Explain/demonstrate period(s), since 2010, where the Jamaican economy experienced GDP Growth. Include at least one (1) economic development that would have contributed to each of the economic situations materializing. Gross Domestic Product at Constant Prices from 2010 to 2019 (Source: STATIN, adjusted for ECN201) Item 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Expenditure Method Gross Domestic Expenditure 942,350 980,689 963,486 965,214 966,311 953,543 953,901 973,620 987,322 1,001,400 Private Final Consumption Expenditure 644,269 668,907 662,325 657,777 652,211 651,549 650,520 658,147 664,654 671,455 Government Final Consumption Expenditure 125,095 123,275 123,494 120,046 119,514 119,336 120,911 121,768 121,482 123,616 Gross Fixed Capital Formation 170,404 184,289 175,160 185,032 190,625 181,443 181,576 190,001 200,896 204,639 Changes in Inventories 2,582 4,218 2,507 2,359 3,962 1,215 893 3,704 290 1,690 Exports of Goods and Services 275,561 271,384 262,787 275,285 277,936 291,293 299,178 314,537 340420 352,778 Less: Imports of Goods and Services 390,669 408,968 388,238 397,803 397,315 389,492 388,316 410,989 435,699 453,917 Statistical Discrepancy 786 -749 -848 -1,174 394 -210 2,132 -1,630 42 -215 GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP) 828,028 842,356 837,187 841,521 847,326 855,134 866,894 875,538 892,085 900,045 The Production Method Agriculture Forestry & Fishing 43,747 48,252 49,371 48,994 48,733 48,746 55,019 53,093 55,269 55,491 Mining & Quarrying 14,969 17,823 16,273 16,716 16,861 17,022 16,456 15,787 21,116 18,719 Manufacture 61,644 62,694 62,590 62,461 61,976 63,200 64,424 65,676 66,239 67,411 Electricity & Water Supply 24,165 24,227 23,705 23,242 22,973 23,293 24,123 24,323 24,278 24,598 Construction 53,167 53,609 51,252 52,208 53,084 53,845 54,057 54,599 56,390 56,035 Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 131,000 131,442 129,559 129,400 129,838 130,606 130,978 131,791 133,163 134,669 Hotels & Restaurants 38,841 39,619 40,322 40,787 42,005 42,821 43,735 45,500 46,238 48,487 Transport Storage & Communication 82,010 80,464 80,422 80,774 81,416 82,221 82,827 83,671 84,821 85,496 Finance & Insurance Services 81,265 81,177 81,130 81,259 81,925 82,447 83,537 84,777 85,897 89,070 Real Estate Renting & Business Activities 79,393 79,167 78,990 79,297 79,710 80,125 80,550 81,074 81,722 82,341 Producers of Government Services 96,582 97,094 96,891 96,739 96,561 96,460 96,324 96,434 96,261 96,677 Other Services 49,604 49,841 50,425 50,526 51,255 52,002 52,529 53,215 53,774 54,826 Less Financial Intermediation Services Indirectly Measured (FISIM) 31,915 30,608 29,812 29,646 29,372 29,414 30,050 30,305 31,653 32,797 TOTAL GROSS VALUE ADDED AT BASIC PRICES 724,472 734,800 731,119 732,757 736,967 743,373 754,511 759,637 773,517 781,024 Taxes Less Subsidies on Products 103,556 107,556 106,068 108,764 110,360 111,760 112,384 115,901 118,567 119,022 GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP) 828,028 842,356 837,187 841,521 847,326 855,134 866,894 875,538 892,085 900,045

