http://www.bea.gov/index.htm What was Real GDP for 2014? What does GDP tell us?
ID: 1145273 • Letter: H
Question
http://www.bea.gov/index.htm
What was Real GDP for 2014?
What does GDP tell us?
How did GDP change from 2013?
What caused these changes?
What was GNP for 2014?
What is the difference between GDP and GNP?
How did GNP change from 2013?
What caused these changes?
What was National Income (NI) for 2014?
What does National Income tell us?
What is the difference between GNP and NI?
How did NI change from 2013?
What caused these changes?
What was Disposable Income (DI) for 2014?
What does Disposable Income consist of?
How did DI change from 2013?
What caused these changes?
What was GDP in 2013 (sometimes called GSP) for your state?
Explanation / Answer
Real GDP for the year 2013 was 2.1% at the end of fourth quarter, however real GDP of United States of third quarter for the same year was 4.1%.
GDP or Gross Domestic Product is the value of total goods and services produced in an economy. The basic constituents of the GDP are balance of payment (exports- imports), government and private investments, government and private expenditure. Mathematically GDP can be expressed as,
Y = C +G + I +E where,
Y = Gross Domestic Product
C = Private expenditure
G =Government Expenditure
I = Government and private investment
E= Balance of payments
GDP is the parameter of economic growth and financial health of an economy. Lower or fallling GDP indicates deteriorating economic condition of a country.
Real GDP for the year 2013 was 2.1% at the end of fourth quarter, however real GDP of United States of third quarter for the same year was 4.1%.
GDP or Gross Domestic Product is the value of total goods and services produced in an economy. The basic constituents of the GDP are balance of payment (exports- imports), government and private investments, government and private expenditure. Mathematically GDP can be expressed as,
Y = C +G + I +E where,
Y = Gross Domestic Product
C = Private expenditure
G =Government Expenditure
I = Government and private investment
E= Balance of payments
GDP is the parameter of economic growth and financial health of an economy. Lower or fallling GDP indicates deteriorating economic condition of a country.
Real GDP of United States grew by 4.1% in the third quarter due to high private expenditure but due to low government expenditure, real GDP growth declined to 2.1% making the overall estimates of real GDP for the all four quarters of 2013 at 1.7%. The GDP rate for the year 2014 was 2.6% slightly higher than the previous year GDP figure. The highest growth in real GDP in 2014 was during the second quarter with 3.2%. The real GDP per capital growth rate was 3.7% in 2014. In the year 2015, The overall GDP rate was 2.9% in the year 2015 and GDP per capita growth rate was 3.2%. The real GDP rate was 1.5% in the year 2016 and 2.1% in 2017. The trend of real GDP rates between 2013 to 2017 showed more or less stagnant economy of USA mainly due to falling government expendiiture on social security and other areas but increased expenditure by people. Exports of items such as foods, cattle feeds and beverages also showed increasing trend while import of oil and oil products also increased drastically over this period.
Real Gross National Product (GNP) of USA in the fourth quarter was $16,405,846 while it was $16,347,084 in the third quarter.
GDP is the value of total goods and services produced in a country during a year while GNP is overall valuation of products and services produced by people of a country or abroad during one year period.
Mathematically Gross National Product can be explained as
GNP = GDP + Net Factor Income from overseas
Real GNP in the first quarter of 2014 was $15,962,861, $16,533,736 in the first quarter of 2015 and $17,080,988 in the last quarter of 2017. The growth in real GNP was mainly due to increased spending by citizens in the country in the fields of residential projects, travels and commercial complexes.
The Gross National Income of USA in 2014 was $17,899,139,000,000.
National Income is the total income generated in a country in the form of interest, wages, salaries, rents and profits. It is an indicator of economic growth of a country and helps government to make effective policies for the country.
Gross National Product (GNP) is the value of total goods and services produced by the nationals within country and abroad whereas National Income is the summation of incomes generated in an economy during one year from different sectors. The Gross National Income in the year 2016 was $18,749,688,000,000 which showed an increasing trend since 2014.
Main reasons for change in the Gross National Income was due to high spending by the people in consumer durables, real estates and other activities.
The Disposable personal income of USA for year 2014 was 14,809.7 billion US dollars.
Diisposable income is total personal income minus personal current taxes.
The real disposable personal iincome of USA in January, 2014 was $36,652 and in December, 2014 was $38,233. The real disposable personal income was $39,309 in November, 2017.
Main reason for change in disposable personal income of people in USA was due to rise in the wages and salaries and higher employee's contribution in government social security schemes.
GDP growth rate of India was 6.7% in the fiscal year 2012-13 as against 4.5% estimated by the government. The rise in GDP was due to increase in the wages and salaries of the people, government spendings on infrastructure, education and primary healthcare and low import bill of petroleum products.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.