Econometria

Economics of Spain, 2011-2012 (English group, I) - Lecturer: Fabio Pieri

Topic 1.- INTRODUCTION: The industrialization process in Spain PRACTICAL CLASS 1.2.Aim.Bibliografy.Text.a. b. c. Working onthe macroeconomic picture/framework and the calculation of various macroeconomic aggregates. Picazo (2003), capítulo 1, ejercicio 4. What is a macroeconomic framework? What is its utility? With theinformation provided in Table 1: Derive the Gross Domestic Product at market prices (GDPmp) by means of (i) the expenditure, (ii) production (output) and (iii) income approaches Compute the GDP atfactor cost (GDPfc). Analyze the GDP composition by means of the (i) expenditure, production (output) and income. Macroeconomic framework of the Spanish Economy, 2009 Millions of € 819,206 586,554 9,870222,782 257,370 252,961 4,409 246,364 269,026 ? 25,955 28,208 121,917 105,522 698,097 74,215 ? 516,799 460,711 76,404 GROSS DOMESTIC PRODUCT at factor costs Source: Istituto Nacional de Estadística(INE) - Spanish National Accounts ?

Table 1.-

Macroeconomic magnitute

Final consumption expenditure
Households final consumption Final consumption of NPISHs1 Government spending

GrossCapital Formation
Gross Fixed Capital Formation Changes in inventories

Export of goods and services Imports of goods and services
GROSS DOMESTIC PRODUCT at market prices Agriculture, hunting andforestry Energy Industry Construction Services Net taxes on products (VAT) GROSS DOMESTIC PRODUCT at market prices Compensation of employees Gross operating surplus + gross mixed income (Net to subsidies)Taxes on production and imports

1

NPISHs is the abbreviation for Non-profit institutions serving households (NPISHs) consist of NPIs which are not predominantly financed and controlled bygovernment and which provide goods or services to households free or at prices that are not economically significant.

1

Economics of Spain, 2011-2012 (English group, I) - Lecturer: Fabio Pieri...