The Gross Domestic Product Is Often Used as a Measure

Essay

The gross domestic product is often used as a measure of the economic performance of a country. The annual GDP of Australia for the years 1990-98 is shown in the following table. Use the CPI in Table 23.2 in the textbook (pp 966-7) to deflate these figures to 1993 dollars. $$\begin{array} { | c | c | } \hline \text { Year } & \text { GDP (millions of current \$) } \\\hline 1990 & 382936 \\\hline 1991 & 395493 \\\hline 1992 & 404914 \\\hline 1993 & 425841 \\\hline 1994 & 448289 \\\hline 1995 & 473463 \\\hline 1996 & 507527 \\\hline 1997 & 531045 \\\hline 1998 & 563284 \\\hline\end{array}$$ Source: Australian Bureau of Statistics, Australian Economic Indicators, ABS Cat. No. 1350.0, ABS, Canberra.