Calculate the net exports of goods and services -
Net exports of goods and services = Exports - Imports = $563.9 billion - $539 billion = $24.9 billion
Thus,
The net exports of goods and services is $24.9 billion
Calculate the Gross Domestic Product (GDP) -
GDP = Personal consumption expenditure + Gross private domestic investment + Net exports of goods and services + Government consumption expenditure and gross investment
GDP = $890.4 billion + $370 billion + $24.9 billion + $314.3 billion
GDP = $1,599.6 billion
The GDP is $1,599.6 billion.
Thus,
This method of calculating GDP, which involves summing the value of expenditure incurred on final goods and services by market participants is called the expenditure approach.
The following table shows data on consumption, investment, exports, imports, and government expenditures for Canada in...
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