We live in an increasingly complex economic system. International trade and the ongoing globalization result in rapid changes and constant market shifts. As a result, it has become more and more important for people to keep an eye on a large number of national economies.
Unfortunately, finding and processing this type of information on the internet can be difficult and time-consuming. Therefore we have created a series of infographics that illustrate and summarize the most relevant facts and figures about various national economies worldwide. Hence, the following infographic provides an overview of the US economy in 2016.
Gross Domestic Product (GDP)
The US GDP currently stands at USD 17.95 trillion. It has increased slightly compared to the previous year (USD 17.7 trillion in 2014). In the meantime, per capita GDP (PPP) has also increased to USD 55’800 (USD 54’800 in 2014). The country still has the most technologically powerful economy in the world and its real GDP growth rate remains at 2.4% per year.
Income vs Expenditure
The US budget deficit has decreased a bit over the course of last year and currently stands at USD 426 billion, which equals about 2.4% of GDP (2.8% in 2014). Both imports and exports have decreased compared to the previous year (see also World’s Top 10 Economies by Exports) and the current account balance stands at USD -484.1 billion. Public debt has increased a bit to 73.6% of GDP. Meanwhile, the inflation rate has dropped significantly from 2% in 2014 to a mere 0.1% per year by the end of 2015.
The bureau of labor statistics has not released new numbers regarding the largest industries by state, so there are no changes here. The US economy is still considered a highly diversified service economy with a strong technology sector. The largest industries by employment are health care & social assistance, manufacturing, retail trade and accommodation & food services.
Labor force and Unemployment
The US has the world’s fourth largest labor force with 156.4 million people. In 2015, the US economy added approximately 2.7 million jobs, which marks the strongest two years of job growth since 1999. As a result, unemployment has continued to decrease from 6.2% in 2014 to 5.2% in 2015. At the moment, South Dakota has the countries lowest unemployment rate at 2.8% and Alaska has the highest rate at 6.7%.
Household Income and Poverty
US median household income has increased to USD 53’657 (from USD 51’939 in 2014). Nevertheless, the number of people who live below the poverty line remains relatively high at 15.1%. There was no new data released considering the household income by percentage share. These numbers will be updated once they are released.
Last Year’s Report
<a href= "https://quickonomics.com/2016/09/overview-of-the-us-economy-2016/ "><img src= "https://quickonomics.com/wp-content/uploads/2016/09/OverviewOfTheUSEconomy.png " alt= "Overview of the US Economy 2016 " /></a><br />Source: <a href= "https://quickonomics.com/ ">Quickonomics</a>