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29 July, 15:26

Personal consumption expenditures (C) $10,417.1 Gross private domestic investment (I) $1,818 Government consumption expenditures and gross investment (G) $3,020.2 Exports (X) $1,935.3 Imports (M) $2,435.5 Net exports of goods and services (NX) Gross domestic product (GDP) This method of calculating GDP, which involves summing the, is called the approach

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  1. 29 July, 18:31
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    GDP = $14,755.1 and expenditure approach

    Explanation:

    The formula to compute the GDP is shown below:

    GDP = Personal consumption expenditures + Gross private domestic investment + Government consumption expenditures and gross investment + Net exports

    where,

    Net exports = Exports - imports

    = $1,935.3 - $2,435.5

    = - $500.2

    So, the GDP is

    = $10,417.1 + $1,818 + $3,020.2 - $500.2

    = $14,755.1

    And, the summing of all this items which are shown above while calculating the GDP is known as expenditure approach
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