Overview: The US has the largest and most diversified economy in the world. In 1988 it ranked among the top 10 countries with a per capita GNP of nearly $20,000 and the economy entered its seventh successive year of growth, the longest in peacetime history. The expansion has featured continued moderation in wage and consumer price increases, an unemployment rate of 5.5%, (the lowest in nine years), and an inflation rate of 4.1%. The trade deficit, which has grown every year since 1980, started to narrow in late 1987 as the weakening dollar stimulated export demand and depressed import growth. On the negative side, the US became a net debtor nation for the first time in recent history in 1987.

GNP: $4,862 billion, per capita $19,800; real growth rate 3.8% (1988)

Inflation rate (consumer prices): 4.1% (1988)

Unemployment rate: 5.5% (1988)

Budget: revenues $976 billion; expenditures $1,137 billion, including capital expenditures of NA (FY89 est.)

Exports: $322.3 billion (f.o.b., 1988); @m5commodities--capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products; @m5partners--Canada 24.2%, Japan 12.3% (1986)

Imports: $440.9 billion (c.i.f., 1988); @m5commodities--crude and partly refined petroleum, machinery, automobiles, consumer goods, industrial raw materials, food and beverages; @m5partners--Japan 21.8% , Canada 19.1% (1986)

External debt: $400 billion (December 1987)

Industrial production: growth rate 5.0% (1988)

Electricity: 768,349,000 kW capacity; 2,900,313 million kWh produced, 11,790 kWh per capita (1988)

Industries: leading industrial power in the world, highly diversified; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, fishing, lumber, mining

Agriculture: food grains, feed crops, oil-bearing crops, cattle, dairy products; an illegal producer of cannabis

Aid: donor--commitments, including Ex-Im (FY80-87), $81.4 billion

Currency: United States dollar (plural--dollars); 1 United States dollar (US$) = 100 cents

Exchange rates: @m5British pounds (L) per US$--0.5631 (January 1989), 0.5614 (March 1988), 0.6102 (1987), 0.6817 (1986), 0.7714 (1985); @m5Canadian dollars (Can$) per US$--1.1914 (January 1989), 1.2307 (1988), 1.3260 (1987), 1.3895 (1986), 1.3655 (1985); @m5French francs (F) per US$--6.2503 (January 1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985); @m5Italian lire (Lit) per US$--1,344.2 (January 1989), 1,301.6 (1988), 1,296.1 (1987), 1,490.8 (1986), 1,909.4 (1985); @m5Japanese yen (Y) per US$--127.23 (January 1989), 128.15 (1988), 144.64 (1987), 168.52 (1986), 238.54 (1985); @m5FRG deutsche marks (DM) per US$--1.8304 (January 1989), 1.7562 (1988), 1.7974 (1987), 2.1715 (1986), 2.9440 (1985)

Fiscal year: 1 October-30 September

NOTE: The information regarding United States on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United States Economy 1989 information contained here. All suggestions for corrections of any errors about United States Economy 1989 should be addressed to the CIA.