The following data are estimates describing Ireland?s economy in 2006 and 2007 in millions of euros, in constant prices): $$\begin{array} { l r r }
& \mathbf { 2 0 0 6 } & \mathbf { 2 0 0 7 } \
\text { Consumption } & 84,000 & 89,000 \
\text { Government expenditure } & 24,000 & 26,000 \
\text { Investment } & 48,000 & 48,000 \
\text { Exports } & 142,000 & 151,000 \
\text { Imports } & 123,000 & 128,000 \
\text { Subsidies } & 1,800 & 1,900 \
\text { Taxes } & 500 & 500
\end{array}$$ Ireland?s real GDP in 2007 was million euros.

Question

The following data are estimates describing Ireland?s economy in 2006 and 2007 in millions of euros, in constant prices): $$\begin{array} { l r r } 
& \mathbf { 2 0 0 6 } & \mathbf { 2 0 0 7 } \
\text { Consumption } & 84,000 & 89,000 \
\text { Government expenditure } & 24,000 & 26,000 \
\text { Investment } & 48,000 & 48,000 \
\text { Exports } & 142,000 & 151,000 \
\text { Imports } & 123,000 & 128,000 \
\text { Subsidies } & 1,800 & 1,900 \
\text { Taxes } & 500 & 500
\end{array}$$ Ireland?s real GDP in 2007 was million euros.

Quizplus · Accepted Answer

Real GDP is calculated as Consumption + Government Expenditure + Investment + (Exports - Imports). For 2007, this is 89,000 + 26,000 + 48,000 + (151,000 - 128,000) = 186,000 million euros.

The Following Data Are Estimates Describing Ireland?s Economy in 2006