Question
A assignment Use table 3 (Gross Domestic Product: Level and Change from Preceding Period). Tables are located at the end of the Release, so you
A assignment
Use table 3 (Gross Domestic Product: Level and Change from Preceding Period).
Tables are located at the end of the Release, so you need to scroll all the way down to
the tables.
The left columns are nominal GDP (and its components) and the right half represents
real GDP (chained 2012 dollars).
a) Create the table that contains the following information for the last
available quarter. Please note that using the data for previous years and/or
previous estimates will produce grade zero for this part of the project.
You need this information from both parts of the table 3- (nominal GDP (and its
components) from left columns and real GDP (chained 2012 dollars) from the
right part of the table 3). Omit the intermediate lines found in Table 3 on the web
site.
Gross domestic product
Personal consumption expenditures
Gross private domestic investment
Net exports of goods and services
Government consumption expenditures and gross investment
b) Calculate the percentage (the proportion) of each category in nominal
GDP and in real GDP.
Using Nominal GDP:
[Personal consumption expenditures / Nominal GDP]*100%
[Gross private domestic investment / Nominal GDP]*100%
[Net exports of goods and services / Nominal GDP]*100%
[Government consumption expenditures and gross investment/ Nominal
GDP]*100%
And using Real GDP:
[Personal consumption expenditures / Real GDP]*100%
[Gross private domestic investment / Real]*100%
[Net exports of goods and services / Real GDP]*100%
[Government consumption expenditures and gross investment/ Real GDP]*100%
Present the information that you received (a) and (b) as a table(s) in your project.
2. Write a report (2 pages double - spaced), which contains an analysis of
the results you received.
In this report consider, but do not be limited to the following:
1. Why was the nominal GDP greater than the real GDP? By how much?
2. GDP is composed of a number of categories. What category makes up the
largest portion of GDP? What category makes up the smallest portion of GDP?
3. What is "Gross private domestic investment"? What does gross private domestic
investment measure?
4. What is "Net exports of goods and services"? Why it is negative?
5. In the left part of the table 3 (nominal GDP) find the category "National defense".
How much was the National defense for the last quarter? Calculate percentage
of National defense out of "Government consumption expenditures and gross
investment". Calculate percentage of National defense out of GDP.
6. Please analyze and discuss the significance of the data that you received
for this Data exercise.
7. Reflect on what you have learned from this exercise.
March 30, 2023
Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues
Line | Billions of dollars | Billions of chained (2012) dollars | Line | ||||||||||||||
2022 r | Seasonally adjusted at annual rates | 2022 r | Seasonally adjusted at annual rates | Change from preceding period | |||||||||||||
2021 | 2022 | 2021 | 2022 | 2022 r | 2022 | ||||||||||||
Q4 | Q1 | Q2 | Q3 | Q4 r | Q4 | Q1 | Q2 | Q3 | Q4 r | Q3 | Q4 r | ||||||
1 | Gross domestic product (GDP) | 25,462.7 | 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 | 20,014.1 | 20,006.2 19,924.1 19,895.3 20,054.7 20,182.5 | 404.3 | 159.4 127.8 | 1 | |||||||||
