Economy of the United States

The United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP; it is also the second largest by purchasing power parity (PPP), behind China. It has the world's seventh highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2022. The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency.

Economy of the United States
New York City, the world’s principal fintech and financial center and the epicenter of the world's principal metropolitan economy
CurrencyUnited States dollar (USD)
US Dollar Index
October 1 – September 30
Trade organizations
WTO, G-20, G7, OECD, USMCA, APEC and others
Country group
Statistics
Population340,332,281 (August 30, 2023)
GDP
  • $28.78 trillion (nominal; 2024 est.)
  • $28.78 trillion (PPP; 2024 est.)
GDP rank
  • 1st (nominal; 2023)
  • 2nd (PPP; 2023)
GDP growth
  • 2.1% (2022)
  • 2.5% (2023)
  • 2.7% (2024f)
GDP per capita
  • $85,370 (nominal; 2024)
  • $85,370 (PPP; 2024)
GDP per capita rank
  • 7th (nominal; 2023)
  • 10th (PPP; 2023)
GDP by sector
  • Agriculture: 0.9%
  • Industry: 18.9%
  • Services: 80.2%
  • (2017 est.)
GDP by component
  • Household consumption: 68.4%
  • Government consumption: 17.3%
  • Investment in fixed capital: 17.2%
  • Investment in inventories: 0.1%
  • Exports of goods and services: 12.1%
  • Imports of goods and services: −15%
  • (2017 est.)
3% (2023)
Population below poverty line
  • 11.6% (2021)
  • 38 million (2021)
  • 49.4 high (2021, USCB)
  • 43.4 medium (2017, CBO)
  • 0.921 very high (2021) (21st)
  • 0.819 very high IHDI (25th) (2021)
Labor force
  • 161,200,000 (2023)
  • 62.4% employment rate (2023)
Labor force by occupation
  • Agriculture: 1.0%
  • Industry: 19%
  • Services: 80%
  • (FY 2018)
Unemployment
  • 3.4% (January 2023)
  • 10.4% youth unemployment (December 2022; 16 to 19 year-olds)
  • 5.7 million unemployed (July 2022)
Average gross salary
$5,407 / €5,052 monthly (2022)
Average net salary
$4,066 / €3,799 monthly (2022)
Main industries
External
Exports$3.053 trillion (2023)
Export goods
  • Agricultural products 10.7%
  • Fuels and mining products 9.4%
  • Manufacturers 74.8%
  • Others 5.1%
Main export partners
Imports$3.827 trillion (2023)
Import goods
  • Agricultural products 10.5%
  • Fuels and mining products 10.7%
  • Manufacturers 78.4%
  • Others 4.2%
Main import partners
FDI stock
  • Inward: $367 billion (2021)
  • Outward: $403 billion (2021)
  • −$985.25 billion (2022)
  • −3.93% of GDP (2022)
$27 trillion (2023)
Public finances
Government debt
  • $30.568 trillion
  • 122.1% of GDP (2022)
–5.5% of GDP (2022)
Revenues$8.371 trillion
33.4% of GDP (2022)
Expenses$9.379 trillion
37.4% of GDP (2022)
Economic aiddonor: ODA, $35.26 billion (2017)
Credit rating
  • Standard & Poor's:
  • AA+ (Domestic)
  • AA+ (Foreign)
  • AAA (T&C Assessment)
  • Outlook: Stable

  • Moody's:
  • Aaa
  • Outlook: Stable

  • Fitch:
  • AA+
  • Outlook: Stable

  • Scope Ratings:
  • AA
  • Outlook: Negative
$217 billion (2023)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states. In 2021, they had the highest median household income. The U.S. has one of the world's highest income inequalities among the developed countries. The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam. The U.S. is the world's largest importer and second largest exporter. It has free trade agreements with several countries, including Canada and Mexico (through the USMCA), Australia, South Korea, Israel, and several others that are in effect or under negotiation.

By 1890, the United States had overtaken the British Empire as the world's most productive economy. It is the world's largest producer of petroleum and natural gas. In 2016, it was the world's largest trading country and second largest manufacturer, with American manufacturing making up a fifth of the global total. The U.S. not only has the largest internal market for goods, but also dominates the services trade. Total U.S. trade was $4.2 trillion in 2018. Of the world's 500 largest companies, 121 are headquartered in the U.S. The U.S. has the world's highest number of billionaires, with total wealth of $3.0 trillion. U.S. commercial banks had $22.9 trillion in assets in December 2022. U.S. global assets under management had more than $30 trillion in assets. During the Great Recession of 2008, the U.S. economy suffered a significant decline. The American Reinvestment and Recovery Act was enacted by the United States Congress, and in the ensuing years the U.S. experienced the longest economic expansion on record by July 2019.

The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume. In 2014, the U.S. economy was ranked first in international ranking on venture capital and global research and development funding. Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world's largest consumer market. The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.

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