Please help me find GDP information about a country for the following assignment.
- Locate a website and obtain the gross domestic product for the most recent data year and real growth (expressed as a percent) from the previous year for any individual country in the world.
- Post the web site, the country, the GDP for each of the two years, the years for the data, and the growth rate between the two reported years in the GDP discussion forum.
- In your posting summarize how that country’s GDP compares with theUnited States. No duplicate countries… so if someone has reported on your “favorite” country, you’ll have to find information on another country to report. To help other students, share how you found the web site. This may assist others in increasing their Internet search skills.
In order to find a website to use in answering this question, I used the search term “GDP real growth rate by country.” I then picked a site from that looked reputable from the first page of search results. The page I picked is a page from the World Bank’s website. Since the World Bank is a very important international institution, I trust that its data will be correct.
The country that I am choosing is the Federated States of Micronesia. It is listed under “Micronesia, Fed. Sts. I picked this country because I doubt that any of your classmates will pick it and because I used to live there. This is a very small country in the middle of the Pacific Ocean.
Between 2011 and 2012 (the most recent year for which data is given), the FSM’s real growth rate was 1.4%. This is in contrast to the real growth rate for the United States, which was 2.2% at a time when growth is not very high. In other words, the FSM’s economy is not growing very fast, particularly for a poor country.
The FSM’s GDP in 2011 was $310,287,519 and its GDP for 2012 was $327,200,000. This is very much smaller than the GDP of the US, which is reported on this site as $15,684,800,000,000 ($15.68 trillion) for 2012. Of course, the FSM is a tiny country with a population of only about 104,000 people. Therefore, it is to be expected that its GDP would be much lower than that of the US. However, the FSM’s GDP per capita is only $3,165 according to this website while that of the US is $49,965. Thus, we can see that the FSM is much poorer on a per capita basis than the US.