Annual Review 1994

The US economy grew at a rate of 4% in 1994 and the gross domestic product rose to $6.74 trillion. With 261 million people - 605,000 in mining, including petroleum -the United States has l 10 million dwelling units and 200 million licensed motor vehicles. New private housing units authorized in 1994 rose 14% to 1.4 million units. New car production rose 11 % to 6.6 million units, while truck and bus production rose 30% to 5.2 million units. The inflation rate was less than 3% and the prime rate of interest averaged 7.15%. The producer price index (1982 = 100) for fuels and related products and power was down 4% to 78, while metals and metal products rose 5% to 125. Chemicals and allied products rose 3% to 132, and non-metallic mineral products rose 3% to 124. The merchandise trade deficit rose 25% to $166 billion. Disorder in the former Soviet Union led to substantial dumping of mineral materials. With vast mineral resources, the former Soviet Union land area totaled 22.4 million km2 (8.6 million sq miles). In comparison, the North Ameri¬can Free Trade Agreement (NAFTA) area (United States, Canada and Mexico) totals 21.4 million km2 (8.3 million sq miles).