2 | Personal consumption expenditures | 17,357.2 | 16,518.0 16,874.8 17,261.3 17,542.7 17,749.9 | 14,130.3 | 13,981.5 14,028.4 14,099.5 14,178.6 14,214.9 | 376.2 | 79.1 36.3 | 2 | |||||||||
3 | Goods | 5,941.3 | 5,673.7 5,843.2 5,953.6 5,988.65,980.0 | 5,535.9 | 5,566.7 5,565.7 5,529.6 5,524.55,523.6 | -26.1 | -5.1 -0.9 | 3 | |||||||||
4 | Durable goods | 2,185.5 | 2,101.6 2,183.9 2,181.8 2,195.82,180.4 | 2,259.0 | 2,233.5 2,275.1 2,259.2 2,254.42,247.3 | -9.8 | -4.8 -7.2 | 4 | |||||||||
5 | Motor vehicles and parts | 723.2 | 695.0 737.1 724.5 713.1 717.8 | 574.7 | 573.6 594.7 578.7 559.8 565.5 | -39.3 | -19.0 5.8 | 5 | |||||||||
6 | Furnishings and durable household equipment | 525.7 | 499.5 516.8 525.1 532.8 528.0 | 519.4 | 522.5 518.4 517.6 521.0 520.5 | -16.1 | 3.3 -0.4 | 6 | |||||||||
7 | Recreational goods and vehicles | 645.5 | 623.6 641.4 640.5 655.4 644.8 | 900.9 | 867.9 890.1 893.2 913.7 906.6 | 54.5 | 20.5 -7.2 | 7 | |||||||||
8 | Other durable goods | 291.1 | 283.5 288.6 291.7 294.5 289.7 | 341.1 | 338.0 340.2 343.8 345.2 335.1 | 14.5 | 1.4 -10.2 | 8 | |||||||||
9 | Nondurable goods | 3,755.9 | 3,572.1 3,659.3 3,771.9 3,792.73,799.6 | 3,319.6 | 3,371.7 3,334.1 3,313.5 3,312.73,317.9 | -16.6 | -0.8 5.2 | 9 | |||||||||
10 | Food and beverages purchased for off-premises consumption | 1,277.6 | 1,239.0 1,248.5 1,260.4 1,289.91,311.5 | 1,038.3 | 1,083.3 1,062.7 1,035.3 1,027.61,027.6 | -43.7 | -7.6 0.0 | 10 | |||||||||
11 | Clothing and footwear | 491.4 | 472.8 480.5 488.6 498.9 497.8 | 492.4 | 490.9 485.1 489.9 496.9 497.7 | 6.0 | 7.0 0.8 | 11 | |||||||||
12 | Gasoline and other energy goods | 492.8 | 430.6 474.5 541.0 492.3 463.6 | 435.4 | 450.2 438.4 436.0 432.9 434.3 | 2.4 | -3.1 1.5 | 12 | |||||||||
13 | Other nondurable goods | 1,494.1 | 1,429.6 1,455.8 1,481.9 1,511.71,526.8 | 1,324.0 | 1,314.8 1,315.7 1,322.7 1,327.31,330.4 | 24.7 | 4.7 3.1 | 13 | |||||||||
14 | Services | 11,415.8 | 10,844.3 11,031.6 11,307.7 11,554.1 11,769.9 | 8,733.5 | 8,568.2 8,613.0 8,709.6 8,788.48,823.2 | 372.4 | 78.7 34.8 | 14 | |||||||||
15 | Household consumption expenditures (for services) | 10,888.7 | 10,355.6 10,525.4 10,779.2 11,015.6 11,234.5 | 8,389.1 | 8,234.9 8,270.4 8,359.0 8,438.78,488.4 | 365.9 | 79.7 49.7 | 15 | |||||||||
16 | Housing and utilities | 2,996.6 | 2,829.4 2,896.1 2,958.4 3,027.33,104.5 | 2,171.7 | 2,149.1 2,165.9 2,170.5 2,169.32,180.9 | 24.9 | -1.2 11.5 | 16 | |||||||||
17 | Health care | 2,725.9 | 2,650.9 2,673.4 2,684.8 2,742.82,802.6 | 2,300.3 | 2,276.1 2,273.5 2,276.0 2,307.02,344.8 | 68.8 | 30.9 37.8 | 17 | |||||||||
18 | Transportation services | 547.3 | 497.0 506.6 551.6 560.6 570.5 | 436.3 | 433.1 431.5 439.0 438.8 435.8 | 41.1 | -0.2 -2.9 | 18 | |||||||||
19 | Recreation services | 615.4 | 579.6 590.9 610.3 622.0 638.3 | 482.7 | 469.0 471.4 481.8 486.0 491.5 | 47.7 | 4.3 5.5 | 19 | |||||||||
20 | Food services and accommodations | 1,253.6 | 1,159.2 1,178.0 1,247.0 1,277.41,312.1 | 911.8 | 879.4 879.7 913.1 924.5 929.7 | 81.5 | 11.4 5.2 | 20 | |||||||||
21 | Financial services and insurance | 1,316.9 | 1,312.1 1,309.8 1,309.1 1,320.91,327.7 | 892.4 | 888.4 884.8 888.9 900.4 895.6 | 18.3 | 11.6 -4.9 | 21 | |||||||||
22 | Other services | 1,433.0 | 1,327.5 1,370.7 1,418.0 1,464.51,478.7 | 1,216.3 | 1,157.8 1,183.2 1,209.9 1,235.81,236.3 | 94.1 | 26.0 0.5 | 22 | |||||||||
