The following data are estimates describing Ireland's economy in 2006 and 2007 (in millions of euros, in constant prices): 2006 2007
Consumption 84,000 89,000
Government expenditure 24,000 26,000
Investment 48,000 48,000
Exports 142,000 151,000
Imports 123,000 128,000
Subsidies 1,800 1,900
Taxes 500 500
Ireland's real GDP in 2007 was ________ million euros.

Question

Quizplus · Accepted Answer

Ireland's real GDP in 2007 is calculated as: GDP = Consumption + Government Expenditure + Investment + (Exports - Imports). Substituting the given values: GDP = 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