Understanding GDP Calculation in Wrexington

What was the GDP reported by the government of Wrexington for quarter 1?

The government of Wrexington reported that the GDP in quarter 1 was $20 billion at an annual rate.

Explanation:

The government of Wrexington, a country that follows American GDP accounting conventions, calculated the seasonally-adjusted market value of all final goods and services produced within Wrexington in quarter 1 to be $5 billion. This $5 billion value represents the total value of goods and services produced during that quarter. To calculate the annual GDP rate, we multiply the quarterly GDP value by 4 (as there are 4 quarters in a year). So, $5 billion * 4 = $20 billion annually. This means that the annual GDP of Wrexington is estimated to be $20 billion based on the data reported for quarter 1. In conclusion, the reported GDP by the government of Wrexington for quarter 1 was $20 billion at an annual rate. This figure reflects the total market value of all final goods and services produced within Wrexington over the course of a year.
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