Year - 2000
Nominal GDP: 9,817
Real GDP: ___________
GDP Deflator: 1
Inflation 2.2
Real GDP Per capita: _________
Population 283.7
Year – 2001
Nominal GDP: ________
Real GDP: 9,891
GDP Deflator: _________
Inflation 2.4
Real GDP Per capita: _________
Population 286.6
Year 2003
Nominal GDP: _________
Real GDP: __________
GDP Deflator: 1.04
Inflation: __________
Real GDP Per capita: 37,450
Population: 289.5
Calculate the missing Data
Ok soo.. i think i figured out the first row, For the first one I got 9,817 for Real GDP and 34.60 for real GDP per capita but im stuck with the others
ok, start with the given Real GDP in 2001. Deflate this to 2000 dollars using the stated inflation rate of 2.4%
Real 01 GDP in 2000 dollars=9891/1.024=9659.18
Next calculate real growth in GDP between 2000 and 2001. Growth GDP = (real GDP01)/(real GDP00) = 9659.18/9817.00 = 0.9839
Finally, Nominal GDP in 2001 is (Nominal GDP00)*inflation*(real growth in GDP) = 9817 * 1.024 * 0.9839 =9890.76
GDP deflator is (nominal GDP)/(real GDP) = 9890.76/9891. = 1.0
Real GDP per cap is real GDP / pop = 9891/286.6 = 34.5
Ok, now you take it from here
To calculate the missing data, we can use the given information and some formulas.
First, let's understand the concepts:
1. Nominal GDP: This is the GDP measured in current prices, without adjusting for inflation.
2. Real GDP: This is the GDP adjusted for inflation, providing a measure of how output changes over time.
3. GDP Deflator: This is a measure of how prices change over time in the entire economy. It is calculated by dividing Nominal GDP by Real GDP.
4. Inflation: This is the rate at which the general level of prices for goods and services rises, resulting in a decrease in the purchasing power of a currency.
5. Real GDP per capita: This is the Real GDP divided by the population, providing a measure of output per person.
Now, let's calculate the missing data for each year:
Year 2000:
Nominal GDP: 9,817 (given)
Real GDP: 9,817 (given)
GDP Deflator: 1 (given)
Inflation: 2.2% (given)
Real GDP per capita: 34.60 (given)
Population: 283.7 (given)
Year 2001:
Nominal GDP: To calculate Nominal GDP, we need to know the GDP deflator and Real GDP. We can use the formula: Nominal GDP = Real GDP * GDP Deflator.
Nominal GDP = 9,891 (given)
GDP Deflator: To calculate the GDP deflator, we use the formula: GDP Deflator = Nominal GDP / Real GDP.
GDP Deflator = 9,891 / 9,817 = 1.0075 (approximately)
Inflation: 2.4% (given)
Real GDP per capita: To calculate Real GDP per capita, we use the formula: Real GDP per capita = Real GDP / Population.
Real GDP per capita = 9,817 / 283.7 = 34.59 (approximately)
Population: 286.6 (given)
Year 2003:
Nominal GDP: To calculate Nominal GDP, we need to know the GDP deflator and Real GDP. We can use the formula: Nominal GDP = Real GDP * GDP Deflator.
Nominal GDP = To be calculated
Real GDP: 37,450 (given)
GDP Deflator: 1.04 (given)
Inflation: To calculate inflation, we use the formula: Inflation = (GDP Deflator - 1) * 100.
Inflation = (1.04 - 1) * 100 = 4% (approximately)
Real GDP per capita: 37,450 (given)
Population: 289.5 (given)
Using the formulas and given information, you can calculate the missing data.