The United States Economy : Global Economy Essay

731 Words Dec 16th, 2016 3 Pages
The United States Economy
Global economy is shifting its power to Asian countries. The U.S.’s GDP increased from USD 13.4 trillion in 2006 to USD 17.95 trillion in 2015, which was a 3.3% increase in CAGR. China gained an increase CAGR of GDP of 13.78%, from USD 3.4 trillion in 2006 to USD 10.87 trillion in 2015 (GMID,GDP, 2015). India’s GDP grew by 9.04% CAGR in GDP from USD 0.95 trillion of 2006 to USD 2.1 trillion of 2015 (GMID, GDP, 2015). The numbers indicate that total GDP growth rate of U.S. was smaller than those of China and India. However, The GDP value of the United States represents 28.95 % of the world economy. According to the "advance" estimate released by the Bureau of Economic Analysis Real gross domestic product increased at an annual rate of 2.9 % in the 3rd quarter of 2016. In the 2nd quarter, real GDP increased 1.4 %. The increase in real GDP in the 3rd quarter reflected positive contributions from personal consumption expenditures, exports, private inventory investment, federal government spending, and nonresidential fixed investment that were partly offset by negative contributions from residential fixed investment and state and local government spending.

Research & development (R&D) expenditure in U.S. in 2015 was $ 473.4 billion or $ 1,442 dollar per capita as 2.74 % of GDP. The U.S. was the number one on the list of spending for R&D expenditures. The second country on the list was China. China spent $ 409 billion or 2.1 % of GDP. China just spent…

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