The Expected U.S. Gross Domestic Product (GDP) is likely to expand by about 1.3 percent. The growth is likely to be incurred in the second quarter of this year. This is remarkable growth in comparison with the previous year. Notably, Gross Domestic Product of United States has been growing since 1947.The growth during this period has risen from 3.3 percent to about 17.20 percent. This is because; United States has adopted a market economy that has helped in the achievement of this remarkable growth.
This growth is the largest in the world. The growth has been contributed by business firms who have risen to the occasion to ensure that they participate effectively in the economy. Both the federal as well as state governments have played this critical role in the economy. Private individuals as well as international business have also contributed to the growth. Production of goods and services has increased due to increased productivity in the states. Effectiveness and efficiency has been adopted in the economy and hence advancement in all sectors.
The government has also facilitated the growth by ensuring that there are ready market for sale of the produced goods and services. The government has also ensured terms of trade are conducive or example through provision of some of the benefits such as lowered taxes as well as import duty and facilitating export of produced products internationally. The real gross domestic product has risen from an annual rate of about 1.3 percent and has been a major phenomenal that has marked several years. The economy of United States has hence gone higher as it become premier in production of major products in the entire world.
The increased Gross Domestic Product highly reflects the effectives of the country in participating in major sectors of economy and utilizing the available natural resources. Individuals have invested, exported as well as established private firms of inventories that facilitate trade . In this case, due to increased Gross Domestic product, it is evident that the standard of living in United States has increased significantly and is likely to continue on the trend. Per capita of the economy is also rising and indicates the rise in the average living standards. Therefore, based on the recent history and expected future conditions, Gross Domestic Product is likely to rise considerably leading to positive economic growth in the near future.