Question

In 2017, European Union spending on US goods accounted for 19% of US exports, and US exports amounted to 12.3% of US GDP. What was the share of European Union spending on US goods relative to US GDP

Answer 1

The share of European Union spending on US goods relative to US GDP is 2.34%.

What is GDP?

GDP means the gross domestic product of a country in a year, month, etc.

GDP represents the total monetary value of goods and services produced in a country in a given period of time.

Data and Calculations:

Percentage of EU spending on US exports = 19%

Percentage of US exports to US GDP = 12.3%

Share of EU spending on US goods relative to US GDP = 2.34% (19% x 12.3%)

Thus, the share of European Union spending on US goods relative to US GDP is 2.34%.

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