Given the macroeconomic data for the US economy, calculate GDP for 2008.
|
Line
|
|
2008-I
|
2008-II
|
2008-III
|
2008-IV
|
|
1
|
Gross domestic product
|
14373.9
|
14497.8
|
14546.7
|
14347.3
|
|
2
|
Personal consumption expenditures
|
10095.1
|
10194.7
|
10220.1
|
10009.8
|
|
3
|
Goods
|
3447.2
|
3474.9
|
3463
|
3227.5
|
|
4
|
Durable goods
|
1145.8
|
1126.5
|
1088.5
|
1019.9
|
|
5
|
Nondurable goods
|
2301.4
|
2348.4
|
2374.5
|
2207.6
|
|
6
|
Services
|
6647.9
|
6719.8
|
6757.1
|
6782.3
|
|
7
|
Gross private domestic investment
|
2214.8
|
2164.6
|
2142.7
|
2022.1
|
|
8
|
Fixed investment
|
2223
|
2214
|
2179.7
|
2066.6
|
|
9
|
Nonresidential
|
1705
|
1719.7
|
1711
|
1638.7
|
|
10
|
Structures
|
586.3
|
610.6
|
620.4
|
620.7
|
|
11
|
Equipment and software
|
1118.7
|
1109.2
|
1090.6
|
1018
|
|
12
|
Residential
|
518.1
|
494.2
|
468.6
|
427.8
|
|
13
|
Change in private inventories
|
-8.2
|
-49.3
|
-37
|
-44.5
|
|
14
|
Net exports of goods and services
|
-744.4
|
-738.7
|
-757.5
|
-590.5
|
|
15
|
Exports
|
1803.6
|
1901.5
|
1913.1
|
1706.2
|
|
16
|
Goods
|
1247.3
|
1326.2
|
1338.5
|
1155.7
|
|
17
|
Services
|
556.3
|
575.3
|
574.6
|
550.5
|
|
18
|
Imports
|
2548.1
|
2640.2
|
2670.5
|
2296.7
|
|
19
|
Goods
|
2143.1
|
2226.8
|
2243.3
|
1892.5
|
|
20
|
Services
|
404.9
|
413.4
|
427.2
|
404.2
|
|
21
|
Government consumption expenditures and gross investment
|
2808.4
|
2877.1
|
2941.4
|
2905.9
|
|
22
|
Federal
|
1038.3
|
1069.5
|
1108.3
|
1114.3
|
|
23
|
National defense
|
703.6
|
725.6
|
763.6
|
758.9
|
|
24
|
Nondefense
|
334.8
|
343.9
|
344.7
|
355.3
|
|
25
|
State and local
|
1770.1
|
1807.6
|
1833.1
|
1791.7
|
A. Illustrate what does it mean to say that private inventories (line 12) were a negative number in the 4th quarter?
B. In line 13, negative net exports are growing smaller from quarter 1 to 4. What does this mean
C. GDP actually rose among the first and fourth quarters of 2008? Looking at the changes of each component of GDP over all 4 quarters, what do you think is the reason for this?