Economy

Economy The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.[161] According to the International Monetary Fund, the U.S. GDP of $15.1 trillion constitutes 22% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).[3] Though larger than any other nation's, its national GDP was about 5% smaller at PPP in 2011 than the European Union's, whose population is around 62% higher.[162] The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP.[3] The U.S. dollar is the world's primary reserve currency.[163] The United States is the largest importer of goods and second largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion.[164] Canada, China, Mexico, Japan, and Germany are its top trading partners.[165] In 2010, oil was the largest import commodity, while transportation equipment was the country's largest export.[164] China is the largest foreign holder of U.S. public debt.[166] The New York Stock Exchange on Wall Street, the world's largest stock exchange per total market capitalization of its listed companies.[167] In 2009, the private sector was estimated to constitute 86.4% of the economy, with federal government activity accounting for 4.3% and state and local government activity (including federal transfers) the remaining 9.3%.[168] While its economy has reached a postindustrial level of development and its service sector constitutes 67.8% of GDP, the United States remains an industrial power.[169] The leading business field by gross business receipts is wholesale and retail trade; by net income it is manufacturing.[