The table contains GDP deflators and populations for China G

The table contains GDP deflators and populations for China, Germany, India, and the United States over a period of recent years.

a. Fill in the real GDP column using the nominal GDP numbers and the GDP deflators given in the table. Round your answers to the nearest billion USD (that is, USD of 2011).   

b. Use the real GDP column you calculated in part (a) and the data in the population column to calculate the realGDP per capita for the respective countries and years. Remember that the real GDP column’s numbers are inbillions of dollars. Round your answers for real GDP per capita to the nearest USD (i.e., drop all decimal places).

c. Once you have finished part (b), use your figures in the real GDP per capita column to calculate the growth rate inreal GDP per capita between each year and the year before. That is, for the growth rate cell for the 2012 row enterthe growth rate of real GDP per capita between 2011 and 2012. Express your answers in percentages rounded toone decimal place. (For example, 1.357% would appear in the table as 1.4%.)   You don’t have the necessary data to compute the real GDP per capita for 2010, so you cannot calculate thegrowth rate of real GDP per capita from 2010 to 2011. This is why “(N/A)” appears in that cell for the 2011 row.   

Solution

A: - Real GDP = (Nominal GDP *100)/GDP Deflator

     Real GDP ₂₀₁₂ = (Nominal GDP₂₀₁₂ *100)/ GDP Deflator ₂₀₁₂

Ex:-   Nominal GDP of Country China year 2012 is 8462 & GDP Deflator of Country China in the year 2012 is 102.4

Real GDP 2012 for country China = (8462 * 100)/ 102.4 = 8264

Real GDP 2012 for country China = 8264 in billion like that other

In our case the base year is 2011 so the Real GDP of 2011 is same as Nominal GDP 2011 in all the given countries.

B: - Real GDP Per Capita = Real GDP/Population

     Real GDP per Capita ₂₀₁₁ = Real GDP ₂₀₁₁/ Population ₂₀₁₁

After Finding the data of Real GDP country wise & year wise then we calculate the Real GDP per Capita with the use of above formula.

Before we use the formula first convert China total population (year wise) from number to billion.

Ex:-   Real GDP of Country China year 2011 is 7492 & Population of the Country China in the year 2011 is 1344130000

    China Real GDP per Capita ₂₀₁₁ = 7492 (in Billion)/ 1.34 (in billion) = 5574

China Real GDP per Capita ₂₀₁₁ is 5574 like that other

C: - General formula for calculating growth rate

     % Change of Real GDP per Capita = [(Real GDP per Capita ₂₀₁₂ - Real GDP per Capita ₂₀₁₁)/ Real GDP per Capita ₂₀₁₁] * 100 like that

      % Change of China Real GDP per Capita   = [(6118-5574)/5574] * 100

    % Change of China Real GDP per Capita= 9.8% like that other

That is the Real GDP per Capita grew by 9.8% between 2011 & 2012

Country

Year

Nominal GDP(in billions of USD; rounded to the nearest billion USD

Price Level (GDP Deflator)

Real GDP ( in billions of 2011 USD)

Population

Real GDP per Capita (in 2011 USD)

Growth rate of Real GDP per Capita from Previous Year

China

2011

7492

100.0

7492

1344130000

5574

(N/A)

2012

8462

102.4

8264

1350695000

6118

9.8

2013

9491

104.7

9065

1357380000

6678

9.2

2014

10355

105.6

9806

1364270000

7188

7.6

Germany

2011

3757

100.0

3757

81797673

45930

(N/A)

2012

3540

101.5

3488

80425823

43365

-5.6

2013

3745

103.6

3615

80645605

44824

3.4

2014

3868

105.4

3670

80889505

45368

1.2

India

2011

1836

100.0

1836

1247446011

1472

(N/A)

2012

1832

107.6

1703

1263589639

1347

-8.5

2013

1862

114.4

1628

1279498874

1272

-5.6

2014

2049

117.8

1739

1295291543

1343

5.6

United States

2011

15518

100.0

15518

311721632

49782

(N/A)

2012

16163

101.8

15877

314112078

50546

1.5

2013

16768

103.2

16248

316497531

51337

1.6

2014

17419

104.8

16621

318857056

52127

1.5

Country	Year	Nominal GDP(in billions of USD; rounded to the nearest billion USD	Price Level (GDP Deflator)	Real GDP ( in billions of 2011 USD)	Population	Real GDP per Capita (in 2011 USD)	Growth rate of Real GDP per Capita from Previous Year
China	2011	7492	100.0	7492	1344130000	5574	(N/A)
2012	8462	102.4	8264	1350695000	6118	9.8
2013	9491	104.7	9065	1357380000	6678	9.2
2014	10355	105.6	9806	1364270000	7188	7.6
Germany	2011	3757	100.0	3757	81797673	45930	(N/A)
2012	3540	101.5	3488	80425823	43365	-5.6
2013	3745	103.6	3615	80645605	44824	3.4
2014	3868	105.4	3670	80889505	45368	1.2
India	2011	1836	100.0	1836	1247446011	1472	(N/A)
2012	1832	107.6	1703	1263589639	1347	-8.5
2013	1862	114.4	1628	1279498874	1272	-5.6
2014	2049	117.8	1739	1295291543	1343	5.6
United States	2011	15518	100.0	15518	311721632	49782	(N/A)
2012	16163	101.8	15877	314112078	50546	1.5
2013	16768	103.2	16248	316497531	51337	1.6
2014	17419	104.8	16621	318857056	52127	1.5