Economy of the United States

The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[64] According to the International Monetary Fund, the U.S. GDP of $14.4 trillion constitutes 24% of the gross world product at market exchange rates and almost 21% of the gross world product at purchasing power parity (PPP).[4] It has the largest national GDP in the world, though it is about 5% less than the GDP of the European Union at PPP in 2008. The country ranks seventeenth in the world in nominal GDP per capita and sixth in GDP per capita at PPP.[4]

The United States is the largest importer of goods and third largest exporter, though exports per capita are relatively low. In 2008, the total U.S. trade deficit was $696 billion.[65] Canada, China, Mexico, Japan, and Germany are its top trading partners.[66] In 2007, vehicles constituted both the leading import and leading export commodity.[67] Japan is the largest foreign holder of U.S. public debt, having surpassed China in early 2010.[68] The United States ranks second in the Global Competitiveness Report

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