linguistic:paraphrasing, quality:correction, information:extraction
Economy

The U.S. has a highly developed mixed economy that has been the world's largest nominally since about 1890. Its 2024 gross domestic product (GDP) of more than $29 trillion constituted over 25% of nominal global economic output, or 15% at purchasing power parity (PPP). From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7. The country ranks first in the world by nominal GDP, second when adjusted for purchasing power parities (PPP), and ninth by PPP-adjusted GDP per capita. In February 2024, the total U.S. federal government debt was $34.4 trillion.