Economy (United States)
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     Overview:
         The US has the most powerful, diverse, and technologically advanced economy
         in the world, with a per capita GDP of $22,470, the largest among major
         industrial nations. The economy is market oriented with most decisions made
         by private individuals and business firms and with government purchases of
         goods and services made predominantly in the marketplace. In 1989 the
         economy enjoyed its seventh successive year of substantial growth, the
         longest in peacetime history. The expansion featured moderation in wage and
         consumer price increases and a steady reduction in unemployment to 5.2% of
         the labor force. In 1990, however, growth slowed to 1% because of a
         combination of factors, such as the worldwide increase in interest rates,
         Iraq's invasion of Kuwait in August, the subsequent spurt in oil prices, and
         a general decline in business and consumer confidence. In 1991 output failed
         to recover, unemployment grew, and signs of recovery proved premature.
         Ongoing problems for the 1990s include inadequate investment in economic
         infrastructure, rapidly rising medical costs, and sizable budget and trade
         deficits.
     GDP:
         purchasing power equivalent - $5,673 billion, per capita $22,470; real
         growth rate -0.7% (1991)
     Inflation rate (consumer prices):
         4.2% (1991)
     Unemployment rate:
         6.6% (1991)
     Budget:
         revenues $1,054 billion; expenditures $1,323 billion, including capital
         expenditures of $NA (FY91)
     Exports:
         $428.1 billion (f.o.b., 1991 est.)
       commodities:
         capital goods, automobiles, industrial supplies and raw materials, consumer
         goods, agricultural products
       partners:
         Western Europe 27.3%, Canada 22.1%, Japan 12.1% (1989)
     Imports:
         $499.4 billion (c.i.f., 1991 est.)
       commodities:
         crude and partly refined petroleum, machinery, automobiles, consumer goods,
         industrial raw materials, food and beverages
       partners:
         Western Europe 21.5%, Japan 19.7%, Canada 18.8% (1989)
     External debt:
         NA
     Industrial production:
         growth rate -1.9% (1991)
     Electricity:
         776,550,000 kW capacity; 3,020,000 million kWh produced, 12,080 kWh per
         capita (1990)
     Industries:
         leading industrial power in the world, highly diversified; petroleum, steel,
         motor vehicles, aerospace, telecommunications, chemicals, electronics, food
         processing, consumer goods, fishing, lumber, mining
     Agriculture:
         accounts for 2% of GDP and 2.8% of labor force; favorable climate and soils
         support a wide variety of crops and livestock production; world's second
         largest producer and number one exporter of grain; surplus food producer;
         fish catch of 5.0 million metric tons (1988)