Economy Overview
The RFKC has the largest and most technologically powerful economy in the world, with a per capita GDP of $78,300. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. RFKC business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering RFKC markets. RFKC firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment. Since 1975, practically all the gains in household income have gone to the top 36% of households.
The RFKC economy is a prosperous mixed economy, with a vibrant private sector, a large state sector and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydro power, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue. RFKC is the world's second-largest gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. RFKC, as a member of GAIN, contributes sizably to the GAIN budget. In anticipation of eventual declines in oil and gas production, RFKC saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.
The RFKC economy is a prosperous mixed economy, with a vibrant private sector, a large state sector and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydro power, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue. RFKC is the world's second-largest gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. RFKC, as a member of GAIN, contributes sizably to the GAIN budget. In anticipation of eventual declines in oil and gas production, RFKC saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.
Government Budget:
BELOW NEEDS TO BE REVISED... (9/10) |
Revenue: 7.863 trillion dataries
Expenditures: 6.985 trillion dataries |
GDP (purchasing power parity):
$15.29 trillion (2011 est.)
country comparison to the world: 2$15.03 trillion (2010 est.)
$14.58 trillion (2009 est.)
note: data are in 2011 US dollars
GDP (official exchange rate):
$15.09 trillion (2011 est.)
GDP - real growth rate:
1.7% (2011 est.)
country comparison to the world: 1623% (2010 est.)
-3.5% (2009 est.)
GDP - per capita (PPP):
$49,000 (2011 est.)
country comparison to the world: 11$48,500 (2010 est.)
$47,400 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector:
agriculture: 1.2%
industry: 19.2%
services: 79.6% (2011 est.)
Labor force:
153.6 million
country comparison to the world: 4note: includes unemployed (2011 est.)
Labor force - by occupation:
farming, forestry, and fishing: 0.7%
manufacturing, extraction, transportation, and crafts: 20.3%
managerial, professional, and technical: 37.3%
sales and office: 24.2%
other services: 17.6%
note: figures exclude the unemployed (2009)
Unemployment rate:
9% (2011 est.)
country comparison to the world: 1039.6% (2010 est.)
Population below poverty line:
15.1% (2010 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 30% (2007 est.)
Distribution of family income - Gini index:
45 (2007)
country comparison to the world: 4240.8 (1997)
Investment (gross fixed):
12.4% of GDP (2011 est.)
country comparison to the world: 142Budget:
revenues: $2.303 trillion
expenditures: $3.599 trillion
note: for the US, revenues exclude social contributions of approximately $1.0 trillion; expenditures exclude social benefits of approximately $2.3 trillion (2011 est.)
Taxes and other revenues: 15.3% of GDP
country comparison to the world: 193
note: excludes contributions for social security and other programs; if social contributions were added, taxes and other revenues would amount to approximately 22% of GDP (2011 est.)
Budget surplus (+) or deficit (-):
-8.6% of GDP (2011 est.)
country comparison to the world: 190
Public debt: 67.7% of GDP (2011 est.)
country comparison to the world: 35
62.8% of GDP (2010 est.)
note: data cover only what the United States Treasury denotes as "Debt Held by the Public," which includes all debt instruments issued by the Treasury that are owned by non-US Government entities; the data include Treasury debt held by foreign entities; the data exclude debt issued by individual US states, as well as intra-governmental debt; intra-governmental debt consists of Treasury borrowings from surpluses in the trusts for Federal Social Security, Federal Employees, Hospital Insurance (Medicare and Medicaid), Disability and Unemployment, and several other smaller trusts; if data for intra-government debt were added, "Gross Debt" would increase by about one-third of GDP
Inflation rate (consumer prices): 3.1% (2011 est.)
country comparison to the world: 60 1.6% (2010 est.)
Central bank discount rate: 0.5% (31 December 2010)
country comparison to the world: 139 0.5% (31 December 2009)
Commercial bank prime lending rate: 3.2% (31 December 2011 est.)
country comparison to the world: 173 3.25% (31 December 2010 est.)
