Economy of the United States

 What percentage of the world’s economic output does the United States produce?

The United States produces approximately one-fifth (20%) of the world’s economic output.

What was a significant factor contributing to the Great Recession of 2007–08?

The Great Recession was caused in part by a financial debacle related to subprime mortgages.

Which sector accounts for over three-fourths of the jobs in the United States? 

The service sector accounts for over three-fourths (75%) of the jobs in the United States.

What is the main source of energy for the United States?

Petroleum products are the main source of energy for the United States, although it relies on other countries for many energy sources.

What is the approximate combined value of imports and exports about the U.S. gross national product?

The combined value of imports and exports is equivalent to about three-tenths (30%) of the U.S. gross national product.

Which country is the United States’ largest trading partner?

Canada is the United States’ largest trading partner.

The Economy of the United States is the world’s greatest economic power based on gross domestic product (GDP), historically ranking among the top countries in GDP per capita. Despite comprising less than 5% of the world’s population, the U.S. generates approximately one-fifth of the world’s economic output. Despite its ability to weather shocks, the U.S. economy faces challenges such as chronic trade deficits, stagnant household incomes, rising indebtedness, and income disparity.

Below is an overview of economy of United States.