economy in usa

The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. According to the International Monetary Fund, the U.S. GDP of $14.3 trillion constitutes 23% of the gross world product at market exchange rates and almost 21% of the gross world product at purchasing power parity (PPP).

The largest national GDP in the world, it was about 4% less than the combined GDP of the European Union at PPP in 2007. The country ranks seventeenth in the world in nominal GDP per capita and sixth in GDP per capita at PPP. The United States is the largest importer of goods and third largest exporter, though exports per capita are relatively low. Canada, China, Mexico, Japan, and Germany are its top trading partners.

The leading export commodity is electrical machinery, while vehicles constitute the leading import. After an expansion that lasted just over six years, the U.S. economy has been in recession since December 2007. The economy is postindustrial, with the service sector contributing 67.8% of GDP.[67] The leading business field by gross business receipts is wholesale and retail trade; by net income it is finance and insurance.

The United States remains an industrial power, with chemical products the leading manufacturing field.[69] The United States is the third largest producer of oil in the world, as well as its largest importer.