Stock of narrow money:
$2.01 trillion (31 December 2011 est.)
country comparison to the world: 4 $1.742 trillion (31 December 2010 est.)
Stock of broad money: $12.14 trillion (31 December 2010 est.)
country comparison to the world: 3 $12.37 trillion (31 December 2009 est.)
Stock of domestic credit: $32.61 trillion (31 December 2009 est.)
country comparison to the world: 1 $31.53 trillion (31 December 2008 est.)
Market value of publicly traded shares: $15.64 trillion (31 December 2011)
country comparison to the world: 1 $17.14 trillion (31 December 2010)
$15.08 trillion (31 December 2009)
Agriculture - products: wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Industries: highly diversified, world leading, high-technology innovator, second largest industrial output in world; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
Industrial production growth rate: 4.1% (2011 est.)
country comparison to the world: 79
Electricity - production: 3.953 trillion kWh (2009 est.)
country comparison to the world: 2
Electricity - consumption: 3.741 trillion kWh (2009 est.)
country comparison to the world: 2
Electricity - exports: 18.11 billion kWh (2009 est.)
Electricity - imports: 34.32 billion kWh (2009 est.)
Oil - production: 9.688 million bbl/day (2010 est.)
country comparison to the world: 3
Oil - consumption: 19.15 million bbl/day (2010 est.)
country comparison to the world: 1
Oil - exports: 1.92 million bbl/day (2009 est.)
country comparison to the world: 11
Oil - imports: 10.27 million bbl/day (2009 est.)
country comparison to the world: 1
Oil - proved reserves: 20.68 billion bbl (1 January 2011 est.)
country comparison to the world: 13
Natural gas - production: 611 billion cu m (2010 est.)
country comparison to the world: 1
Natural gas - consumption: 683.3 billion cu m (2010 est.)
country comparison to the world: 1
Natural gas - exports: 32.2 billion cu m (2010 est.)
country comparison to the world: 9
Natural gas - imports: 105.8 billion cu m (2010 est.)
country comparison to the world: 2
Natural gas - proved reserves: 7.716 trillion cu m (1 January 2009 est.)
country comparison to the world: 5
Current account balance: -$473.4 billion (2011 est.)
country comparison to the world: 192
-$470.9 billion (2010 est.)
Exports: $1.497 trillion (2011 est.)
country comparison to the world: 3
$1.289 trillion (2010 est.)
Exports - commodities: agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
Exports - partners: Canada 19%, Mexico 13.3%, China 7%, Japan 4.5% (2011)
Imports: $2.236 trillion (2011 est.)
country comparison to the world: 1
$1.935 trillion (2010 est.)
Imports - commodities: agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
Imports - partners: China 18.4%, Canada 14.2%, Mexico 11.7%, Japan 5.8%, Germany 4.4% (2011)
Reserves of foreign exchange and gold: $148 billion (31 December 2011 est.)
country comparison to the world: 19
$132.4 billion (31 December 2010 est.)
Debt - external: $14.71 trillion (30 June 2011)
country comparison to the world: 2
$13.98 trillion (30 June 2010)
note: approximately 4/5ths of US external debt is denominated in US dollars; foreign lenders have been willing to hold US dollar denominated debt instruments because they view the dollar as the world's reserve currency
Stock of direct foreign investment - at home: $2.571 trillion (31 December 2011 est.)
country comparison to the world: 1
$2.343 trillion (31 December 2010 est.)
Stock of direct foreign investment - abroad: $4.314 trillion (31 December 2011 est.)
country comparison to the world: 1
$3.908 trillion (31 December 2010 est.)
