us economic + canada profile-edited

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US Economic Profile The largest and still the most important market in the world, the United States of America’s economy is driven by consumers but is troubled by high debt levels. The United States of America (US or USA) has the world’s largest economy. Accordi ng to the CIA World Factbook, 2007 GDP is believed to be $13.84 trillion. This is three times the size of the next largest economy, Japan, which has a GDP of $4.4 trillion. US dominance has  been eroded however by the creation of the European Union common market, which has an equivalent GDP of over $13 trillion, and by the rapid growth of the BRIC economies, in particular China, which is forecast to overtake the US in size within 30 years. The recent failure in the US housing and credit markets have resulted in a slowdown in the US economy. 2007 GDP growth was estimated at 2.2% but in 2008 it is projected to be just 0.9%, down from the 10-year average of 2.8% (see chart at end of article). In common with most developed countries, Services is the key sector of the economy. In 2007, services made up 78.5% of GDP, industry 20.5% and agriculture less than 1%. Around two-thirds of the total production of the country is driven by personal consumption. Although the US is often referred to as a free market economy, this is not entirely true, since there are government regulations protecting certain sectors, notably energy and agriculture. It can be more accurately describe d as a ‘consumer economy’. Since the US economy is also the largest economy in the world, and the US consumer drives two thirds of the US economy, the US consumer is also a big driver of global economic activity. 1 | P a g e

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