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GDP Assignment

The document discusses GDP and economic growth in Canada and India, providing real GDP growth rates for quarters from 2000-2010 for Canada and 2010-2017 for India. It calculates that at a growth rate of 2.5% it would take Canada approximately 28 years to double its real GDP, while for India it would take around 10 years to double its GDP at a growth rate of 7%. The document also notes that India experienced a recession in the first half of 2017 as real GDP declined from 6.1% to 5.6%.

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Ishpreet Singh
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0% found this document useful (0 votes)
166 views7 pages

GDP Assignment

The document discusses GDP and economic growth in Canada and India, providing real GDP growth rates for quarters from 2000-2010 for Canada and 2010-2017 for India. It calculates that at a growth rate of 2.5% it would take Canada approximately 28 years to double its real GDP, while for India it would take around 10 years to double its GDP at a growth rate of 7%. The document also notes that India experienced a recession in the first half of 2017 as real GDP declined from 6.1% to 5.6%.

Uploaded by

Ishpreet Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Assignment: GDP and Economic Growth 1

GDP and Economic Growth

Ishpreet Singh (1812360)

University Canada West

Professor: Dr. Paul Hedru

MBAF: 504 Economics

10th December 2018


Assignment: GDP and Economic Growth

Canada’s Economy

Answer: - 1.1

Real GDP is the value of final goods and services produced in a given year when valued at

valued at the prices of a reference base year.

Currently the base year is 2007.

The following graph depicts the growing economy of 2013.

In the first quarter of 2013, real GDP is at 1.7 %. In second quarter, it grows to 2.0, in third

quarter real GDP grows to 2.6 % and in the last quarter 1 % increase in the GDP is observed, as it

is 3.6 %.
Assignment: GDP and Economic Growth

Answer: - 1.2

Growth rate of Canada is 2.5 % in 2013.

To double the Real GDP, rule of 70 is applied.

70/growth rate of 2013

70/2.5 = 28

It approximately takes 28 years to double the Real GDP of Canada.

Answer: - 1.3

Canada’s Real GDP growth from year 2000-2010


Assignment: GDP and Economic Growth

As it is shown the graph, in 2001 the major recession was faced i.e. 2.9% in the first quarter. In

the other three quarters of 2011 these is an expansion on 1.9%, 0.8%, and 1.1%.

In the year of 2002, overall this year experience an Expansion of 2.1%, 2.4%, 3.3%, and 3.4% in

the four quarters of the year.

In the year of 2003, in every quarter Real GDP experience a Recession in all the fourth quarters

i.e. 2.6%, 2.0%, 1.5%, and 1.7%.

In the year of 2004, first quarter experience the recession i.e. 1.8% and rest of the three quarters

experience the expansion with 3.1%, 3.9% in second and third quarter, in fourth quarter there

was a recession of .2% i.e. GDP is 3.7%.

In the year of 2005, recession continues to the first two quarters i.e. 3.4%, 2.9%. in the last two

quarters of 2005 there was expansion of 3.0% and 3.3% .

In 2006 and 2007 there is a fluctuations in the graph of real GDP i.e. there is a recession faced by

GDP throughout in 2006 and in the first quarter of 2007 i.e. 3.8%, 3.1%, 2.0%, 1.5% and 1.2%,

in the other three quarters of 2007 expansion was experienced with 2.0%, 2.5%, 2.3%.

The period of two years such as 2008 and 2009 also known as period of recession the GDP of

Canada falls like the trough and go to its minimum point of -3.7% in the third quarter of 2009.

In the year of 2010, the economy of Canada grows up to 3.6% in the third quarter of 2010 and it

is stable even in the fourth quarter of 2010. This point was the peak point of the Canada’s real

GDP.
Assignment: GDP and Economic Growth

India’s Economy

Answer: - 1.1

Figure depicts the real GDP of India in 2017, as the current base year is 2007.

In the third quarter of 2007, real GDP grows to 6.3% and in the fourth quarter it grows to 7%.

Answer: - 1.2

Growth rate of Indian economy in the fourth quarter of 2017 is 7 %.

To double the Real GDP, rule of 70 is applied.

70/growth rate of fourth quarter of 2017


Assignment: GDP and Economic Growth

70/7 = 10

It approximately takes 10 years to double the Real GDP of India with the growth rate of the

fourth quarter in 2017.

Answer: - 1.3

Yes, India experience the recession in the first half of 2017 from 6.1% to 5.6%

Answer: - 1.4

Following (quarterly) graph is the graph of real GDP of Indian from 2010 to 2017.
Assignment: GDP and Economic Growth

References

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