USA: Country Factfile

Overview Area
9,363,130km 2

Population density
32.9 people/km 2

Currency
US dollar (US$ = 100 cents)

Location
The US is a federation of 50 states which spans the land mass between the Pacific Ocean and the northern Atlantic. As such, it occupies most of the North American continent, extending from the Alaskan enclave in the west to Maine in the extreme northeast. In the north it borders on Canada, and in the south with Mexico. The west and southwest consist mainly of mountain ranges. The capital is Washington, DC.

Head of state
Barack H. Obama (2009)

Head of government
Barack H. Obama (2009)

Ruling party
The Democratic Party controls the government.

Political structure
The US has an executive president, elected for a four-year term of office by universal suffrage, who then selects and directs his own cabinet ("Administration"). The US Congress comprises a 435-member House of Representatives, half of whom are elected every two years, and a 100-member Senate, which serves for six years but a third of which is re-elected every two years. The country has a strong federal structure, and devolves its legal and fiscal system to a considerable extent.

Last elections
Elections to the House and Senate were held in November 2008. In the House, the Democratic Party won 254 seats while the Republican Party took 181 seats. In the Senate, the Democrats took 57 seats while the Republicans have 41 seats. There are two independents (who caucus with the Democrats) and one seat has yet to be decided. Presidential elections were also held in November 2008. The Democrat, Barack Obama, defeated John McCain with 53% of the vote.

Political risk
Spending on Social Security and Medicare (along with Medicaid assistance for low-income individuals) claim more than two-fifths of federal spending and are rising at an unsustainable rate. Because of the high unemployment and low government revenues owing to the recession, the funding forecasts for both programmes have been cut back. Prior to the recent reform, Medicare funds were expected to be exhausted by 2017. Funding for social security will last longer possibly to 2038 but these needs must also be addressed within the near future.

International disputes
Relations with Iran are tense owing to the country's nuclear ambitions and on-going programme. Ties with North Korea are complicated for the same reason. The USA and the EU have some differences over environmental matters. In the western hemisphere, there are tensions between Washington and Mexico and other Central American countries over the sensitive issue of illegal immigration into the USA. Relations with Venezuela are plagued by a number of differences. Canadians in particular are worried that more stringent entry requirements will reduce the number of American visitors.

Main industries

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Agriculture accounts for only a tiny portion of GDP and is predominately large scale and generally efficient. The USA is a major exporter of foodstuffs and processed foods. Government officials expect farm exports to rise significantly in 2010. Increased productivity is the main driver of agricultural growth. The huge oil spill in the Gulf of Mexico could have serious consequences for the nation's fishing industry. The country's manufacturing sector contributes 10.1% of GDP and leads the way in the information technology revolution. Prominent industries include aerospace, telecommunications, chemicals, electronics and computers. The real value of manufacturing output fell by 4.3% in 2009. The domestic automobile industry is showing signs of stabilisation after being hard hit during the recession. Car sales in a normal year are around 15 million but are expected to be 11.5-12 million in 2010. At this level, however, modest profits could still be realised. Manufacturing output began to edge upward again in the first half of 2010. Services account for 53.0% of GDP. The most important activities in the sector include real estate, transport, finance, healthcare and business services. The financial industry suffered billions of dollars of losses during the worst of the subprime crisis but has quickly recovered. Regulatory reforms will limit banks' profitability, forcing them to look abroad for new sources of growth. Meanwhile, the real estate market remains depressed. The country's infrastructure needs improvement. Most growth and economic activity takes place in metropolitan areas where infrastructure is most obsolete. Washington estimates that investments in infrastructure of at least US$225 billion are required each year.

