00:01
Given below is data on real gdp and potential gdp for the nation of anasaland for the years 2009 to 2013 in billions of 2009 currency.
00:13
For each year, calculate the output gap as a percentage of potential gdp and state whether the gap is a recessionary gap or an expansionary gap.
00:22
We're also going to calculate the year -to -year growth rates of real gdp.
00:26
So in 2009, we had 11 ,550, 2010, we had 11 ,990, 2011 we have 12 ,450, 2012 we have 12 ,480, and 2013, i've got 12 ,200.
00:49
And potential gdp, in 2009, we have 11 ,760, 2010, we have 11 ,760, 2010, we have 11 ,000.
00:59
800.
01:01
2011, we have 12 ,200.
01:04
2012, we have 12 ,760.
01:08
And in 2013, we have 13 ,000.
01:18
In this table, we're going to calculate output gdp percentage, the type of output gap, and the growth rate of real gdp.
01:25
So output gap is real gdp minus potential gdp.
01:42
When the output gap is negative, so if we have a negative output output gap, then there is a recessionary gap.
02:03
If it is positive, then there's an expansionary gap.
02:24
So we said output gap is real gdp minus potential gdp.
02:28
So we're just going to subtract these numbers.
02:30
So the output gap in 2009 is negative 210, or 11 ,550 minus 11 ,760 is negative 210.
02:42
In 2010, we have 11 ,990 minus 11 ,800 for 190.
02:49
In 2011, we have 12 ,450 minus 12 ,200 for 250...