To determine the federal budget deficit as a percentage of GDP for each year from 2023 to 2026, we'll follow these steps:
1. Calculate the budget deficit for each year:
The budget deficit is the difference between federal budget spending and budget receipts.
2. Calculate the deficit as a percentage of GDP for each year:
This percentage is determined by dividing the budget deficit by the GDP and then multiplying the result by 100 to convert it to a percentage.
3. Round the calculated percentage to one decimal place.
Let’s go through each year step-by-step.
### Year 2023:
1. Budget Receipts: [tex]$2,329.8 billion
2. Federal Budget Spending: $[/tex]2,682.6 billion
3. GDP: [tex]$14,573.2 billion
Budget Deficit:
\[
2682.6 - 2329.8 = 352.8 \text{ billion dollars}
\]
Deficit Percentage:
\[
\left(\frac{352.8}{14573.2}\right) \times 100 \approx 2.421\% \approx 2.4\%
\]
### Year 2024:
1. Budget Receipts: $[/tex]2,399.7 billion
2. Federal Budget Spending: [tex]$2,816.7 billion
3. GDP: $[/tex]14,718.9 billion
Budget Deficit:
[tex]\[
2816.7 - 2399.7 = 417.0 \text{ billion dollars}
\][/tex]
Deficit Percentage:
[tex]\[
\left(\frac{417.0}{14718.9}\right) \times 100 \approx 2.833\% \approx 2.8\%
\][/tex]
### Year 2025:
1. Budget Receipts: [tex]$2,471.7 billion
2. Federal Budget Spending: $[/tex]2,957.6 billion
3. GDP: [tex]$14,866.1 billion
Budget Deficit:
\[
2957.6 - 2471.7 = 485.9 \text{ billion dollars}
\]
Deficit Percentage:
\[
\left(\frac{485.9}{14866.1}\right) \times 100 \approx 3.269\% \approx 3.3\%
\]
### Year 2026:
1. Budget Receipts: $[/tex]2,545.8 billion
2. Federal Budget Spending: [tex]$3,105.4 billion
3. GDP: $[/tex]15,014.8 billion
Budget Deficit:
[tex]\[
3105.4 - 2545.8 = 559.6 \text{ billion dollars}
\][/tex]
Deficit Percentage:
[tex]\[
\left(\frac{559.6}{15014.8}\right) \times 100 \approx 3.727\% \approx 3.7\%
\][/tex]
### Summary:
For the given years, the deficit as a percentage of GDP is:
- 2023: 2.4%
- 2024: 2.8%
- 2025: 3.3%
- 2026: 3.7%
These percentages are rounded to one decimal place as required.
