Economy Stats: compare key data on Martinique & United States

SHARE TWEET EMBED

Select year 1996 1997 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

•  

STAT	Martinique	United States	HISTORY
Agriculture > Products	pineapples, avocados, bananas, flowers, vegetables, sugarcane	wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Budget > Expenditures	$317.50 million Ranked 4th.	$3.54 trillion Ranked 1st. 11143 times more than Martinique
Budget > Revenues	$317.50 million Ranked 3rd.	$2.45 trillion Ranked 1st. 7713 times more than Martinique
Currency	euro	US dollar
Overview	The economy is based on sugarcane, bananas, tourism, and light industry. Agriculture accounts for about 6% of GDP and the small industrial sector for 11%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism, which employs more than 11,000 people, has become more important than agricultural exports as a source of foreign exchange.	The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
Exchange rates	euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)	<strong>British pounds per US dollar: </strong>0.6324 (2012 est.), 0.624 (2011 est.), 0.6472 (2010), 0.6175 (2009), 0.5302 (2008)<br /><strong>Canadian dollars per US dollar:</strong> (2012 est.), 1.001 (2012 est.), 0.9895 (2011 est), 1.0302 (2010 est.), 1.1431 (2009), 1.0364 (2008)<br /><strong>Chinese yuan per US dollar:</strong> (2011 est.), 6.311 (2012 est.), 6.4615 (20111 est.), 6.7703 (2010 est.), 6.8314 (2009), 6.9385 (2008)<br /><strong>euros per US dollar:</strong> 0.7838 (2012 est.), 0.7185 (2011 est.), 0.755 (2010 est.), 0.7198 (2009), 0.6827 (2008)<br /><strong>Japanese yen per US dollar:</strong> 79.42 (2012 est.), 79.81 (2011 est.), 87.78 (2010), 93.57 (2009), 103.58 (2008)
Fiscal year	calendar year	1
GDP > CIA Factbook	$6.12 billion Ranked 145th.	$10.99 trillion Ranked 1st. 1797 times more than Martinique
GDP > Composition by sector > Agriculture	6% Ranked 4th. 5 times more than United States	1.2% Ranked 191st.
GDP > Composition by sector > Industry	11% Ranked 4th.	19.1% Ranked 160th. 74% more than Martinique
GDP > Composition by sector > Services	83% Ranked 1st. 4% more than United States	79.7% Ranked 15th.
GDP > Per capita	$14,360.30 per capita Ranked 8th.	$45,759.46 per capita Ranked 8th. 3 times more than Martinique
GDP > Purchasing power parity	$6.12 billion Ranked 3rd.	$16.24 trillion Ranked 1st. 2655 times more than Martinique
GDP > Purchasing power parity > Per capita	$14,360.30 per capita Ranked 8th.	$45,759.46 per capita Ranked 8th. 3 times more than Martinique
Tourist arrivals by region of origin > Europe	399,083 Ranked 66th.	10.7 million Ranked 10th. 27 times more than Martinique
Trade > Imports	$2.31 billion Ranked 93th.	$1.90 trillion Ranked 1st. 825 times more than Martinique
GDP > CIA Factbook > Per capita	$14,360.30 per capita Ranked 42nd.	$37,791.00 per capita Ranked 2nd. 3 times more than Martinique
GDP > Per $ GDP	$14,360.30 per $1 of GDP Ranked 8th.	$45,759.46 per $1 of GDP Ranked 8th. 3 times more than Martinique
Trade > Exports	$404.20 million Ranked 139th.	$1.27 trillion Ranked 3rd. 3142 times more than Martinique
Tourism receipts > International > Per $ GDP	$40.38 per $1,000 of GDP Ranked 78th. 4 times more than United States	$9.90 per $1,000 of GDP Ranked 131st.

15 30 60 All

APA MLA MHRA CSE AMA Chicago Bluebook Bluebook/JOLT Citation