Word: gdp
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...build a garage onto his house, it will almost show up in national accounts," she quips. So imagine the impact of constructing two large aluminum smelters from 2005 to 2007. Those projects required the import of generators and other materials, and amounted to 35% of the nation's GDP. With aluminum prices higher than ever before, those smelters will soon turn profits - and boost national income...
Another key to sustaining the boom is to diversify the Gulf's economy so it's not so narrowly dependent on high energy prices. In the U.A.E., for example, as much as 40% of the country's GDP comes from the production of oil and natural gas. Of course, it's hard to find people these days who think the price of oil is set to plunge, but a deep recession in the developed world - led by the gas-guzzling U.S. - could lessen demand and drive the price down more sharply than many expect...
...question of more than regional interest. The U.S. has been on a three-decade binge during which imports have far exceeded exports, with the trade deficit peaking at $758 billion, or 5.7% of gross domestic product (GDP), in 2006. Whether this is a good thing or a bad thing has been endlessly debated, with no clear resolution. But it does seem to be an unsustainable thing. The U.S. finances its deficit with money borrowed from abroad. At some point, those foreign lenders will want to be paid back. While there are several ways to go about this--inflating...
Thanks to the declining dollar and the relative weakness of the U.S. economy, that's already starting to happen. The trade deficit was down to 5.1% of GDP in 2007, will probably drop further this year and would be even smaller if it weren't for the spike in oil prices (oil imports equaled 2.4% of GDP...
...really make and sell enough stuff to bring imports and exports into balance? Well, maybe. This country is, believe it or not, still the world's largest manufacturer. Exports are at an all-time high, both in dollar terms ($1.6 trillion in 2007) and as a percentage of GDP (11.8%). It's just that imports have grown much faster over the years. The U.S. has continued to run surpluses in some high-tech, high-price-tag categories--aircraft, specialized industrial machines--and in agricultural commodities. It's in consumer goods--clothing, TVs, cars--that the big deficits show...