Question

The following table shows data for nominal GDP and the GDP deflator (2010 = 100) in 2013 and 2014 for six major industrial countries.
Complete the table by calculating the 2013 and 2014 real GDP of each country measured in 2010 prices. Then calculate the inflation rate between 2013 and 2014 for each country.
I. Nominal GDP(Billions of Local Currency Units)
Country
1. United States
2. Canada
3. Japan
4. Italy
5. Australia
6. United Kingdom
2013
1. 16,663.20
2. 1,879.5
3. 482,430.0
4. 1,609.5
5. 1,554.8
6. 1,713.1
2014
1. 17,348.1
2. 1,976.2
3. 489,623.0
4. 1,616.3
5. 1,599.8
6. 1,791.5
II. Country GDP Deflator (2010 = 100)
Country
1. United States
2. Canada
3. Japan
4. Italy
5. Australia
6. United Kingdom
2013
1. 105.6
2. 108.1
3. 97.2
4. 103.9
5. 105.5
6. 104.3
2014
1. 107.4
2. 110.9
3. 98.8
4. 105.0
5. 105.8
6. 106.0

Real GDP Real GDP
(In 2010 currency units)
2013 2014 Inflation Rate
Which country had the highest growth rate of real GDP? Japan Canada Italy Australia Grade It Now Save & Continue Continue without saving

Answer 1

1. United States : 2013 real GDP 15,779.54, 2014 : 16,152.7

2. Canada : 2013 real GDP 1,738.66, 2014 : 1,781.96

3. Japan : 2013 real GDP 464,321.4, 2014 : 495,576.9

4. Italy: 2013 real GDP 1,549.08, 2014 : 1,539.33

5. Australia : 2013 real GDP : 1,473.74, 2014: 1,512.09

6. United Kingdom : 2013 real GDP : 1,642.37, 2014: 1,690.09

Inflation rate:

1. United States: 1.7%

2. Canada: 2.6%

3. Japan: 1.6%

4. italy: 1.0%

5. Australia: 0.28 %

6. United Kingdom: 1.62 %