The following table shows UK nominal GDP for the years 1990, 1992, 2008, 2010, 2019 and 2021.

Question:

The following table shows UK nominal GDP for the years 1990, 1992, 2008, 2010, 2019 and 2021. It also shows the GDP deflator, where 2019 = 100.

1. Work out the real GDP for each year based on 2019 prices.

2. By what percentage did nominal GDP grow between 1990 and 1992; between 1992 and 2008; between 2008 and 2010; between 2010 and 2019; and between 2019 and 2021?

3. Now repeat (2) but this time for real GDP.

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Essential Economics For Business

ISBN: 9781292728940

7th Edition

Authors: John Sloman, Elizabeth Jones

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Question Posted: Mar 26, 2024 12:00 AM

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The following table shows UK nominal GDP for the years 1990, 1992, 2008, 2010, 2019 and 2021.

Question:

1990 1992 2008 2010 2019 2021 Nominal GDP (bn) 671.44 731.79 1594.74 1612.38 2238.35 2276.72 GDP deflator (2019 = 100) 51.6 57.2 83.1 85.9 100.0 106.0

Step by Step Answer:

1 See table below 1990 1992 2008 2010 2019 2021 100 GDP deflato...View the full answer

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