United States, with a population of 333,287,557, is the third most populous country in the world, behind China. Located in North America, it has a total area of 9,831,510 sq. km, ranking third in the world after Canada.
The United States holds a dominant position in the global economy, with a GDP of $25,439,700,000,000 in 2022, securing its rank as the top economy in the world. The country closely follows China, with a GDP of $17,963,171,479,205.3, in second place. In terms of GDP per capita, the United States ranks 10th globally, with a figure of $76,329.58 in 2022.
Singapore is the country ahead in this aspect, with a GDP per capita of $82,807.63. The United States’ economic prowess is evident through its high GDP and solid GDP per capita figures, showcasing its strong position in the global economic landscape.
What are the economic activities of United States?
- Primary activities: 0.9% of GDP.
- Secondary activities: 19.1% of GDP.
- Tertiary activities: 80% of GDP.
Primary Sector of United States
The primary sector in the United States, particularly its agricultural activities, thrives due to a diverse climate and abundant natural resources. Approximately 44.36% of the country’s land is dedicated to agriculture. The main agricultural products include maize, soybeans, milk, wheat, sugarcane, sugar beets, chicken, potatoes, beef, and pork.
Despite contributing only 0.9% to the GDP, agriculture plays a crucial role in the economy. The variety of crops and animal products not only sustains the agricultural sector but also supports food security and trade.
The country’s geological diversity provides abundant natural resources. Key resources include coal, copper, gold, and petroleum. These resources drive the economy, with coal alone accounting for 27% of the world’s total reserves. However, the country relies on imports for strategic resources like rare earth elements and manganese, highlighting the importance of global trade in sustaining its primary sector.
The United States leads the world in oil production, with a daily output of approximately 11.2 million barrels. Its vast reserves of 35.2 billion barrels account for 2.83% of global oil reserves, solidifying its position as a key player in the oil economic activity.
The United States leads the world in natural gas production, with 934.2 billion cubic meters in 2020. This robust gas economic activity contributes significantly to the country’s overall energy sector and economic growth.
Secondary Sector of United States
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials from primary activities into finished products for consumption. In the United States, industrial products are highly diversified, with the country being a world leader in high-technology innovation. The country’s industrial output is the second-largest globally and includes products such as petroleum, steel, motor vehicles, aerospace, chemicals, electronics, food processing, consumer goods, and lumber.
Manufactures play a crucial role in the total exports of the United States, accounting for 56.46% in 2023. This highlights the significance of the manufacturing sector in driving the country’s economy and global trade competitiveness.
Tertiary sector of United States
What is the tertiary sector or what are tertiary activities?
The tertiary sector in the United States encompasses a wide range of services where individuals provide knowledge and time to enhance productivity and meet needs. This sector offers intangible goods like advice, expertise, and attention, catering to both consumer and business demands. Key tertiary activities in the U.S. include healthcare and medical care, education and training, banking and finance, communication and information exchange, media production and distribution, tourism and hospitality, and transportation and logistics.
Notably, The tourism industry plays a pivotal role in the United States’ economy, contributing significantly to its GDP. With an impressive 165,478,000 annual arrivals, accounting for nearly 0.5 of the total population, popular destinations like New York City and Las Vegas attract millions of visitors yearly, fueling economic growth and employment opportunities across various sectors.
Another example of tertiary economic activity is the mobile cellular economic sector, with approximately 373 million subscriptions, supporting technological growth by enhancing connectivity and fostering innovation across industries.
Military Activities and Economic Sectors of United States
The military is a great example of many economic activities working together. In the primary sector, resources are extracted for military use, like metals for weapons. The secondary sector includes the manufacturing of military equipment, such as tanks and aircraft. The tertiary sector involves services provided by the military, like training and logistics. The quaternary sector focuses on military research and development, while the quinary sector deals with high-level decision-making and strategy.
In 2023, the United States spent $916 billion on military, which is 3.45% of its GDP. The active military force has 1,328,000 personnel, which means there are about 6.3 active military members for every 1,000 people in the country. This shows how the military is linked to various economic activities and its importance to the nation.
Biggest company in United States
Which is the biggest company in the United States? It’s MercadoLibre! Founded in 1999, this leading company operates in the IT Software and Services industry, part of the tertiary economic sector. Its market value is an impressive $49.4 billion.
International Trade of United States
Import Activities of United States
The United States’ import activities are of high importance, accounting for 15.59% of its GDP in 2023, totaling $31.685 trillion.
The United States relies heavily on imports, with key partners including China, Canada, Mexico, Germany, and Japan. Major import commodities are crude petroleum, cars, broadcasting equipment, garments, and computers.
Exports Activities of United States
In 2023, the United States had total exports worth $20.185 trillion, accounting for 11.77% of its GDP. With a low percentage, export activities play a moderately important role in the country’s economy.
The United States engages in diverse export activities, with top partners being Canada, Mexico, China, Japan, and the UK. Key export commodities include refined petroleum, crude petroleum, natural gas, cars, and integrated circuits.
United States economy challenges in 2024
In 2024, the United States faces challenges of high public debt, growing inequalities, and lingering effects of COVID-19. Despite being a NATO leader and a major economic player, the country struggles with economic disparities and debt burdens.
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