The following table shows UK nominal GDP for the years 1979, 1981, 1990, 1992, 2008 and 2011.

Question:

The following table shows UK nominal GDP for the years 1979, 1981, 1990, 1992, 2008 and 2011. It also shows the GDP deflator where 2013 = 100.


1979

1981

1990

1992

2008

2011

Nominal GDP (£bn)

219.559

287.850

662.850

721.445

1564.252

1628.274

GDP deflator (2010 = 100)

25.7

34.6

59.2

64.9

91.9

96.6

1. Work out the real GDP for each year based on 2013 prices. 

2. By what percentage did real GDP grow between 1979 and 1981; between 1981 and 1990; between 1990 and 1992; between 1992 and 2008; and between 2008 and 2011?

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

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Related Book For  answer-question

Economics

ISBN: 978-1292187853

10th edition

Authors: John Sloman, Jon Guest, Dean Garratt

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