I can\'t seem to find an equation or help anywhere (textbook or online). I need

Question

I can't seem to find an equation or help anywhere (textbook or online). I need to know how (a formula, preferably) to calculate the implied estimates of the federal budget deficit as a percentage of GDP. Does the growth rate matter in this case? An example of a problem I have:

Federal Budget Receipts at 2% growth: $2329.8
Federal Budget Spending at 3% growth: $2682.6
GDP at 3% growth: $14573.2
Deficit as a % of GDP: ____%

The answer comes up to be 2.4%, but I have no idea how that calculation is achieved.

Explanation / Answer

This is caculated as (Federal Budget Spending at 3% growth: $2682.6- Federal Budget Receipts at 2% growth: $2329.8)/ GDP at 3% growth: $14573.2 ($2682.6- $2329.8)/ $14573.2=0.024=2.4% Hope this helps

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