Find the following annual GDP numbers for the US: Use FRED https://fred.stlouisf

Question

Find the following annual GDP numbers for the US:

Use FRED https://fred.stlouisfed.org/search?st=GDP

Find the Nominal GDP (current dollar) for 2016 and 2017.

Nominal 2016 GDP   _____________    Nominal 2017 GDP     ______________

Find the Real GDP (chained 2012 dollars; base year is 2012) for 2016 and 2017.

Real 2016 GDP   ______________       Real 2017 GDP   _______________

What is the 2016 GDP deflator?________________________

What is the 2017 GDP deflator? __­­­_______________________

What is the inflation from 2016 to 2017 using the GDP deflator? _______________________

Explanation / Answer

Nominal 2016 GDP = 18707.189 billion dollars

Nominal GDP in 2017= 19485.394 billion dollars

Real GDP in 2016 = 17659.188 biliion dollars

Real GDP in 2017 = 18050.659 billion dollars

GDP deflator=Nominal GDP/Real GDP

GDP deflator in 2016= 18707.189/17659.188=1.06

GDP deflator in 2017=19485.394/18050.659=1.08

Thus inflation from 2016 to 2017 was equal to (1.08-1.06)*100=2%

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