The great depression was the worst ecomonic disaster in US history in terms of declines in real GDP and increases in the unemployment rate. Use the data in the following table to calculate the percentage decline in real GDP between 1929 and 1933

Year Nominal GDP GDP price deflator
1929 103.6 11.9
1933 56.4 8.9

There is no table or values. Please repost with values for each year. Thanks for asking.

To calculate the percentage decline in real GDP between 1929 and 1933, we need to first calculate the change in real GDP.

Step 1: Calculate the change in the GDP price deflator:
The GDP price deflator measures the overall price level of goods and services. To calculate the change in the GDP price deflator, subtract the initial value (1929 in this case) from the final value (1933):

Change in GDP price deflator = GDP price deflator (1933) - GDP price deflator (1929)
= 8.9 - 11.9
= -3

Step 2: Calculate the change in nominal GDP:
Nominal GDP represents the total value of all final goods and services produced in a given year. To calculate the change in nominal GDP, subtract the initial value (1929) from the final value (1933):

Change in nominal GDP = Nominal GDP (1933) - Nominal GDP (1929)
= 56.4 - 103.6
= -47.2

Step 3: Calculate the change in real GDP:
Real GDP accounts for changes in the overall price level and adjusts the nominal GDP to reflect the change in purchasing power. The change in real GDP can be calculated using the formula:

Change in real GDP = (Change in nominal GDP)/(Change in GDP price deflator)

Change in real GDP = (-47.2)/(-3)
= 15.73

The negative sign in both the change in nominal GDP and change in GDP price deflator indicate a decline in these values.

Step 4: Calculate the percentage decline in real GDP:
To calculate the percentage decline, divide the change in real GDP by the initial value and multiply by 100:

Percentage decline in real GDP = (Change in real GDP/Initial real GDP) * 100

Percentage decline in real GDP = (15.73/103.6) * 100
= 15.15%

Therefore, the percentage decline in real GDP between 1929 and 1933 is approximately 15.15%.