Explain/demonstrate period(s), since 2010, where the Jamaican economy experienced GDP Growth. Include at least one (1) economic development that would have contributed to each of the economic situations materializing. Gross Domestic Product at Constant Prices from 2010 to 2019 (Source: STATIN, adjusted for ECN201) Item 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The Expenditure Method Gross Domestic Expenditure 942,350 980,689 963,486 965,214 966,311 953,543 953,901 973,620 987,322 1,001,400 Private Final Consumption Expenditure 644,269 668,907 662,325 657,777 652,211 651,549 650,520 658,147 664,654 671,455 Government Final Consumption Expenditure 125,095 123,275 123,494 120,046 119,514 119,336 120,911 121,768 121,482 123,616 Gross Fixed Capital Formation 170,404 184,289 175,160 185,032 190,625 181,443 181,576 190,001 200,896 204,639 Changes in Inventories 2,582 4,218 2,507 2,359 3,962 1,215 893 3,704 290 1,690 Exports of Goods and Services 275,561 271,384 262,787 275,285 277,936 291,293 299,178 314,537 340420 352,778 Less: Imports of Goods and Services 390,669 408,968 388,238 397,803 397,315 389,492 388,316 410,989 435,699 453,917 Statistical Discrepancy 786 -749 -848 -1,174 394 -210 2,132 -1,630 42 -215 GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP) 828,028 842,356 837,187 841,521 847,326 855,134 866,894 875,538 892,085 900,045 The Production Method Agriculture Forestry & Fishing 43,747 48,252 49,371 48,994 48,733 48,746 55,019 53,093 55,269 55,491 Mining & Quarrying 14,969 17,823 16,273 16,716 16,861 17,022 16,456 15,787 21,116 18,719 Manufacture 61,644 62,694 62,590 62,461 61,976 63,200 64,424 65,676 66,239 67,411 Electricity & Water Supply 24,165 24,227 23,705 23,242 22,973 23,293 24,123 24,323 24,278 24,598 Construction 53,167 53,609 51,252 52,208 53,084 53,845 54,057 54,599 56,390 56,035 Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 131,000 131,442 129,559 129,400 129,838 130,606 130,978 131,791 133,163 134,669 Hotels & Restaurants 38,841 39,619 40,322 40,787 42,005 42,821 43,735 45,500 46,238 48,487 Transport Storage & Communication 82,010 80,464 80,422 80,774 81,416 82,221 82,827 83,671 84,821 85,496 Finance & Insurance Services 81,265 81,177 81,130 81,259 81,925 82,447 83,537 84,777 85,897 89,070 Real Estate Renting & Business Activities 79,393 79,167 78,990 79,297 79,710 80,125 80,550 81,074 81,722 82,341 Producers of Government Services 96,582 97,094 96,891 96,739 96,561 96,460 96,324 96,434 96,261 96,677 Other Services 49,604 49,841 50,425 50,526 51,255 52,002 52,529 53,215 53,774 54,826 Less Financial Intermediation Services Indirectly Measured (FISIM) 31,915 30,608 29,812 29,646 29,372 29,414 30,050 30,305 31,653 32,797 TOTAL GROSS VALUE ADDED AT BASIC PRICES 724,472 734,800 731,119 732,757 736,967 743,373 754,511 759,637 773,517 781,024 Taxes Less Subsidies on Products 103,556 107,556 106,068 108,764 110,360 111,760 112,384 115,901 118,567 119,022 GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP) 828,028 842,356 837,187 841,521 847,326 855,134 866,894 875,538 892,085 900,045

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Gross Domestic Product at Constant Prices from 2010 to 2019 (Source: STATIN, adjusted for ECN201)
Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
The Expenditure Method
Gross Domestic Expenditure	942,350	980,689	963,486	965,214	966,311	953,543	953,901	973,620	987,322	1,001,400
Private Final Consumption Expenditure	644,269	668,907	662,325	657,777	652,211	651,549	650,520	658,147	664,654	671,455
Government Final Consumption Expenditure	125,095	123,275	123,494	120,046	119,514	119,336	120,911	121,768	121,482	123,616
Gross Fixed Capital Formation	170,404	184,289	175,160	185,032	190,625	181,443	181,576	190,001	200,896	204,639
Changes in Inventories	2,582	4,218	2,507	2,359	3,962	1,215	893	3,704	290	1,690
Exports of Goods and Services	275,561	271,384	262,787	275,285	277,936	291,293	299,178	314,537	340420	352,778
Less: Imports of Goods and Services	390,669	408,968	388,238	397,803	397,315	389,492	388,316	410,989	435,699	453,917
Statistical Discrepancy	786	-749	-848	-1,174	394	-210	2,132	-1,630	42	-215
GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP)	828,028	842,356	837,187	841,521	847,326	855,134	866,894	875,538	892,085	900,045
The Production Method
Agriculture Forestry & Fishing	43,747	48,252	49,371	48,994	48,733	48,746	55,019	53,093	55,269	55,491
Mining & Quarrying	14,969	17,823	16,273	16,716	16,861	17,022	16,456	15,787	21,116	18,719
Manufacture	61,644	62,694	62,590	62,461	61,976	63,200	64,424	65,676	66,239	67,411
Electricity & Water Supply	24,165	24,227	23,705	23,242	22,973	23,293	24,123	24,323	24,278	24,598
Construction	53,167	53,609	51,252	52,208	53,084	53,845	54,057	54,599	56,390	56,035
Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment	131,000	131,442	129,559	129,400	129,838	130,606	130,978	131,791	133,163	134,669
Hotels & Restaurants	38,841	39,619	40,322	40,787	42,005	42,821	43,735	45,500	46,238	48,487
Transport Storage & Communication	82,010	80,464	80,422	80,774	81,416	82,221	82,827	83,671	84,821	85,496
Finance & Insurance Services	81,265	81,177	81,130	81,259	81,925	82,447	83,537	84,777	85,897	89,070
Real Estate Renting & Business Activities	79,393	79,167	78,990	79,297	79,710	80,125	80,550	81,074	81,722	82,341
Producers of Government Services	96,582	97,094	96,891	96,739	96,561	96,460	96,324	96,434	96,261	96,677
Other Services	49,604	49,841	50,425	50,526	51,255	52,002	52,529	53,215	53,774	54,826
Less Financial Intermediation Services Indirectly Measured (FISIM)	31,915	30,608	29,812	29,646	29,372	29,414	30,050	30,305	31,653	32,797
TOTAL GROSS VALUE ADDED AT BASIC PRICES	724,472	734,800	731,119	732,757	736,967	743,373	754,511	759,637	773,517	781,024
Taxes Less Subsidies on Products	103,556	107,556	106,068	108,764	110,360	111,760	112,384	115,901	118,567	119,022
GROSS DOMESTIC PRODUCT AT CONSTANT PRICES (REAL GDP)	828,028	842,356	837,187	841,521	847,326	855,134	866,894	875,538	892,085	900,045

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