Use the information in the table below to calculate the real 2015 gross domestic product in...
Use the information in the table below to calculate the real 2015 gross domestic product in 2009 dollars. Explain how the calculation is performed and the reasoning behind it.
| U.S. Nominal GDP and Price Level, 2006-2015 | ||
| Nominal GDP | Price Level | |
| Year | (billions of dollars) | (GDP deflator) |
| 2006 | 13,855.9 | 95 |
| 2007 | 14,477.6 | 97 |
| 2008 | 14,718.6 | 99 |
| 2009 | 14,418.7 | 100 |
| 2010 | 14,964.4 | 101 |
| 2011 | 15,517.9 | 103 |
| 2012 | 16,155.3 | 105 |
| 2013 | 16,663.2 | 107 |
| 2014 | 17,348.1 | 109 |
| 2015 | 17,937.8 | 110 |
Homework Answers
Taking 2009 as the base year
CPI in 2009 = 100
CPI in 2015 = 110
Nominal GDP in 2015 = 17937.8
Real GDP is calculated at the base year prices so,
Real GDP in 2015 in base year price = Nominal GDP/CPI in 2015*Base year CPI
=17937.8/110*100
=16307.09
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