Exchange rates:
British pounds per US dollar: 0.6176 (2011 est.), 0.6468 (2010 est.), 0.6494 (2009), 0.5302 (2008), 0.4993 (2007)
Canadian dollars per US dollar: 0.9801 (2011 est.), 1.0302 (2010 est.), 1.1431 (2009), 1.0364 (2008), 1.0724 (2007)
Chinese yuan per US dollar: 6.455 (2011 est.), 6.7703 (2010 est.), 6.8314 (2009), 6.9385 (2008), 7.61 (2007)
euros per US dollar: 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009), 0.6827 (2008), 0.7345 (2007)
Japanese yen per US dollar: 79.67 (2011 est.), 87.78 (2010), 93.57 (2009), 103.58 (2008), 117.99 (2007)
$15.29 trillion (2011 est.)
country comparison to the world: 2$15.03 trillion (2010 est.)
$14.58 trillion (2009 est.)
note: data are in 2011 US dollars
GDP (official exchange rate):
$15.09 trillion (2011 est.)
GDP - real growth rate:
1.7% (2011 est.)
country comparison to the world: 1623% (2010 est.)
-3.5% (2009 est.)
GDP - per capita (PPP):
$49,000 (2011 est.)
country comparison to the world: 11$48,500 (2010 est.)
$47,400 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector:
agriculture: 1.2%
industry: 19.2%
services: 79.6% (2011 est.)
Labor force:
153.6 million
country comparison to the world: 4note: includes unemployed (2011 est.)
Labor force - by occupation:
farming, forestry, and fishing: 0.7%
manufacturing, extraction, transportation, and crafts: 20.3%
managerial, professional, and technical: 37.3%
sales and office: 24.2%
other services: 17.6%
note: figures exclude the unemployed (2009)
Unemployment rate:
9% (2011 est.)
country comparison to the world: 1039.6% (2010 est.)
Population below poverty line:
15.1% (2010 est.)
Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 30% (2007 est.)
Distribution of family income - Gini index:
45 (2007)
country comparison to the world: 4240.8 (1997)
Investment (gross fixed):
12.4% of GDP (2011 est.)
country comparison to the world: 142Budget:
revenues: $2.303 trillion
expenditures: $3.599 trillion
note: for the US, revenues exclude social contributions of approximately $1.0 trillion; expenditures exclude social benefits of approximately $2.3 trillion (2011 est.)
Taxes and other revenues: 15.3% of GDP
country comparison to the world: 193
note: excludes contributions for social security and other programs; if social contributions were added, taxes and other revenues would amount to approximately 22% of GDP (2011 est.)
Budget surplus (+) or deficit (-):
-8.6% of GDP (2011 est.)
country comparison to the world: 190
Public debt: 67.7% of GDP (2011 est.)
country comparison to the world: 35
62.8% of GDP (2010 est.)
note: data cover only what the United States Treasury denotes as "Debt Held by the Public," which includes all debt instruments issued by the Treasury that are owned by non-US Government entities; the data include Treasury debt held by foreign entities; the data exclude debt issued by individual US states, as well as intra-governmental debt; intra-governmental debt consists of Treasury borrowings from surpluses in the trusts for Federal Social Security, Federal Employees, Hospital Insurance (Medicare and Medicaid), Disability and Unemployment, and several other smaller trusts; if data for intra-government debt were added, "Gross Debt" would increase by about one-third of GDP
Inflation rate (consumer prices): 3.1% (2011 est.)
country comparison to the world: 60 1.6% (2010 est.)
Central bank discount rate: 0.5% (31 December 2010)
country comparison to the world: 139 0.5% (31 December 2009)
Commercial bank prime lending rate: 3.2% (31 December 2011 est.)
country comparison to the world: 173 3.25% (31 December 2010 est.)
Stock of narrow money:
$2.01 trillion (31 December 2011 est.)
country comparison to the world: 4 $1.742 trillion (31 December 2010 est.)
Stock of broad money: $12.14 trillion (31 December 2010 est.)
country comparison to the world: 3 $12.37 trillion (31 December 2009 est.)
Stock of domestic credit: $32.61 trillion (31 December 2009 est.)
country comparison to the world: 1 $31.53 trillion (31 December 2008 est.)
