Current US GDP Figures and the Current State of the US Economy Research Paper

actual US gross domestic product Figures and the certain State of the US Economy - Research Paper ExampleEconomic system is the process of construction, dissemination and consumption by specific people within a particular geographical setting. The people go off be individuals, association, and businesses or goernment (Mankiw, 2011). With these considerations, the paper intends to illustrate the current gross domestic product figures and the current status of the US deliverance. Current US GDP Figures The GDP figures in the US have witnessed a considerable pas seul in the past decade. In the United States, the GDP figure in the year 2013 stands at 15684.80 iodine million million million US Dollars. Approximately, 25.30% of US GDP re bes the world economy. The figures related to to the US GDP were illustrated by World brink Group. From 2004, the GDP figures have endeavored to attain peak position but in 2010 it came down to 13893.3 billion US Dollars from 14219.3 billion US D ollars in 2009. Then again, from 2010 onwards, it has kept on increasing, which signifies a relatively stable match of the US industrial sector (Trading Economics, 2013). US GDP Source (Trading Economics, 2013) The production of goods and services by the tug and assets located inside the United States has significantly increased to 2.5% in the second quarter of 2013 as describe by Bureau of Economic Analysis. According to the 1st quarter of 2013, the GDP was 1.1% and 0.1% in 2012 Quarter 4 (Cable News Network. A Time Warner Company, 2013). The total GDP in June 2013 was estimated to be US$16.6 trillion. The US has one of the strongest and industrially mature economies in the world. Rental, leasing, real estates, educational services, health care, professional and insurance constitute over 40% of GDP (Trading Economics, 2013). The following illustration depicts the distribution of GDP in the leading industrial sectors in the US Government related services 13% of GDP Transportatio n, utilities, warehousing and information 10% of GDP Retail and Wholesale trade Centre 12% Manufacturing, Mining and Construction 17% of GDP market-gardening 1.5% Source (Trading Economics, 2013) The recent boost in the economy has facilitated the US in terms of ensuring more exports and quick-frozen investment. Moreover, with the enhancement of the economic purview, there has been an augmentation in expenditure by local government and reduction in the imports along with deceleration in private firms investment and in personal expenditure (Sivy, 2013). US GDP % Change on a Quarterly Basis (2011 to 2013, Q2) Source (Cable News Network. A Time Warner Company, 2013). Current State of US Economy The history related to the US economy could be viewed with reference to the square up made by the European settlements. US economy is the worlds leading and technologically advanced economy. The nominal GDP of US was reported to be US$16.9 trillion in June 2013. US economy is determined to be a mixed economy and is able to uphold overall growth in GDP. The US has huge natural resources, advanced infrastructure and high productivity. The nation is the 2nd largest producer related to natural gas and 3rd major producer of oil as well as it is 2nd biggest trading country in the world following China. From 2010, the US has remained the worlds largest producer (The inheritance Foundation, United States). After recording more than three years of uninterrupted economic growth, at present The US economy has recorded less than 2.25% growth and is estimated to slow down to less than 1% in the near future (Sivy, 2013). The US with an economic freedom score of 76 remains down in 2013 index and noted its