Calculate real GDP for 2007 and 2008 and the rate of inflati

Calculate real GDP for 2007 and 2008 and the rate of inflation as calculated by the GDP deflator for 1999. Also, calculate the growth of real and nominal GDP for 2008.

Year 1999 2007 2008 Nominal GDP $5000 $6000 $6300 GDP Deflator 100 115 118.45

Real GDp=Nominal GDP/GdP deflator

Real GDP 2007=6000/115*100=5217.4

Real GDP 2008=6300/118.45*100=5318.7

Growth rste of real GDP for 2008=(5318.7-5217.4)/5217.4*100=1.9%

Growth rate of nominal GDP for 2008=6300-6000/6000*100=300/6000*100=5%

Calculate real GDP for 2007 and 2008 and the rate of inflation as calculated by the GDP deflator for 1999. Also, calculate the growth of real and nominal GDP fo

Calculate real GDP for 2007 and 2008 and the rate of inflati

Solution

Get Help Now

Submit a Take Down Notice