{"id":79,"date":"2024-07-24T03:23:21","date_gmt":"2024-07-24T07:23:21","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/econ104\/?post_type=chapter&#038;p=79"},"modified":"2024-10-17T15:23:20","modified_gmt":"2024-10-17T19:23:20","slug":"2-5-working-with-macroeconomics-data-canadian-gdp-data","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/econ104\/chapter\/2-5-working-with-macroeconomics-data-canadian-gdp-data\/","title":{"raw":"2.5 Working with macroeconomics data: Canadian GDP data","rendered":"2.5 Working with macroeconomics data: Canadian GDP data"},"content":{"raw":"Gross Domestic Product (GDP) is often used as a benchmark for comparing livelihoods and production across regions and\/or time. This lab will familiarize you with Canada's GDP data and explore these questions:\r\n<ul>\r\n \t<li>How does Canada measure GDP?<\/li>\r\n \t<li>What is captured in these statistics?<\/li>\r\n \t<li>What is not captured?<\/li>\r\n<\/ul>\r\n<div class=\"textbox textbox--learning-objectives\"><header class=\"textbox__header\">\r\n<h2 class=\"textbox__title\">Learning outcomes<\/h2>\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n<ul>\r\n \t<li>Be familiar with the <a href=\"https:\/\/www.statcan.gc.ca\/en\/start\" target=\"_blank\" rel=\"noopener\">Statistics Canada<\/a> website and Canadian nominal and real GDP data.<\/li>\r\n \t<li>Read and understand a graph.<\/li>\r\n \t<li>Use Excel to work with data and generate meaningful graphs. The Excel skills include using simple formulas, using cell references in formulas, and creating line graphs.<\/li>\r\n<\/ul>\r\n<\/div>\r\n<\/div>\r\n<h2>Step 1: Download the data<\/h2>\r\n<ol type=\"a\">\r\n \t<li>Go to <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=3610010401#tables\">StatCan Table 36-10-0104-01<\/a>.<\/li>\r\n \t<li>Click <strong>Add\/Remove data<\/strong> and make the following adjustments:<\/li>\r\n \t<li>In the <strong>Prices<\/strong> tab, select <strong>Chained (2017) dollars<\/strong> and <strong>Current prices.<\/strong><\/li>\r\n \t<li>In the <strong>Estimates<\/strong> tab, click <strong>Clear all to unselect all levels<\/strong>, then select <strong>Gross Domestic Product at market prices<\/strong>. This is the GDP measure.<\/li>\r\n \t<li>In the <strong>Reference period<\/strong> tab, select the preferred time period.<\/li>\r\n \t<li>Click <strong>Download options<\/strong>, then choose <strong>CSV.<\/strong><\/li>\r\n<\/ol>\r\n<h2>Step 2: Identify the variables<\/h2>\r\n<ol type=\"a\">\r\n \t<li>Go to\u00a0<a href=\"https:\/\/www.statcan.gc.ca\/eng\/statistical-programs\/document\/1901_D3_T9_V1-eng.pdf\" target=\"_blank\" rel=\"noopener\">Overview of the National Income and Expenditure Accounts<\/a> and read the last paragraph on page 1, starting \"Real GDP is a measure....\"<\/li>\r\n \t<li>Identify the variables:\r\n<ol type=\"i\">\r\n \t<li>Which data series downloaded in Step 1 (<strong>Chained [2017] dollars<\/strong> and <strong>Current prices<\/strong>) is used as a measure for real GDP?<\/li>\r\n \t<li>Which is used as a measure for nominal GDP?<\/li>\r\n<\/ol>\r\n<\/li>\r\n<\/ol>\r\n<strong>Note:<\/strong> You are not required to know how exactly the price index is calculated. However, if you're interested, you can do your own research based on the information in the paragraph.\r\n<h2>Step 3: Generate the graph<\/h2>\r\n<ol type=\"a\">\r\n \t<li>Check the general instructions to understand what you should include in your graph. The graph below is an example.<\/li>\r\n<\/ol>\r\n<h5><strong>Figure 2.1\r\n<\/strong>\r\nQuarterly Canadian Gross Domestic Product (GDP) 2012\u20132022<\/h5>\r\n<img class=\"alignnone wp-image-322\" src=\"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-300x163.jpg\" alt=\"Line graph showing changes in Real GDP and Nominal GDP over time, 2012 to 2022\" width=\"409\" height=\"222\" \/>\r\n<h2>Step 4: Calculate the GDP deflator<\/h2>\r\n<ol type=\"a\">\r\n \t<li>Calculate the GDP deflator and its growth rate.<\/li>\r\n \t<li>Looking at your graph, can you infer the change in the price level based on the graph?<\/li>\r\n<\/ol>\r\n<h2>Step 5: Calculate the growth rate of the real GDP<\/h2>\r\n<ol type=\"a\">\r\n \t<li>Calculate the growth rate of the real GDP.<\/li>\r\n \t<li>Looking at your graph, can you identify any period in which the Canadian economy was in a recession?<\/li>\r\n \t<li>Identify the period (and the peak and the trough) in your graph.<\/li>\r\n<\/ol>","rendered":"<p>Gross Domestic Product (GDP) is often used as a benchmark for comparing livelihoods and production across regions and\/or time. This lab will familiarize you with Canada&#8217;s GDP data and explore these questions:<\/p>\n<ul>\n<li>How does Canada measure GDP?<\/li>\n<li>What is captured in these statistics?<\/li>\n<li>What is not captured?