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 and CPI (1990=100) for Australia for the years 2007-2015 is shown in the following table. Use the CPI data to deflate these figures to 2010 dollars. $$\begin{array} { | l | c | c | } \hline \text { Year } & \text { GDP (millions of current \$) } & \text { CPI (1990=100) } \\\hline 2007 & 1128881 & 158.0 \\\hline 2008 & 1232583 & 164.8 \\\hline 2009 & 1251928 & 167.8 \\\hline 2010 & 1357034 & 172.6 \\\hline 2011 & 1445430 & 178.5 \\\hline 2012 & 1491046 & 181.4 \\\hline 2013 & 1524383 & 185.9 \\\hline 2014 & 1584578 & 190.4 \\\hline 2015 & 1609221 & 192.9 \\\hline\end{array}$$ Source: Australian Bureau of Statistics, Australian Economic Indicators, ABS Cat. No. 1350.0, ABS, Canberra.