what is the current gross national product of the us
Gross national product When a country's capital or labour resources are employed outside its borders, or when a foreign firm is operating in its territory, GDP and GNP can produce different measures of total output. In 2009 for instance, the United States estimated its GDP at $14.119 trillion, and its GNP at $14.265 trillion.[2]
Economy of the United States U.S. nominal GDP was $19.5 trillion in 2017. Annualized, nominal GDP reached $20.1 trillion in Q1 2018, the first time it exceeded the $20 trillion level. About 70% of U.S. GDP is personal consumption, with business investment 18%, government 17% (federal, state and local but excluding transfer payments such as Social Security, which is in consumption) and net exports a negative 3% due to the U.S. trade deficit.[89] Real gross domestic product, a measure of both production and income, grew by 2.3% in 2017, vs. 1.5% in 2016 and 2.9% in 2015. Real GDP grew at a quarterly annualized rate of 2.2% in Q1 2018 and 4.1% in Q2 2018 under President Trump; the Q2 rate was the best growth rate since Q3 2014.[90]
Sales taxes in the United States There is no value added tax in the United States. There have been proposals to replace some Federal taxes with a value added tax.
United States Balance of trade The US last had a trade surplus in 1975.[14] However, recessions may cause short-run anomalies to rising trade deficits.