Economy
The US economy came out of recession in the third quarter of 2009 but real GDP contracted by 2.4% for the year. The recent recession proved to be the longest-lasting since the Great Depression. The sustainability of the recovery also remains in doubt. The rebound has made only a modest dent in unemployment and unused capacity. Personal consumption expenditures, which had peaked in 2005 at more than 95% of personal disposable income, fell to around 92% by mid 2009. The savings rate rose to more than 5% of disposable income but contrary to expectations edged downward in the first few months of 2010. The government continues to work on several different fronts to strengthen the economy. Stabilisation of the country's financial institutions has been achieved but numerous programmes intended to rejuvenate the housing market have had little effect. Other initiatives involving improvements in energy, infrastructure and technology development are also underway, but these will have an impact only in the longer term.

Energy
The USA has 30.6 billion barrels of proven oil reserves, the eleventh highest in the world. Production of crude oil in the lower 48 states has been falling since 2004. The country also has estimated proven natural gas reserves of 6.8 trillion cubic metres or 3.6% of world reserves (6th in the world). Natural gas accounts for about 24% of total primary energy requirements. Domestic oil exploration and development spending by US oil companies rebounded when oil prices rose. It is expected to fall abruptly until new regulations are in place. Deepwater wells account for about two-thirds of total US Gulf output but growth will be sharply curtailed following the recent oil spill disaster.

Statistical Summary
2004 Inflation (% change) Exchange rate (per US$) Lending rate GDP (% real growth) GDP (national currency millions) GDP (US$ millions) Population, mid-year ('000) Birth rate (per '000) Death rate (per '000) No. of households ('000) Total exports (US$ millions) Total imports (US$ millions) Tourism receipts (US$ millions) Tourism spending (US$ millions) Urban population ('000) Urban population (%) Population aged 0-14 (%) Population aged 15-64 (%) 2.7 1.00 4.3 3.6 2005 3.4 1.00 6.2 3.1 2006 3.2 1.00 8.0 2.7 2007 2.9 1.00 8.1 1.9 2008 3.8 1.00 5.1 0.0 2009 -0.3 1.00 3.3 -2.6

11,867,700.0 12,638,400.0 13,398,900.0 14,061,800.0 14,369,100.0 14,119,100.0 11,867,700.0 12,638,400.0 13,398,900.0 14,061,800.0 14,369,100.0 14,119,100.0 294,226.3 14.0 8.3 112,000.0 814,874.7 1,469,704.5 94,107.0 69,626.0 231,404.0 79.0 20.7 66.9 296,961.8 14.1 8.1 113,343.0 901,081.8 1,673,454.4 102,070.0 73,320.0 234,207.7 79.2 20.5 67.1 299,826.7 14.3 8.1 114,384.0 1,025,967.5 1,853,938.3 106,906.0 76,949.0 237,112.4 79.5 20.3 67.2 302,675.0 14.3 8.1 116,011.0 1,148,198.7 1,956,961.7 119,781.0 81,372.0 240,115.7 79.7 20.2 67.2 305,330.0 14.2 8.1 117,276.8 1,287,442.0 2,103,640.7 134,908.0 85,372.0 242,989.8 79.9 20.1 67.1 307,731.3 13.9 8.2 118,526.6 1,056,043.0 1,559,624.9 144,858.9 88,241.5 245,676.6 80.1 20.1 67.0

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Population aged 65+ (%) Male population (%) Female population (%) Life expectancy male (years) Life expectancy female (years) Infant mortality (deaths per '000 live births) Adult literacy (%)

12.4 49.2 50.8 74.6 80.4 6.7 99.9

12.4 49.2 50.8 75.2 80.4 6.6 99.9

12.5 49.3 50.7 75.4 80.7 6.4 99.9

12.6 49.3 50.7 75.4 80.7 6.3 99.9

12.8 49.3 50.7 75.6 80.8 6.2 99.9

12.9 49.3 50.7 75.8 81.0 6.1 99.9

Imports and Exports

Major export destinations Europe Latin America North America Asia-Pacific Africa and the Middle East Other countries 2008 Share (%) Major import sources 25.2 Asia Pacific 22.1 Europe 20.1 Latin America 19.5 North America 6.5 Africa and the Middle East 4.7 Other countries 2008 Share (%) 30.8 20.3 17.8 15.7 10.7 4.1

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