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Using Table 1.1.6 Real Gross Domestic Product, Chained Dollars, for the year 2019/2020 answer the following: Why is the Net Exports of Goods and Services a negative number in both 2019 and 2020? ExplainD Question 20 5 pts Bureau of Economic Analysis Table 1.1.6. Real Gross Domestic Product, Chained Dollars [Billions of chained (2012) dollars] Seasonally adjusted at annual rates Last Revised On: Sep 30 2021 8:30AM - Next Release Date: Oct 28 2021 8:30AM Line 2019 2020 2020 2021 Q2 Q3 Q4 Q1 Q2 1 Gross domestic product 19,032.7 18,384.7 17,258.2 18,560.8 18,767.8 19,055.7 19,368.3 Personal consumption expenditures 13,126.3 12,629.9 11,756.4 12,820.8 12,927.9 13,282.7 13,665.6 Goods 4,723.0 4,942.5 4,665.8 5,158.9 5,155.0 5,476.6 5,646.7 Durable goods 1,749.7 1,884.3 1,731.8 2,030.6 2,036.4 2,253.5 2,316.2 Nondurable goods 2,988.1 3,080.5 2,949.1 3,159.9 3,151.1 3,269.3 3,377.2 Services 8,443.7 7,808.5 7,217.3 7,815.2 7,917.0 7,993.4 8,214.3 Gross private domestic investment 3,510.6 3,316.2 2,901.9 3,371.0 3,561.9 3,541.3 3,506.0 Fixed investment 3,421.3 3,329.4 3,123.0 3,318.5 3,456.6 3,564.1 3,593.0 Nonresidential 2,822.0 2,671.1 2,535.7 2,646.9 2,726.2 2,810.4 2,873.1 10 Structures 565.0 494.2 485.8 466.0 456.1 462.1 458.6 11 Equipment 1,258.8 1,154.0 1,044.0 1,166.6 1,237.1 1,278.5 1,315.7 12 Intellectual property products 1,002.9 1,031.3 1,008.0 1,027.7 1,053.0 1,091.9 1,124.6 13 Residential 606.7 648.0 584.9 657.8 708.2 730.6 708.2 14 Change in private inventories 75.1 -42.3 -252.8 25.3 88.8 -88.3 -168.5 15 Net exports of goods and services -905.3 -942.7 -774.8 -1,021.3 -1,132.8 -1,226.1 -1,244.5 16 Exports 2,554.0 2,207.6 1,943.0 2,166.3 2,279.0 2,262.3 2,304.2 17 Goods 1,788.5 1,606.8 1,354.5 1,608.7 1,703.1 1,696.9 1,723.5 18 Services 769.6 617.2 588.8 581.4 603.4 594.1 609.0 19 Imports 3,459.2 3,150.3 2,717.7 3,187.5 3,411.8 3,488.4 3,548.7 20 Goods 2,914.6 2,750.2 2,363.3 2,823.3 3,015.4 3,092.7 3,125.5 21 Services 547.4 423.8 372.7 397.7 430.7 433.0 456.6 22 Government consumption expenditures and gross investment 3,279.5 3,360.2 3,378.1 3,360.2 3,356.0 3,390.9 3,373.8 23 Federal 1,277.2 1,340.7 1,368.4 1,349.6 1,338.8 1,375.2 1,356.7 24 National defense 778.5 800.9 798.2 801.6 812.0 799.9 797.8 25 Nondefense 498.7 539.0 568.6 547.0 526.7 573.7 557.7 26 State and local 2,001.5 2,019.9 2,011.0 2,011.4 2,017.6 2,017.1 2,017.9 27 Residual -32.3 -83.7 -95.1 -117.5 -96.7 -91.5 -101.7 Legend / Footnotes: Note. Chained (2012) dollar series are calculated as the product of the chain-type quantity index and the 2012 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines
