Economic Growth worksheet

1. Calculating economic growth rate.

Go back to the research you did in week 24, Lesson: Your Nation’s GDP. Conduct a more
detailed research of the value of real GDP of the country you were assigned in week 24. Fill in
the table below and calculate the growth rate according to the formula in the IB Course
Companion:

Year Real GDP (£m) Calculate here: Growth rate (%)

2004 353,871 n/a

2005 365,318 3.23%

2006 375,382 2.75%

2007 388,247 3.43%

2008 385,260 -0.77%

2009 365,340 -5.17053%

2010 371,404 1.66%

2011 375,554 1.12%

2012 376,194 0.17%

2013 380,152 1.05%

Sources for data used

https://www.theguardian.com/news/datablog/2009/nov/25/gdp-uk-1948-gro
wth-economy​ (note: there was no data for 2014)

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http://www.worldbank.org/
 http://www.nationmaster.com/
https://www.cia.gov/library/publications/the-world-factbook/
http://hdr.undp.org/en/reports/global/hdr2009/

2. Use an Excel sheet and construct a bar graph of the real GDP of your assigned country for
the period 2004-2014. Explain how the economy grew during that period.

3. Is there an evidence of the cyclical nature of economic growth? Explain.

4. Find information for inflation, unemployment and balance of payment for the same period for
your assigned country and fill in the table below. Use the numbers to create a graph ( in Excel)
for each of the indicators below:

Year Inflation rate (CPI) Unemployment rate Balance of payment

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010
5. Copy and paste your graphs for: economics growth, inflation, unemployment and balance of
payment on one page next to each other. Explain how the different growth rate relates to the
other macroeconomic indicators.

6. Find a news article about your assigned country that relates to the costs of economic growth
and the government policies to reduce those costs. Paste the URL of the article, discuss the
effectiveness of the government policies to reduce those costs.