project final phase

For this study, a sample of 50 countries were selected. The GDP of these 50 countries were noted in U.S. dollars. Dollar figures for GDP were converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate did not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor was used.

A graphical representation of the GDP of the 50 selected countries for the year 2010 is given as follows:

The following table gives the descriptive statistics for the variable “YR2010”:

In the year 2010, the mean or average GDP of the 50 countries was 1123216742518.04 USD. The median or middle value of the distribution of GDPs of the 50 sampled countries is 347580217409.09 USD. This indicates that about half of the countries had a GDP of less than 347580217409.09 USD. There is no mode for the distribution of GDPs of the 50 sampled countries, which suggests that no two countries had the same GDP. The maximum GDP among the 50 countries for the year 2010 corresponds to that of the United States, which is 14964372000000.00 USD. Swaziland had the lowest GDP of 3527776867.18 USD. The variance and the standard deviation for the data are 5630999002966460000000000.00 and 2372972608979.39respectively. The exceptionally large value for the variance and standard deviation indicate that there exists very high amount of dispersion in the GDP of the countries.

The following graph shows the relationship between the GDP for the Year 2010 and the GDP for the year 2005:

The above scatter plot shows a linear relationship between the two variables. The correlation coefficient is given as 0.9761, which indicates that there is strong positive correlation between the GDP for Year 2005 and GPD of Year 2010. This means that the countries which had higher GDPs in the year 2005 were also most likely to have higher GDPs in the year 2010 and vice versa.

GDP in 2010 [YR2010]

Country

GDP in 2010

GDP of 2010 versus GDP of 2005

GDP OF 2005

GDP OF 2010