How do imports and exports affect GDP?
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Studied at the University of Johannesburg, Lives in Johannesburg, South Africa.
If domestic consumers spend more on foreign products than domestic producers sell to foreign consumers �C a trade deficit �C then GDP decreases. A standard formula for GDP can be written as: GDP = private consumption spending + investments + government spending + (exports - imports).
2023-04-10 14:17:52
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If domestic consumers spend more on foreign products than domestic producers sell to foreign consumers �C a trade deficit �C then GDP decreases. A standard formula for GDP can be written as: GDP = private consumption spending + investments + government spending + (exports - imports).
