The gross Domestic Product determines how healthy a country’s economy is. It is a representation of the value of all goods and services produced at a certain period. It is measured by the formula GDP=C+I+G+(X-M) where C stands for personal consumption, I for domestic investments, G for government expenditure and (X-M) for net exports. Values for the second quarter/2015 are as follows,

C=12224.4

I=3025.5

G=3179.2

(X-M)=-519.3

GDP=12228.4+3025.5+3179.2+ (-519.3)

GDP=17913.8

In terms of percentages in the data above, consumption represents 68.3% of the GDP, investment 6.9%, Government expenditure 17.7 % and net exports -2.9%.

GDP Growth rate

Real GDP Growth Rate = (Q Real GDP – Q-1Real GDP) / Q-1 Real GDP where Q is a specific year.

2012-2013

Real GDP Growth Rate= 15,583.3- 15,354.6/ 15,354.6

=1.5%

From the US Bureau of Economic Analysis in the department of commerce reports, the Real GDP Growth Rate for this period is reported as 1.5%, which is equal to the figure from the above calculation.

2013-2014

Real GDP Growth Rate= 15,961.7-15,583.3/15,583.3

=2.4%

From the US Bureau of Economic Analysis in the department of commerce reports, the Real GDP Growth Rate for this period is reported as 2.4%, which is equal to the figure from the calculation above.

From the US Bureau of Economic Analysis in the department of commerce reports,

• The nominal GDP for the year 2014 is 17,348.1.
• Nominal  GDP  for Missouri for the year 2014 is 284,462
• Real GDP for Missouri for the year 2014 is 259,847
• Nominal GDP for the Springfield Metropolitan Area for the year 2014 is 24,937
• Real GDP for the Springfield Metropolitan Area for the year 2014 is 22,913

 
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