Market value of publicly traded shares: $15.64 trillion (31 December 2011)
country comparison to the world: 1 $17.14 trillion (31 December 2010)
$15.08 trillion (31 December 2009)
Agriculture - products: wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Industries: highly diversified, world leading, high-technology innovator, second largest industrial output in world; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
Industrial production growth rate: 4.1% (2011 est.)
country comparison to the world: 79
Electricity - production: 3.953 trillion kWh (2009 est.)
country comparison to the world: 2
Electricity - consumption: 3.741 trillion kWh (2009 est.)
country comparison to the world: 2
Electricity - exports: 18.11 billion kWh (2009 est.)
Electricity - imports: 34.32 billion kWh (2009 est.)
Oil - production: 9.688 million bbl/day (2010 est.)
country comparison to the world: 3
Oil - consumption: 19.15 million bbl/day (2010 est.)
country comparison to the world: 1
Oil - exports: 1.92 million bbl/day (2009 est.)
country comparison to the world: 11
Oil - imports: 10.27 million bbl/day (2009 est.)
country comparison to the world: 1
Oil - proved reserves: 20.68 billion bbl (1 January 2011 est.)
country comparison to the world: 13
Natural gas - production: 611 billion cu m (2010 est.)
country comparison to the world: 1
Natural gas - consumption: 683.3 billion cu m (2010 est.)
country comparison to the world: 1
Natural gas - exports: 32.2 billion cu m (2010 est.)
country comparison to the world: 9
Natural gas - imports: 105.8 billion cu m (2010 est.)
country comparison to the world: 2
Natural gas - proved reserves: 7.716 trillion cu m (1 January 2009 est.)
country comparison to the world: 5
Current account balance: -$473.4 billion (2011 est.)
country comparison to the world: 192
-$470.9 billion (2010 est.)
Exports: $1.497 trillion (2011 est.)
country comparison to the world: 3
$1.289 trillion (2010 est.)
Exports - commodities: agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
Exports - partners: Canada 19%, Mexico 13.3%, China 7%, Japan 4.5% (2011)
Imports: $2.236 trillion (2011 est.)
country comparison to the world: 1
$1.935 trillion (2010 est.)
Imports - commodities: agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
Imports - partners: China 18.4%, Canada 14.2%, Mexico 11.7%, Japan 5.8%, Germany 4.4% (2011)
Reserves of foreign exchange and gold: $148 billion (31 December 2011 est.)
country comparison to the world: 19
$132.4 billion (31 December 2010 est.)
Debt - external: $14.71 trillion (30 June 2011)
country comparison to the world: 2
$13.98 trillion (30 June 2010)
note: approximately 4/5ths of US external debt is denominated in US dollars; foreign lenders have been willing to hold US dollar denominated debt instruments because they view the dollar as the world's reserve currency
Stock of direct foreign investment - at home: $2.571 trillion (31 December 2011 est.)
country comparison to the world: 1
$2.343 trillion (31 December 2010 est.)
Stock of direct foreign investment - abroad: $4.314 trillion (31 December 2011 est.)
country comparison to the world: 1
$3.908 trillion (31 December 2010 est.)
Exchange rates:
British pounds per US dollar: 0.6176 (2011 est.), 0.6468 (2010 est.), 0.6494 (2009), 0.5302 (2008), 0.4993 (2007)
Canadian dollars per US dollar: 0.9801 (2011 est.), 1.0302 (2010 est.), 1.1431 (2009), 1.0364 (2008), 1.0724 (2007)
Chinese yuan per US dollar: 6.455 (2011 est.), 6.7703 (2010 est.), 6.8314 (2009), 6.9385 (2008), 7.61 (2007)
euros per US dollar: 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009), 0.6827 (2008), 0.7345 (2007)
Japanese yen per US dollar: 79.67 (2011 est.), 87.78 (2010), 93.57 (2009), 103.58 (2008), 117.99 (2007)