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The United States is one of the largest and most technologically developed countries in the world. The Gross Domestic Product of the country in terms of purchasing power parity of the country has reached at $12.36 trillion (2005 est.).
New Hampshire Economy
Agriculture and Industry in New HampshireNew Hampshire economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between New Hampshire various economic sectors differs largely between various regions and other states in the US.
New Hampshire Agriculture and Industry
New Hampshire's real gross state product in 2012 was estimated to be $56,735 which was $130,705 and 70% lower than the national state average, $187,440. New Hampshire has the 40th highest GSP out of the 50 states.
Manufacturing has been important in New Hampshire since the late 1800s. The textile mills and factories producing leather goods (such as shoes and boots) that once lined the state's fast-moving rivers have given way to high-technology firms. Lumbering has been important since the first sawmill was built on the Salmon Falls River in 1631. Most of the timber cut now is used in paper production. Although New
Hampshire has long been known as the Granite State, its large deposits of the stone—used for building as early as 1623—are no longer extensively quarried because the use of steel and concrete in modern construction has greatly decreased the granite market.
New Hampshire Agriculture:
Dairy products, nursery stock, cattle, apples, eggs.
New Hampshire Industry:
Machinery, electric equipment, rubber and plastic products, tourism.
The Bureau of Economic Analysis estimates that New Hampshire's total state product in 2003 was $49 billion. Per capita personal income in 2003 was $35,140, 7th in the nation. Its agricultural outputs are dairy products, nursery stock, cattle, apples, and eggs. Its industrial outputs are machinery, electric equipment, rubber and plastic products, and tourism.
A central feature of the US economy is a reliance on private decision-making ("economic freedom") in economic decision-making. This is enhanced by relatively low levels of regulation, taxation, and government involvement, as well as a court system that generally protects property rights and enforces contracts.