Given below are data on real GDP and potential GDP for the United States for the years 20032013, in billions of 2009 dollars. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Also calculate the year-to-year growth rates of real GDP.

Year	Real GDP	Potential GDP	Output gap	Type of gap	Growth rate of real GDP
2003	$13,271.1	$13,520.3	%	(Click to select)expansionaryrecessionary
2004	$13,773.5	$13,874.2	%	(Click to select)expansionaryrecessionary	%
2005	$14,234.2	$14,203.6	%	(Click to select)expansionaryrecessionary	%
2006	$14,613.8	$14,540.5	%	(Click to select)recessionaryexpansionary	%
2007	$14,873.7	$14,890.2	%	(Click to select)recessionaryexpansionary	%
2008	$14,830.4	$15,225.9	%	(Click to select)expansionaryrecessionary	%
2009	$14,418.7	$15,495.4	%	(Click to select)recessionaryexpansionary	%
2010	$14,783.8	$15,706.1	%	(Click to select)expansionaryrecessionary	%
2011	$15,020.6	$15,922.3	%	(Click to select)recessionaryexpansionary	%
2012	$15,369.2	$16,168.2	%	(Click to select)recessionaryexpansionary	%
2013	$15,710.3	$16,431.4	%	(Click to select)recessionaryexpansionary	%

SOURCE: Potential GDP: Congressional Budget Office; real GDP, Bureau of Economic Analysis. Recessionary gap is identified during

	2004 - 2005 ; 2007 - 2009
	2003 - 2004 and 2007 - 2013
	2003 - 2004 ; 2007 - 2009
	2003 - 2013
	2007 - 2009