US Economy: Key Indicators and Consumer Debt Burden

Since the basis of the world financial system is the U.S. dollar, the internal processes of the U.S. economy have a decisive influence on world economic life.

Peculiarities of the history of the U.S. economy

Since its founding, the United States has been an agrarian country. The War of Independence interrupted the supply of goods and forced the development of industry. The construction of the railroad stimulated development. After the Civil War of 1861-1865, a state economic program was adopted. It regulated the amount of tariffs, banking, and immigration. By the beginning of the twentieth century, the U.S. economy had risen to world leadership. The next 100 years of history strengthened America's position in the world economy. But the beginning of the nineteenth century exposed the problems of the economic model.

The major shock of the early 19th century to the U.S. economy was the mortgage crisis of 2007. For several years, real estate values had been rising. In 2007, the demand fell, the real price was less than the size of the mortgage. Banks increased loan rates to compensate for losses. The result was the ruin of more than 1 million Americans and severe consequences for the economy around the world. After the recession ended, the economy failed to recover its growth rate.

What the US GDP is made up of

GDP is the main characteristic of a state's economic development. The structure of the US economy includes:

1. 78% of the service sector.

2. Entertainment industry with a turnover of 660 billion.

3. A gambling market worth 60 billion.

4. Telecommunications is the second largest in the world after China.

5. The transportation network in the States is the longest in the world. Aviation is represented by 99 companies and 7000 airplanes. The merchant fleet is ranked 70th in the world.

6. The banking services industry, which is regulated by the Federal Reserve Board and consists of 12 regional banks and most of the nation's commercial banks.

7. Non-bank financial institutions are nearly twice the value of U.S. banks in terms of assets.

8. An insurance system that accounts for 40% of the global market.

9. The stock exchanges operate market instruments worth $46.5 trillion, making it a leader among the world's financial centers;

10. 21% of industrial production.

11. The U.S. mining sector produces one-third of the world's mining output. Growth peaked in 2010.

12. The country is a leader in the production and export of gas and oil, including shale oil. By replacing Russian LNG, US suppliers have taken 49% of the European market.

13. The U.S. is second only to China in electricity production and first in energy production. Renewable energy production is growing.

14. In chemical and petrochemical production, the country holds the first place in production and the second place in export of finished products.