.

Booking a hotel package in the United States is also easy, thanks to the many online booking companies. Some of the online booking companies that make a vacation much more pleasant include; Expedia, Travelocity, Cheap Tickets, Last Minute Travel, Hotels.com, TripAdvisor, Breadandbreakfast.com, Hotwire, Priceline.com, to name a few.



Last Updated Date: January 1st, 2018