Given below are data on real GDP and potential GDP for the United States for the years 2003–2013, in billions of 2009 dollars. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Also calculate the year-to-year growth rates of real GDP. Year Real GDP Potential GDP Output gap Type of gap Growth rate of real GDP 2003 $13,271.1 $13,520.3 % (Click to select)expansionaryrecessionary 2004 $13,773.5 $13,874.2 % (Click to select)expansionaryrecessionary % 2005 $14,234.2 $14,203.6 % (Click to select)expansionaryrecessionary % 2006 $14,613.8 $14,540.5 % (Click to select)recessionaryexpansionary % 2007 $14,873.7 $14,890.2 % (Click to select)recessionaryexpansionary % 2008 $14,830.4 $15,225.9 % (Click to select)expansionaryrecessionary % 2009 $14,418.7 $15,495.4 % (Click to select)recessionaryexpansionary % 2010 $14,783.8 $15,706.1 % (Click to select)expansionaryrecessionary % 2011 $15,020.6 $15,922.3 % (Click to select)recessionaryexpansionary % 2012 $15,369.2 $16,168.2 % (Click to select)recessionaryexpansionary % 2013 $15,710.3 $16,431.4 % (Click to select)recessionaryexpansionary % SOURCE: Potential GDP: Congressional Budget Office; real GDP, Bureau of Economic Analysis. Recessionary gap is identified during 2004 – 2005 ; 2007 – 2009 2003 – 2004 and 2007 – 2013 2003 – 2004 ; 2007 – 2009 2003 – 2013 2007 – 2009