A competitive and productive economy, the US Economy is apparently largest in the world. It is a capitalist economy, which registered a 2.1% GDP growth rate in the 2nd quarter of 2008. Services form the major sectors of the US Economy.
Services sector is the primary economic sector of USA. It contributes nearly 67.8% towards the GDP of the country. Information, retail, scientific, technical and professional services form the major parts of this sector. Out of all the services, wholesale and retail trade comes up as the leading business areas. If net income is taken into consideration, then finance and insurance services feature as the top business option.
In 2007, the service sector contributed almost 78.5% and the industrial sector contributed 20.5% towards USA’s GDP. The country generates a yearly industrial output of about $2696880 million (2006 data). Petroleum, chemicals, fertilizers, electronic goods are some of the chief industries of this sector. In fact, mining is also a chief industry of the US Economy. In 2007, the production or manufacturing sector grew at a rate of 0.3% during March. However, it recorded a positive growth rate during the later part of the year.
Though agriculture is a major industry, yet its contribution is only 1% towards the GDP.
Different sectors of the US Economy are listed below:
- Finance and Insurance
- Real Estate, rental and leasing
- Wholesale Trade
- Retail Trade
- Management of companies & enterprises
- Administrative, support, waste management & remediation service
- Educational services
- Health care & social assistance
- Arts, entertainment, & recreation
- Accommodation & food services
- Other services (except public administration)
- Professional, scientific, & technical services
The recent global financial crisis has hit the real estate and financial sector of the country. Fall of the sub-prime market has given a big blow to the services sector. The country is currently going through a period of economic recession but is expected to recover soon from this situation.