23 | Final consumption expenditures of nonprofit institutions serving households | 527.1 | 488.6 506.2 528.5 538.5 535.4 | 348.5 | 337.9 346.1 353.6 353.3 340.9 | 7.4 | -0.3 -12.4 | 23 | |||||||||
24 | Gross output of nonprofit institutions | 1,870.3 | 1,807.0 1,821.2 1,839.1 1,893.41,927.4 | 1,421.2 | 1,413.7 1,407.4 1,406.9 1,430.81,439.9 | 25.0 | 23.9 9.1 | 24 | |||||||||
25 | Less: Receipts from sales of goods and services by nonprofit institutions | 1,343.2 | 1,318.4 1,315.1 1,310.6 1,355.01,392.0 | 1,075.9 | 1,080.4 1,064.0 1,054.6 1,080.11,105.0 | 17.3 | 25.5 24.9 | 25 | |||||||||
26 | Gross private domestic investment | 4,632.5 | 4,499.2 4,671.0 4,609.9 4,579.14,669.8 | 3,746.9 | 3,841.8 3,892.5 3,747.0 3,653.93,694.1 | 143.9 | -93.1 40.3 | 26 | |||||||||
27 | Fixed investment | 4,473.6 | 4,259.2 4,413.6 4,464.6 4,508.24,508.0 | 3,569.2 | 3,586.2 3,628.6 3,581.9 3,550.53,516.0 | -5.4 | -31.5 -34.5 | 27 | |||||||||
28 | Nonresidential | 3,347.0 | 3,111.8 3,225.0 3,292.2 3,403.43,467.5 | 2,944.8 | 2,860.2 2,915.0 2,915.5 2,959.72,988.8 | 109.4 | 44.2 29.1 | 28 | |||||||||
29 | Structures | 651.3 | 610.3 627.3 631.2 654.8 691.9 | 446.2 | 460.7 455.6 440.4 436.4 452.6 | -31.3 | -4.0 16.3 | 29 | |||||||||
30 | Equipment | 1,322.3 | 1,221.2 1,277.8 1,299.5 1,352.01,360.1 | 1,274.0 | 1,232.0 1,265.7 1,259.1 1,291.31,279.8 | 52.1 | 32.1 -11.4 | 30 | |||||||||
31 | Information processing equipment | 457.7 | 441.3 464.2 458.5 469.1 439.1 | 568.7 | 556.7 579.0 569.6 582.3 543.8 | 28.3 | 12.6 -38.5 | 31 | |||||||||
32 | Industrial equipment | 316.8 | 298.4 315.8 318.7 313.3 319.5 | 264.8 | 263.0 270.9 266.7 258.9 262.6 | 13.8 | -7.8 3.7 | 32 | |||||||||
33 | Transportation equipment | 250.8 | 208.8 208.5 224.0 269.4 301.1 | 233.5 | 208.2 206.3 212.1 249.1 266.3 | 10.7 | 37.0 17.2 | 33 | |||||||||
34 | Other equipment | 297.1 | 272.7 289.3 298.3 300.2 300.5 | 238.1 | 234.5 241.8 241.8 236.2 232.7 | 1.9 | -5.6 -3.5 | 34 | |||||||||
35 | Intellectual property products | 1,373.4 | 1,280.4 1,319.9 1,361.4 1,396.61,415.5 | 1,254.5 | 1,188.8 1,219.6 1,245.9 1,266.71,285.8 | 101.5 | 20.8 19.1 | 35 | |||||||||
36 | Software | 567.2 | 526.5 545.1 558.9 579.3 585.6 | 643.7 | 589.7 615.7 630.9 653.5 674.5 | 69.4 | 22.6 21.0 | 36 | |||||||||
37 | Research and development | 696.0 | 656.4 674.3 693.9 702.7 713.4 | 539.5 | 527.3 534.3 541.7 540.3 541.7 | 27.6 | -1.5 1.5 | 37 | |||||||||
38 | Entertainment, literary, and artistic originals | 110.1 | 97.5 100.6 108.7 114.6 116.4 | 91.8 | 84.9 86.1 90.9 94.8 95.4 | 11.7 | 4.0 0.6 | 38 | |||||||||
39 | Residential | 1,126.6 | 1,147.3 1,188.6 1,172.4 1,104.81,040.5 | 643.1 | 710.3 704.7 671.0 620.0 576.7 | -76.3 | -51.0 -43.3 | 39 | |||||||||
40 | Change in private inventories | 158.9 | 240.0 257.4 145.4 70.9 161.8 | 125.0 | 197.6 214.5 110.2 38.7 136.5 | 144.4 | -71.5 97.9 | 40 | |||||||||
41 | Farm | -8.9 | -4.9 -6.6 -9.5 -12.1 -7.4 | -18.4 | -9.8 -15.5 -19.5 -22.4 -16.3 | -14.5 | -2.9 6.1 | 41 | |||||||||
42 | Nonfarm | 167.8 | 244.9 264.1 154.9 83.0 169.2 | 137.6 | 202.2 223.6 123.6 55.5 147.7 | 153.6 | -68.1 92.2 | 42 | |||||||||
r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. Source: U.S. Bureau of Economic Analysis
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Forecasting for Economics and Business
Authors: Gloria Gonzalez Rivera
1st edition
131474936, 978-1315510415, 1315510413, 978-0131474932
