The United States is the world's largest national economy in nominal terms, representing 22% of nominal global GDP and 17% of global GDP (PPP).[2] The United States' GDP was estimated to be $17.914 trillion as of Q2 2015.[2][30] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency.[31] Several countries use it as their official currency, and in many others it is the de facto currency.[32] The United States has a mixed economy[33][34] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment.[35] Its seven largest trading partners are Canada, China, Mexico, Japan, Germany, South Korea, and the United Kingdom.[36]
The US has abundant natural resources, a well-developed infrastructure, and high productivity.[37] It has the world's ninth-highest per capita GDP (nominal) and tenth-highest per capita GDP (PPP) as of 2013.[38][39] Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007.[40][41] It has been the world's largest national economy (not including colonial empires) since at least the 1890s.[42]
The U.S. is the world's largest producer of oil[43] and natural gas.[44] It is one of the largest trading nations in the world[45] as well as the world's second largest manufacturer, representing a fifth of the global manufacturing output.[46] The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.93tn in 2012. Of the world's 500 largest companies, 128 are headquartered in the US.[47]
The United States has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.[48] Foreign investments made in the US total almost $2.4 trillion,[49] while American investments in foreign countries total over $3.3 trillion.[50] The economy of the U.S. leads in international ranking on venture capital[51] and Global Research and Development funding.[52] Consumer spending comprises 71% of the US economy in 2013.[53] The United States has the largest consumer market in the world, with a household final consumption expenditure five times larger than Japan's.[54] The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.[55] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.[56]
The US economy went through an economic downturn following the financial crisis of 2007–08, with output as late as 2013 still below potential according to the Congressional Budget Office.[57] The economy, however, began to recover in the second half of 2009, and as of November 2015, unemployment had declined from a high of 10% to 5%.
In December 2014, public debt was slightly more than 100% of GDP.[58] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.[