<\/li>\n<\/ul>\n<div class=\"textbox textbox--learning-objectives\">\n<header class=\"textbox__header\">\n<h2 class=\"textbox__title\">Learning outcomes<\/h2>\n<\/header>\n<div class=\"textbox__content\">\n<ul>\n<li>Be familiar with the <a href=\"https:\/\/www.statcan.gc.ca\/en\/start\" target=\"_blank\" rel=\"noopener\">Statistics Canada<\/a> website and Canadian nominal and real GDP data.<\/li>\n<li>Read and understand a graph.<\/li>\n<li>Use Excel to work with data and generate meaningful graphs. The Excel skills include using simple formulas, using cell references in formulas, and creating line graphs.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Step 1: Download the data<\/h2>\n<ol type=\"a\">\n<li>Go to <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=3610010401#tables\">StatCan Table 36-10-0104-01<\/a>.<\/li>\n<li>Click <strong>Add\/Remove data<\/strong> and make the following adjustments:<\/li>\n<li>In the <strong>Prices<\/strong> tab, select <strong>Chained (2017) dollars<\/strong> and <strong>Current prices.<\/strong><\/li>\n<li>In the <strong>Estimates<\/strong> tab, click <strong>Clear all to unselect all levels<\/strong>, then select <strong>Gross Domestic Product at market prices<\/strong>. This is the GDP measure.<\/li>\n<li>In the <strong>Reference period<\/strong> tab, select the preferred time period.<\/li>\n<li>Click <strong>Download options<\/strong>, then choose <strong>CSV.<\/strong><\/li>\n<\/ol>\n<h2>Step 2: Identify the variables<\/h2>\n<ol type=\"a\">\n<li>Go to\u00a0<a href=\"https:\/\/www.statcan.gc.ca\/eng\/statistical-programs\/document\/1901_D3_T9_V1-eng.pdf\" target=\"_blank\" rel=\"noopener\">Overview of the National Income and Expenditure Accounts<\/a> and read the last paragraph on page 1, starting &#8220;Real GDP is a measure&#8230;.&#8221;<\/li>\n<li>Identify the variables:\n<ol type=\"i\">\n<li>Which data series downloaded in Step 1 (<strong>Chained [2017] dollars<\/strong> and <strong>Current prices<\/strong>) is used as a measure for real GDP?<\/li>\n<li>Which is used as a measure for nominal GDP?<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><strong>Note:<\/strong> You are not required to know how exactly the price index is calculated. However, if you&#8217;re interested, you can do your own research based on the information in the paragraph.<\/p>\n<h2>Step 3: Generate the graph<\/h2>\n<ol type=\"a\">\n<li>Check the general instructions to understand what you should include in your graph. The graph below is an example.<\/li>\n<\/ol>\n<h5><strong>Figure 2.1<br \/>\n<\/strong><br \/>\nQuarterly Canadian Gross Domestic Product (GDP) 2012\u20132022<\/h5>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-322\" src=\"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-300x163.jpg\" alt=\"Line graph showing changes in Real GDP and Nominal GDP over time, 2012 to 2022\" width=\"409\" height=\"222\" srcset=\"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-300x163.jpg 300w, https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-65x35.jpg 65w, https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-225x122.jpg 225w, https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1-350x190.jpg 350w, https:\/\/pressbooks.bccampus.ca\/econ104\/wp-content\/uploads\/sites\/2254\/2024\/07\/econ104_table2.1-1-1.jpg 671w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><\/p>\n<h2>Step 4: Calculate the GDP deflator<\/h2>\n<ol type=\"a\">\n<li>Calculate the GDP deflator and its growth rate.<\/li>\n<li>Looking at your graph, can you infer the change in the price level based on the graph?<\/li>\n<\/ol>\n<h2>Step 5: Calculate the growth rate of the real GDP<\/h2>\n<ol type=\"a\">\n<li>Calculate the growth rate of the real GDP.<\/li>\n<li>Looking at your graph, can you identify any period in which the Canadian economy was in a recession?<\/li>\n<li>Identify the period (and the peak and the trough) in your graph.<\/li>\n<\/ol>\n","protected":false},"author":20,"menu_order":5,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[49],"contributor":[],"license":[],"class_list":["post-79","chapter","type-chapter","status-publish","hentry","chapter-type-numberless"],"part":57,"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapters\/79","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/wp\/v2\/users\/20"}],"version-history":[{"count":25,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapters\/79\/revisions"}],"predecessor-version":[{"id":332,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapters\/79\/revisions\/332"}],"part":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/parts\/57"}],"metadata":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapters\/79\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/wp\/v2\/media?parent=79"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/pressbooks\/v2\/chapter-type?post=79"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/wp\/v2\/contributor?post=79"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/econ104\/wp-json\/wp\/v2\/license?post=79"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}