Exercise 1 (20%): The following table shows the GDP of the G20 members. Answer t

Question

Exercise 1 (20%): The following table shows the GDP of the G20 members. Answer the following questions showing the calculations. el Table1: GDP (current US$, millions)d 2000T 2010T 2015T Country NameT ArgentinaT AustraliaT BrazilT CanadaT ChinaT France GermanyT IndiaT ItalyT IndonesiaT JapanT Korea, Rep.T MexicoT Russian FederationT South AfricaT Saudi ArabiaT TurkeyT United StatesT United KingdomT European UnionT TotalT 461640T N/AT 284204 414952 655421 742293 1205261 1368438 1949954 476609 1141760 165021 4731199 561633 683648 259708 136362 188442 266568 10284779 1554801 8818087 35889140 1339539T 1774725T 1550537 10866444T 2421682T 3355772T 2073543 1814763 861934T 41232581 1377873T 1144331T 1326015 312798T 646002T 718221T 14964372117946996 2848755 16229464T 72732652 1142251 2208872 1613406 6039659 2646995 3417298 1708459 2125185 755094 5498718 1094499 1051129 1524917 375349 526811 731168 2403504 1694605!9 672353861 Source: World Bank national accounts data, and OECD National Accounts data files.* el

Explanation / Answer

(GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

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