Rgdp

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Assignment 1: Data Collection & Interpretation
(a)What is real GDP (RGDP)? Collect time series RGDP data for Australia and China for the 10 year period covering 1999 to 2008. Record this data in an Excel spreadsheet and create a single line graph (with one line for Australia and one for China) of your time-series data. * Real Gross Domestic Product( RGDP), also referred to as GDP in constant dollars, measures the value of final output excluding the influence of price change. RGDP= constant prices × current output

Table 1 : RGDP in China and Australia from 1999 to 2008 Source: Australian Bureau of Statistics Time Series Statistics Plus and CEIC (International Monetary Fund IFS Database) RGDP data(National currency units) for Australia and China (1999 to 2008)Units:Billons|  | Australia(AUD)| China(RMB)|

1999| 891.749 | 4,812.326 |
2000| 921.253 | 5,216.649 |
2001| 944.748 | 5,650.093 |
2002| 981.738 | 6,164.408 |
2003| 1,013.346 | 6,781.109 |
2004| 1,050.241 | 7,466.334 |
2005| 1,083.892 | 8,243.058 |
2006| 1,112.060 | 9,199.756 |
2007| 1,164.433 | 10,397.217 |
2008| 1,192.115 | 11,390.556 |
Graph 1 : RGDP of Australia from 1999 to 2008

Graph2 : RGDP of China from 1999 to 2008

(b) Using the data above, calculate the year to year RGDP growth rates for both the countries over this 10 year period. In a single line graph draw a business cycle diagram for each of the countries using the RGDP growth rates. What phase of the business cycle would you consider each economy to be currently in? Explain your conclusions. Table 2: RGDP Growth Rate in China & Australia from 1999 to 2008 Source: Australian Bureau of Statistics Time Series Statistics Plus and CEIC (International Monetary Fund IFS Database) RGDP growth rates (annual percent change) for Australia and China from 1999 to 2008|  | Australia| China|

1999| 4.218%| 7.600%|
2000| 3.309%| 8.403%|
2001| 2.550%| 8.308%|
2002...
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