Economy of USA
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Economy of USA


Economy

The fiscal year in the U.S.A. runs from October 1st to September 30th. As per the 2017 estimate, agriculture contributed 0.9%, the industry contributed 18.9%, and the services sector contributed 80.2% 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 fishing, farming, and forestry; 12.7% in mining, construction, and manufacturing; 79.7% in technical, managerial, and professional activities; with the rest being self-employed.

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

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

Resources
As of January 1st, 2017, the Demonstrated Reserve Base (DRB) of coal was 476 billion short tons. Other natural resources found in the country include lead, copper, phosphates, uranium, molybdenum, bauxite, rare earth elements, iron, gold, mercury, potash, nickel, silver, zinc, tungsten, petroleum, timber and natural gas.

International Trade
Total exports of the US in 2017 aggregated to USD 1.576 trillion. The country mostly exports agricultural products like fruit, soybeans, and corn; industrial supplies like organic chemicals; capital goods such as motor vehicle parts, aircraft, transistors, 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 in 2017 aggregated to USD 2.352 trillion. The country mostly imports agricultural products; industrial supplies like crude oil; capital goods like computers, telecommunications equipment, office machines, motor vehicle parts, and electric power machinery; and consumer goods like automobiles, medicines, clothing, furniture, and toys. Its main import partners are China, Canada, Mexico, Japan, and Germany.



Last Updated Date: August 18th, 2018