The following table reports on GDP and government budget surplus or deficit for

Question

The following table reports on GDP and government budget surplus or deficit for the United Kingdom. For each year, calculate the surplus or deficit as a percentage of GDP. Enter your values in the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front numbers. Round your answers to two decimal places. In which year was the deficit the biggest as a percentage of GDP? The budget deficit was the biggest (as a percentage of GDP) in In which year did the deficit as a percentage of GDP rise the most over the year before? The biggest increase in the deficit as a percentage of GDP occurred between and

Explanation / Answer

a)

Surplus or Deficit(-)

(Billions of dollars)

Surplus of Deficit as percentage of GDP

[Surplus or Deficit (-) / GDP] * 100

b) So the budget deficit was the biggest (as a percentage of GDP) in 2009 which is 8.51%.

c) The biggest increase in the deficit as a percentage of GDP occured between 2008 and 2009 from 3.30% to 8.51%.

Fiscal Year GDP (Billions of dollars)

Surplus or Deficit(-)

(Billions of dollars)

Surplus of Deficit as percentage of GDP

[Surplus or Deficit (-) / GDP] * 100

2000 1516 48 3.17% 2001 1587 34 2.14% 2002 1646 -10 0.61% 2003 1730 -32 1.85% 2004 1837 -36 1.96% 2005 1932 -34 1.76% 2006 2050 -23 1.12% 2007 2168 -24 1.11% 2008 2214 -73 3.30% 2009 2127 -181 8.51% 2010 2173 -170 7.82%

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