Question

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

Answer 1

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