The United States economy is the largest economy in the world, with an estimated nominal gross domestic product (GDP) of over US$ 21.4 trillion in 2019, which is approximately 50% larger than the world's second largest economy, China's, which is US$ 14.14 trillion (2019).
The US economy is primarily a service-oriented economy, with a 77% contribution to GDP. With the unemployment rate reaching record lows of 3.5%, contribution to GDP coming from most (17 of 22) industry groups, and equity markets soaring at historic levels, this has been a great period for the US economy.
The United States has one of the most developed economies in the world. The country has access to abundant natural resources, a very well-developed domestic infrastructure, high levels of productivity, and a well-educated workforce. The North American economy maintains a high level of output and its Gross Domestic Product (GDP) per capita was $ $62,517 in 2018, the tenth best in the world.
Historically, the U.S. economy has maintained a stable GDP growth rate, a low unemployment rate, and high levels of research and investment financed by domestic capital and, because of declining savings rates, increasingly by foreign investors. In 2009, consumer spending accounted for 71% of US GDP. Since 2011, the US economy has been recovering from the 2007-08 recession and its growth and productivity rates have already exceeded the pre-crisis period.
The American labor market attracts immigrants from all over the world and has one of the highest rates of migration in the world. North Americans have the highest income per hour worked. The United States ranks fifth in the World Economic Forum's Global Competitiveness Report. The country has the largest and most influential financial market in the world, home to major and leading stock and commodities exchanges such as NASDAQ, NYSE, AMEX, and CME.
Source: Nasdaq and Wikipedia
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