GDP -OUTPUT Econ 102 Spring 2016 Real

GDP -OUTPUT Econ 102 Spring 2016

Real and Nominal GDP (At Current and Fixed (1998) Prices) (New Series)(Annual, TRY Thousand 200000 180000 160000 140000 120000 100000 GDP_Nomimnal GDP_Real 80000 60000 400000000 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 0

GDP REAL at 1998 prices GDP_Real 140000000 120000000 10000 80000000 GDP_Real 60000000 40000000 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 0

Nominal and Real GDP of Turkey

Growth rate of GDP growth rate 12 10 8 6 4 2 growth rate 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 -2 -4 -6 -8

Composition of GDP • • • GDP Billion TL GDP (Y) Private consumption Exp. (C ) Private Sector Investment (I) Stock Changes (I) Government consumption exp (G) Public Sector Investment (G) Exports (X) Imports (M) 1. 294, 9 920, 8 234, 6 25, 1 180, 7 48, 6 308, 3 423, 1

Example_Nominal GDP • • • • Year 2010 Quantity Price Food 1000 1. 0 TL Health care 50 100. 0 TL Movies 500 50. 0 TL P 2010 x. Q 2010 Food 1000 TL Health care 5000 TL Movies 25000 TL Nominal 31000 TL GDP Year 2011 Quantity 1200 55 510 Year 2012 Price 2. 0 TL 110. 0 TL 60. 0 TL Quantity 1300 60 530 P 2011 x. Q 2011 P 2012 x. Q 2012 2400 TL 6050 TL 30600 TL 3575 TL 7200 TL 37100 TL 39050 TL 47875 TL Price 2. 75 TL 120. TL 70. 0 TL

Example_Real GDP • • • • Year 2010 Quantity Food 1000 Health care 50 Movies 500 Price 1. 0 TL 100. 0 TL 50. 0 TL P 2010 x. Q 2010 Food 1000 TL Health care 5000 TL Movies 25000 TL Real GDP 31000 TL Year 2011 Quantity 1200 55 510 P 2010 x. Q 2011 Year 2012 Price 2. 0 TL 110. 0 TL 60. 0 TL Quantity 1300 60 530 P 2010 x. Q 2012 1200 TL 5500 TL 25000 TL 1300 TL 6000 TL 26500 TL 32 200 TL 33 800 TL Price 2. 75 TL 120. TL 70. 0 TL

Growth rate • • • Growth rate 2011 =((Real GDP 2011 – Real GDP 2010)/Real GDP 2010)x 100 = (32200 -31000)/ 31000)x 100= 0. 0387 x 100=3. 87 %. Growth rate 2012 – = ((Real GDP 2012 – Real GDP 2011)/ Real GDP 2011)x 100 = (33 800 -32 200)/ 32200)x 100= 0. 0496 x 100=4. 96 %.

GDP deflator and Inflation rate • GDP Deflatort= (Nominal GDPt/ Real GDPt)x 100. • Inflation ratet= % change in the GDP deflator

PRICES GDP DEFLATOR • GDP Deflatort= GDP DEFLATOR Deflator 1600. 00 1400. 00 1200. 00 1000. 00 800. 00 Deflator 600. 00 400. 00 200. 00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (Nominal GDPt/ Real GDPt)x 100

Inflation rate inflation rate 60 50 40 30 20 10 0 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 • Inflation ratet= % change in the GDP deflator Inflation rate inflation rate

Other Income Measures 1) Gross National Product: GDP- net factor income. 2) Net National Product: GNP- depreciation expenditure 3) National Income: GDP- Indirect Business Taxes 4) Personal Income: National Income-retained earnings +transfer payments. 5) Disposable Income: Personal Income- -Personal Tax payments

GDP and GNP

GDP, Personal Income and Disposable Income

Consumer Price Index _ TUFE TÜFE’de aylık değişim %-0, 90 olarak gerçekleşti. The increase in the prices of different commodity groups included into the computation of CPI in Turkey. • eğitimde %1, 67, (increase in price of education) • eğlence ve kültürde %0, 90, (increase in price of entertainment and cultural activities) • çeşitli mal ve hizmetlerde %0, 88, (increase in price of various commodity and services) • • ev eşyasında %0, 49, (increase in price of home goods) lokanta ve otellerde %0, 49, (increase in price of restaurants and hotels) konutta %0, 14, (increase in price of housing) sağlıkta %0, 13 artış, (increase in price of health services) giyim ve ayakkabıda %-0, 82, (increase in price of clothing and shoes) ulaştırmada %-1, 39, (increase in price of transportation) gıda ve alkolsüz içeceklerde %-3, 42 düşüş gerçekleşmiştir. (decrease in price of food and non-alcoholic beverages)

CPI (TUFE) in Turkey (with base year of 2003, i. e. 2003=100) CPI 250 200 150 CPI 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

CPI Series in Turkey •