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What was the rate of growth in GDP in 2006?
3.4 percent
2006 GDP Real GDP increased 3.4 percent in 2006 (that is, from the 2005 annual level to the 2006 annual level), compared with an increase of 3.2 percent in 2005.
What was the rate of growth in GDP in 2007?
2.2 percent
2007 GDP Real GDP increased 2.2 percent in 2007 (that is, from the 2006 annual level to the 2007 annual level), compared with an increase of 2.9 percent in 2006.
What was the nominal GDP in 2006?
Nominal GDP is simply equal to the sum of the current year price * current year quantity of all the goods. 2006: (7*400) + (8*225) + (10*175) = 2,800 + 1,800 + 1,750 = $6,350.
What was the GDP in 2008 what is the current GDP?
| Year | GDP in billion current U.S. dollars |
|---|---|
| 2011 | 15,542.6 |
| 2010 | 14,992.1 |
| 2009 | 14,448.9 |
| 2008 | 14,712.8 |
How did GDP change from 2008?
New statistics released today by the U.S. Bureau of Economic Analysis show that economic growth slowed in most states and regions of the U.S. in 2008 as economic growth overall slowed. Growth in real U.S. GDP by state slowed from 2.0 percent in 2007 to 0.7 percent in 2008.
What was the real GDP in 2008?
$15.8 trillion
It showed a solid 2.1% growth rate and real GDP of $15.8 trillion.
What was the economic growth in 2007?
Macroeconomic trends in the world economy The growth of world gross product (WGP) is expected to slow to a pace of 3.4 per cent for 2007 as a whole, down from 4.0 per cent, as recorded in 2006 (see table 1). growth of WGP at 3.6 per cent.
What was the GDP in 2008?
$14,769,900 million
GDP improves in United States The GDP figure in 2008 was $14,769,900 million, United States is the world’s leading economy with regard to GDP, as can be seen in the ranking of GDP of the 196 countries that we publish.
What was the real GDP in 2008 in 2007?
a. Real GDP in 2008, measured in 2007 prices, is calculated as: Where the nominal GDP in 2008 is $14,369 billion and the price index between 2007 and 2008 is 1.022.
What caused 2007 recession?
The Great Recession, one of the worst economic declines in US history, officially lasted from December 2007 to June 2009. The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic subprime mortgages — led to the economic crisis.