Cooper ClydeEconomy
The United States is the largest economy in the world with a GDP of approximately USD 20,513 billion, mainly due to its high average income, large population, capital investment, moderate unemployment, high consumption, relatively young population, and technological innovation. In the fourth quarter of 2018, the US economy grew by 2.2% year-on-year. Looking at 2018, the economy grew by 2.9 percent, the most since 2015, and more than 2.2 percent in 2017. The United States has the largest consumer market in the world, with household final consumption expenditures five times higher than Japan. The leading sectors are the tertiary sector (banking, insurance, transportation, trade, publishing, entertainment) and industry (oil, weapons, consumer goods, aerospace).
Farmer American
Soybeans and cereals (corn and wheat) predominate among the products. Cotton, flax, and tobacco production is also noteworthy, primarily concentrated in the south. Timber production is also prominent, with over 300 million hectares of forests, especially in the North Pacific, producing 500 million cubic meters of wood per year. This has contributed to the prosperity of the furniture and paper industries. In the vast central-western prairies, cattle breeding is practiced both intensively and extensively. Fishing also plays an important role. The United States ranks first in the world in terms of the amount of fish caught. With 7.4 million tons of fish products, the United States is the 6th most fishy country in the world. Oyster and lobster farming is also booming in California and the Gulf of Mexico.
The country’s economy is based on rich natural resources, well-developed infrastructure, and high productivity. It ranks second in terms of the estimated total value of natural resources, valued at $45 trillion in 2016. It is the world’s largest producer of oil and natural gas. The wealth of raw materials has also contributed to the development of the metallurgical, steel, and mechanical industries. The automotive and aviation industries are also important. Hollywood is the world’s busiest film industry headquarters.
Tertiary sector
The United States is the most advanced in this area. 72.1% of GDP is accounted for by the service sector and 73.3% of workers are employed in this sector. Great importance is placed on transportation with more than 300,000 km of rail network used primarily for freight and integrated with an extremely efficient road network; the road and rail network covers the entire territory, facilitating the transportation of goods and travel. With its 16,000 airports, it is a favorite destination for Americans to travel both domestically and abroad. Maritime transportation is also highly developed. The developed transportation network has fostered the emergence of related commercial activities, such as motels, insurance companies, shippers, and service areas. Another very effective higher education sector is the private school: it offers a high level of education and security, while public schools still struggle with various problems such as recurrent illiteracy and shootings; there are also business support services such as legal aid, marketing and advertising firms.
Entertainment sectors
The entertainment sector (television, movies, music, cultural activities, gambling) and the publishing sector are very important. People in the United States spend their leisure time interestingly because they enjoy gambling, for example, at Hell Spin Casino https://mojapamiatka.pl/hell-spin-casino/. Tourism is also important: the United States receives 30 million visitors each year. cultural activities) and the publishing sector. Tourism is also important: the United States receives 30 million visitors each year. cultural activities) and publishing. Tourism is also important: the United States welcomes 30 million visitors each year.
TAXES
In America, taxation of both personal income and business profits is divided into three levels:
Taxation at the federal level is calculated according to income with progressive rates for individuals . For corporate-type companies, on the other hand, the 2018 Trump reform introduced a flat tax of 21%.
State-level taxation – taxes in different states of the United States of America are usually calculated at a flat rate. There are cases when taxation is calculated by income categories with progressive rates. State taxes are significantly lower than federal taxes and vary from state to state.
Taxation at the local or city level exists only in a few situations, such as in the case of New York City. Both state and local taxes are deductible in calculating federal taxable income.
Indirect taxes in the United States: sales tax. There is no VAT in the United States. The most common indirect tax is sales tax, which is levied at the state and local levels. Unlike VAT, sales tax is not a cascading tax and is applied only at the last stage of distribution, i.e., when sold to the final consumer.
EMERGING SECTORS
Engineering/Construction/Infrastructure: roads, bridges, tunnels, railways, buildings, special industrial products, machinery.
Renewable energy and resources: oil and gas exploration and production; oilfield services; energy supply chain improvement; nuclear safety; biomass development; solar, wind and tidal energy; clean coal technologies; CO2 capture and/or purification.
Automotive: lightweight materials and related technologies; low-fossil fuel vehicle technology; non-original components; technologies for autonomous driving systems.
Information technology and telecommunications (ICT): information and communication services, personal monitoring systems (Quantified Self technologies); M2M (machine-to-machine) communication; USA 3 Electricity, gas, steam and air conditioning (including from renewable sources) Other vehicles (ships and boats, locomotives and rolling stock, aircraft and spacecraft, military vehicles) robotics; analysis (Big data); enterprise software; mobile applications; cybersecurity.
Environmental services and clean technologies (Clean Tech): desalination technology; water reduction technology; air pollution reduction; water quality; resource management.
Aerospace: advanced manufacturing capabilities and 3D printing; automation; composite structures and materials; aircraft interior and environmental systems.
