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

Current US GDP Figures and the Current State of the US Economy - Research Paper Example Economic system is the process of construction, distribution and consumption by specific people within a particular geographical setting. The people can be individuals, association, and businesses or government (Mankiw, 2011). With these considerations, the paper intends to illustrate the current GDP figures and the current status of the US economy. Current US GDP Figures The GDP figures in the US have witnessed a considerable fluctuation in the past decade. In the United States, the GDP figure in the year 2013 stands at 15684.80 billion US Dollars. Approximately, 25.30% of US GDP represents the world economy. The figures related to the US GDP were illustrated by World Bank 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 Dollars in 2009. Then again, from 2010 onwards, it has kept on increasing, which signifies a relatively stable condition of the US industrial sector (Trading Econ omics, 2013). US GDP Source: (Trading Economics, 2013) The production of goods and services by the labor and assets located inside the United States has significantly increased to 2.5% in the 2nd quarter of 2013 as reported 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 advanced 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 Transportation, utilities, warehousing and information: 10% of GDP Retail and Wholesale trade Centre: 12% Manufacturing, Mining and Construction: 17% of GDP Agriculture: 1.5% Source: (Trading Economics, 2013) The recent boost in the economy has facilitated the US in terms of ensuring more exports and fixed 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 influence made by the European settlements. US economy is the world’s 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 na tion 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 world’s largest producer (The Heritage Foundation, â€Å"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